MIRA
INFORM REPORT
|
Report Date : |
11.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CALYON BANK |
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Registered Office : |
11TH Floor, Hoechst House, Nariman Point, Mumbai – 400021,
Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Year of Established : |
1981 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC11607B |
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Legal Form : |
Foreign Bank |
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Line of Business : |
Subject is
engaged in Banking Business. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 25000000 |
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Status : |
Good |
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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 foreign bank in India.
Fundamentals are strong & healthy. Payments are reported as usually
correct and as per commitments. The bank can be considered good for normal business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
11TH Floor, Hoechst House, Nariman Point, Mumbai – 400021,
Maharashtra, India. |
|
Tel. No.: |
91-22-56319000 |
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Fax No.: |
91-22-56319028 |
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Website : |
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Office : |
CALYON AHMEDABAD 1st Floor Abhijeet,
Mithakali, Cross Road, BP 11046 CALYON BANGALORE
106, Prestige Towers,
1/F Field Marshal L.M Cariappa Road CALYON CHENNAI
Westminster 2nd Floor,
108 Radhakrishna Salai CALYON DELHI
603-6 Mercantile House
– 6th Floor, 15 Kasturba Gandhi Marg CALYON MUMBAI
Hoechst House - 11th,
12th Floors, Nariman Point CALYON PUNE
Unit A/203, 2/F ICC
Trade Tower, A Wing 403A/2, Senapati Bapat Road CA GOUP LIAISON DESK
30 F, Two Pacific Place
88 CLSA CREDIT LYONNAIS SECURITIES ASIA Mumbai |
DIRECTORS
|
Name : |
Mr. P H Ramaswamy |
|
Designation : |
Managing Director and Head – Capital Markets |
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Tel. No.: |
91-22-56311803 |
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Name : |
Mr. Atul Sodhi |
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Designation |
Heda – Corporate Banking |
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Tel. No.: |
91-22-56319075 |
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Name : |
Mr. Francois Rameau |
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Designation : |
Senior Country Officer and Chief Executive Officer |
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Tel. No.: |
91-22-56319001 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in banking business. |
GENERAL
INFORMATION
|
Memberships : |
Nil |
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Collaborators : |
Nil |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
Not Available |
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
595030000 |
Equity Shares |
Rs. 10/-
Each |
Rs. 5950.300 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
LIABILITIES |
|
|
|
|
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|
|
|
|
|
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Capital |
5950.300 |
5950.300 |
2812.700 |
981.800 |
|
Reserves
& Surplus |
1859.000 |
1228.900 |
467.500 |
198.800 |
|
Deposits |
7747.400 |
3720.200 |
13058.500 |
4993.500 |
|
Borrowings |
14157.400 |
4631.300 |
483.300 |
448.600 |
|
Other
Liabilities and Provisions |
3421.900 |
3206.300 |
1999.000 |
299.300 |
GRAND TOTAL
|
33136.000 |
18737.000 |
18821.000 |
6922.000 |
|
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ASSETS |
|
|
|
|
|
|
|
|
|
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Cash
& Balances with RBI |
520.000 |
601.600 |
370.800 |
258.00 |
|
Balances
with Banks and money at Call & Short Notice |
10908.500 |
482.900 |
609.200 |
1635.900 |
|
Investments |
9478.400 |
4270.000 |
8896.300 |
3312.900 |
|
Advances |
10033.000 |
10048.400 |
6742.700 |
468.100 |
|
Fixed
Assets |
341.600 |
360.000 |
364.800 |
372.500 |
|
Other
Assets |
1854.500 |
2974.100 |
1837.200 |
874.600 |
GRAND TOTAL
|
33136.000 |
18737.000 |
18821.000 |
6922.000 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
1681.100 |
1298.100 |
1170.400 |
582.800 |
|
|
Other Income |
1659.500 |
1302.800 |
608.900 |
116.900 |
|
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Total Income |
3340.600 |
2600.900 |
1779.300 |
699.700 |
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Profit/(Loss) Before Tax |
898.100 |
761.400 |
(158.000) |
35.400 |
|
|
Provision for Taxation |
-- |
-- |
-- |
-- |
|
|
Profit/(Loss) After Tax |
898.100 |
761.400 |
(158.000) |
35.400 |
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|
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Expenditures : |
|
|
|
|
|
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Interest |
953.300 |
1046.000 |
979.200 |
384.000 |
|
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Other Expenditure |
880.400 |
793.500 |
958.100 |
280.300 |
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Total Expenditure |
1833.700 |
1839.500 |
1937.300 |
664.300 |
|
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
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|
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Credit Deposit Ratio |
175.72 |
100.07 |
39.94 |
23.61 |
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Investment Deposit Ratio |
119.89 |
78.47 |
67.63 |
58.70 |
|
Cash Deposit Ratio |
9.78 |
5.80 |
3.48 |
4.36 |
|
Interest Expended/Interest Earned |
56.71 |
80.58 |
83.66 |
65.89 |
|
Other Income/Total Income |
49.68 |
50.09 |
34.22 |
16.71 |
|
Operating Expense/Total Income |
26.35 |
26.71 |
43.12 |
38.86 |
|
Interest Income/Total Funds |
6.48 |
6.91 |
9.09 |
6.95 |
|
Interest Expended /Total Funds |
3.68 |
5.57 |
7.61 |
4.58 |
|
Net Interest Income/Total Funds |
2.81 |
1.34 |
1.49 |
2.37 |
|
Non Interest Income/Total Funds |
6.40 |
6.94 |
4.73 |
1.39 |
|
Operating Expense/Total Income |
3.39 |
3.70 |
5.96 |
3.24 |
|
Profit Before Provisions/Total Funds |
5.81 |
4.58 |
0.26 |
0.52 |
|
Net Profit/Total Funds |
3.46 |
4.05 |
(1.23) |
0.42 |
|
Return On Net Worth(%) |
11.98 |
14.56 |
0.00 |
2.92 |
LOCAL AGENCY
FURTHER INFORMATION
Calyon has been present in India since 1981. Calyon India offers a comprehensive range of commercial & investment banking products and services, tailored to the needs of top international and local customers. Corporate Banking, Capital Markets and Investment banking, Trade Finance are amongst the core products being offered. International & Regional product lines are available to support Calyon India's local teams. Calyon India works closely with CLSA in relation to various financing and investment banking services.
The bank's local network, consists of six main full-service branches
strategically located in Mumbai, Delhi, Chennai, Bangalore, Pune and Ahmedabad.
These branches also deal with large markets in Kolkata, Hyderabad and Baroda.
Calyon India ranks amongst the Top 10 foreign banks operating in India and
amongst the Top 5 foreign banks for Capital Market products in the country.
Capital markets
[Capital markets and
investment banking]
Interest, currency, commodities:
Calyon India is a leader and recognized market-maker in the Indian treasury
markets offering leading Indian companies and financial institutions a wide
range of products and services, including:
Foreign exchange and currency options: Calyon has a leader position in India for local and G7 currencies. The FX and currency options desk advises and markets plain vanilla and structured FX and options to corporate and financial customers. It is a market leader in currency options.
Interest rates: the bank is a leader in the Indian interest rate markets in forward differentials (FX) and government securities. Its treasury is also called upon by India's Central Bank, which is recognition of its leading market presence.
Risk management: the bank advises a large number of Indian companies on management of currency, interest rate and commodity risks.
Interest rate derivatives: Calyon India was responsible for structuring the first & largest long-dated IRS and the first INR FRA (Forward Rate Agreement). The bank is a market-maker in local currency interest rate derivatives.
Corporate debt &
trade syndication:
Calyon India has strong capabilities in relation to the origination,
underwriting and distribution of debt instruments, including:
v corporate debt: commercial paper, non-convertible debentures, ABS,
v syndication and risk participation: letters of credit, guarantees, domestic loans.
Investment banking
[Capital markets and
investment banking]
In association with CLSA, Calyon India offers a select range of products and
services including:
v equity research,
v equity raising & private placements, including ADR, GDR, Euro convertibles, etc,
v mergers & acquisitions,
v mezzanine financing.
Structured finance
[Financing]
Calyon India provides structured finance products and services for the
procurement of capital goods and services. In so doing, the bank draws upon its
extensive global network and is fully supported by specialists based in Paris,
Hong Kong & Singapore.
Examples of sectors and industries covered include oil & gas, cement,
nonferrous metals, pharmaceuticals, electricity, information technology and
telecommunications, vehicle manufacturing, ports and airports, shipping, urban
infrastructure, water.
Transportation:
Shipping and aircraft financing are a focus area for the bank, though this is done on a selective basis.
Project finance:
Project financing is also considered on a case-by-case basis, but with great selectivity.
Export, Trade & Commodity finance:
Calyon India's primary focus is on trade finance, involving
global customers and export credit agencies based in various exporting countries
outside India. Short, medium and long term financing is available in foreign
and local currency.
Products and services offered include:
v structured trade finance for import-export,
v Export Finance - Buyer Credits, Supplier Credits, Forfaiting
v commodities financing,
v oil hedging.
Syndicated loans
[Financing]
The bank is India's market leader in cross-border loan syndications.
Corporate banking
[Financing]
They provide short, medium, and long term financing in foreign currency and
Indian rupees, as well as diversified services to their customers.
v Loans (including working capital & term loans),
v Bonds & Guarantees,
v Bills Discounting,
v Correspondent Banking,
v Liabilities Products,
v Local & Foreign Remittance,
v Cash Management, Electronic Banking.
International Support
to Middle Market Clients Network
[Financing]
Located in Hong Kong, the Indian offices of Crédit Agricole's International
Support to Middle market clients network (ISM) assist Crédit Agricole's mid-cap
corporate customers in their international operations, by providing a thorough
knowledge of the local environment as well as by securing access to a wide
spectrum of banking services abroad.
February 2007 - References
Calyon, Silver Sponsor of the "India Energy Infrastructure Finance & Investment 2007" conference
The "India Energy Infrastructure Finance & Investment 2007"
conference took place in New Delhi (India) from February 7th to 9th 2007.
The Indian project financing market has been the fastest-growing market in Asia
and attracts attention from all global players.
Calyon was a Silver Sponsor of this conference.
Mr Nicolas Vix, Head of Project & Structured Finance Asia, was
Chairman on the first day of the conference. He discussed "Trends in energy financing in Asia",
sharing his thoughts on various issues.
December 2006 - References
Calyon, Mandated Lead
Arranger and Bookrunner of a USD 1 billion Syndicated Loan Facility for ICICI
Bank
Calyon acted as a Mandated lead arranger and Bookrunner in a JPY equivalent USD
1 billion Syndicated Term Loan Facility on behalf of ICICI bank.
This is a landmark fund raising deal, being the largest ever Syndicated Loan
raised by an Indian Financial Institution.
Calyon, partner of
the largest metal and mining group in India. :
Calyon participated as Mandated Lead Arranger and Bookrunner for the acquisition of Sesa Goa Ltd by
Vedanta, for consideration of USD 1.10 billion. The entire acquisition was
financed by a 1-year bridge loan.
Subject is one of the first banks to initiate discussion with Vedanta for the take out of this bridge loan and expressed keen desire to lead the transaction. Subject is one of the seven Bookrunner and Mandated lead arranger for the present transaction.
Subject relationship with the Vedanta group
goes back to 1996 and this transaction gives us an opportunity to take the same
to greater heights and explore other opportunities.
Vedanta, the largest metal and mining group in
India, and a FTSE listed company, forayed in to ferrous metal space in 2007 by
acquiring the largest iron-ore producer and exporter in India in the private
Sector i.e Sesa Goa ltd.
Press Release :
Calyon Appoints Mark Greenleaf as Regional Head of Commodities for Asia.
Hong Kong – April 21,2008 – Calyon, the
corporate and investment Banking arm of Credit Agricole, is pleased to announce the appointment of Mark
Greenleaf as Regional Head of Commodities for Asia.
Based in Hong Kong, Mark will report locally
to Frederic Laine, Head of Fixed Income Markets for Asia ex-Japan, and globally
to Martin Fraenkel, Global Head of Commodities. In addition to overseeing
Calyon’s commodities business in Asia,
Mark will also be responsible for the development of the regional commodities
platform.
Mark has over 18 years of extensive experience
in commodities trading and marketing. He joins Calyon form Dresdner Kleinwort
in Singapore, where he was Head of commodities, trading and Sales for Asia.
Prior to that, he worked for JPMorgan
chase Banks commodities them for 8 years.
“Mark is a highly experienced commodities
professional,” said Frederic Laine, Head of Fixed Income Markets for Asia ex-Japan.
“With his strong expertise in the commodities industry as well as his sound
background in trading and marketing in Asia, we are confident that Mark will
allow us to further grow our commodities platform, strengthening our leading
position in the fixed income markets for Asia.”
Martin Faraenkel, Global Head of Commodities,
commented, “We are delighted to see that our commodities them continues to be
strengthened. In view of the growing demand of the commodities products in Asia
market, the appointment of mark reflects our commitment to further develop our
platform, capturing the ballooning business opportunities in the region”.
About Calyon :
Calyon is the corporate and investment banking
arm of the credit Agricole Group. Backed by Credit Agricole S.A. credit ratings
and Financial solidity, Calyon is positioned as s major player in financial
market and among Europe’s leading
corporate and investment banks by revenues. With over 13000 employees in more
than 58 countries, Calyon is active in a broad range of Capital Markets,
brokerage, Investment Banking and Financing Activities.
Credit Agricole is the eighth largest bank in
the world by tier 1 capital, number three in Europe,(The Banker, July 2007).
Credit Agricole group employs over 155000 and has Euro-53. 1 billion capital
and assets in excess of Euro 1.818 billion.
Calyon Fixed income Markets is organised into
six products lines- interest rate derivatives, Foreign exchange, commodities,
debt and credit markets (bond origination, syndicate, trading and sales as well
as securitisation), structured credit markets and treasury.
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.43.16 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.95 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
70 |
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/normal. |
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 |
|