MIRA
INFORM REPORT
|
Report Date : |
03.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
CITIZENCREDIT CO-OPERATIVE BANK LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
06.05.1920 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.149.762
millions |
|
|
|
|
Legal Form : |
Co-Operative Bank |
|
|
|
|
Line of Business
: |
Banking Activities |
|
|
|
|
No. of Employees
: |
Approximately 461 (Staff) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established co-operative bank having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The Bank can be considered normal for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office and Central Administrative Office : |
|
|
Tel. No.: |
91-22-26401126,
26442829/ 30/ 31/ 32, 26455108, 26456018 |
|
Fax No.: |
91-22-26403128,
26430131 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branches : |
Amboli Creado
Co-operative Housing Society, Tel.
No.: 91-22-26771280, 26771523 Fax
No.: 91-22-26771035 Bandra Sunbeam
Co-operative Housing Society, 64, Tel.
No.: 91-22-26408717, 26428293, 26443765, 26456012 Fax
No.: 91-22-26438709 Bhayandar Shop
No.6, Tel.
No.: 91-22-28170131 Fax
No.: 91-22-28170132 Borivli Tel.
No.: 91-22-28931145 / 7776, 28940873 Fax
No.: 91-22-28935539. Byculla St.
Mary's Extension, Tel.
No.: 91-22-23719862, 23726815 Fax
No.: 91-22-23730019 Chembur Eric
House, Near Tel.
: 2521 8157 Fax : 2521 3059. Colaba Sind
Chambers Co-operative Housing Society Limited, Tel.
No.: 91-22-22047753, 22850783 Fax
No.: 91-22-22850782 Dadar Dr.
Antonio Da Silva School Annexe, Tel.
No.: 91-22-24320792, 24374948, 24380988 Tele-Fax
No.: 2430 0629. Tel.
No.: 91-260-2250152/3 Opposite
Hathi Baug, Moti Daman, Union Tel.
No.: 91-260-2230397 Fax
No.: 91-260-2230398 Dhobi
Talao St.
Xavier's High School, 289, L.T. Marg, Mumbai - 400 001, Tel.
No. : 91-22-22610112 Fax No.:
91-22-22610132. Four Bunglows Shop
No.3, Rameshwar Darshan CHSL, N. Dutta Marg, Four Bunglows, Andheri (West),
Mumbai – 400 053, Tel.
No.: 91-22-26374415/ 16 Fax
No.: 91-22-26374417 Gorai Tel.
No.: 91-22-28452650 Fax
No.: 91-22-28452589 Goregaon Shop
No.5, Ground Floor, Tel.
No.: 91-22-29275801/ 02 Fax
No.: 91-22-29275803 Tel.
: 91-22-30610374 Tele-Fax
No.: 91-22-26437089 Kalina Domingo's
Court, Tel.
No.: 91-22-26660052 Fax
No.: 91-22-26662051 Kurla Sai
Dham Co-Operative Housing Society Limited, Tel.
No.: 91-22-25041370, 25041913 Fax
No.: 91-22-25040831 Madh St. Bonaventure
School, Tele-Fax
No.: 2889 9975 Mahakali Shop
No.5, Ground Floor, Sai Ashish CHSL, Near Bindra Complex, Mahakali Caves
Road, Andheri (East), Mumbai – 400 093, Maharashtra, India Tel.
No.: 91-22-28303141/ 42 Fax
No.: 91-22-28303143 Mahim Shop
No. 1/3, Mahim Garden View CHSL, Plot No. 482, M.M. Chotani Road, Mahim
(West), Mumbai 400 016, Maharashtra, India Tel.
No.: 91-22-24474480 Fax
No.: 91-22-24475308 Malad Tel.
No.: 91-22-28074643, 28622159 Fax
No.: 91-22-28012127. Manori Tele-Fax
No.: 91-22-28452741 Margao ( Shop
No.6, Ground Floor, Building A-1, Sapana Barrier CHSL, St. Joaquim Road,
Borda, Margao – 403 602, Goa, India Tel.
No.: 91-832-2700096 Fax
No.: 91-832-2700097 Marol St.
John the Tel.
No.: 91-22-28215286 Tele-Fax
No.: 91-22-28261232. Geeta
Arcade, Tel.
No.: 91-22-28118323 Fax
No.: 91-22-28118324 Mulund Sai
Dham Complex CHS, P.K. Extension, Mulund (West), Mumbai - 400 080, Tel.
No.: 91-22-25641710/29 Fax
No.: 91-22-25913570 Naigaon Tel.
No.: 91-250-2200716 Tele-Fax
No.: 91-250-2200715 Panaji
( H.
No. E-320, Rua de Ourem, Panaji, Goa 403 001, Tel.
No.: 91-832-2432995 Fax
No.: 91-832-2432996 Porvorim ( Plot
No. 158, Survey No. 125/2, Alto - Porvorim, Penha-de-Franca, Bardez, Goa -
403 521, Tel.
No.: 91-832-2412371 / 72 Fax
No.: 91-832-2412370 Sahar Our
Lady of Tel.
No.: 91-22-28215285 Tel-Fax
No.: 91-22-28253348 154,
Tel.
No.: 91-22-26047470/7976 Fax
No.: 91-22-26047770 St.
Andrew's High School, Tel.
No.: 91-22-26430709/0802 Fax
No.: 91-22-26432240 Vasai Dr.
Thakur Hospital, Opposite Bishop House, Bhabola, Vasai (West), Thane, Tel.
No.: 91-250-3240930, 2382922 Fax No.:
91-250-2382923 Vasco-da-Gama ( Shop
Nos. 1 and 16, Sapana Terraces CHSL, Swatantra Path, Vasco-da-Gama, Goa - 403
802, Tel.
No.: 91-832-2501870 / 71 Fax
No.: 91-832-2501872. Vashi Shop
No. 7, Building F-1/7, Sector 5, Opposite Sacred Heart Church, Vashi, Navi
Mumbai, Maharashtra, India Tel. No.: 91-22-27825113 Fax No.: 91-22-27825114 Vakola S.
Nabibux House, P.J. Nehru Road, Vakola Bridge, Santa Cruz (East), Mumbai 400
055, Maharashtra, India Tel.
No.: 91-22-26685077/78 Fax
No.: 91-22-26685079 Vikhroli Tel. No.: 91-22-25779750 Fax No.:
91-22-25779751 |
|
|
|
|
Full Fledged Money Changing Centres : |
Bandra: Tel. No.: 91-22-26457593 Fax No.: 91-22-26456059 BorivIi: Tel. No.: 91-22-28931145 / 7776, 28940873 Fax No.: 91-22-28935539 Byculla: Tel. No.: 91-22-23719862, 23726815 Fax No.: 91-22-23730019 Colaba: Tel. No.: 91-22-22047753, 22850783 Fax No.: 91-22-22850782 Dadar: Tel. No.: 91-22-24320792, 24374948, 24380988 Fax No.: 91-22-24300629 Tel. No.: 91-260-2230397, 2230398 Kalina: Tel. No.: 91-22-26660052 Fax No.: 91-22-26662051 Malad: Tel. No.: 28074643, 28622159 Fax No.: 28012127 Tel. No.: 91-22-28118323 Fax No.: 91-22-28118324 Panaji ( Tel. No.: 91-832-2432995 Fax No.: 91-832-2432996 Sahar: Tel. No.: 91-22-28215285 Tele-Fax No.: 91-22-28253348 Vakola: Tel. No.: 91-22-26686187 Fax No.: 91-22-26685079 |
|
|
|
|
Stamp Franking Services : |
Bandra: Tel. No.: 91-22-26408717, 26428293, 26443765, 26456012 Fax No.: 91-22-26438709. Borivil: Tel. No.: 91-22-28931145 /7776, 28940873 Fax No.: 91-22-28935539 Dadar: Tel. No.: 91-22-24320792, 24374948, 24380988 Fax No.: 91-22-24300629. Dhobi Talao: Tel. No.: 91-22-22610112 Fax No.: 91-22- 22610132 Matad: Tel. No.: 91-22-28074643, 28622159 Fax No.: 91-22-28012127 Margao ( Tel. No.: 91-832-2700096 Fax No.: 91-22-832-2700097 Tel. No.: 91-22-28118323 Fax No.: 91-22-28118324 Panaji ( Tel. No.: 91-832-2432995 Fax No.: 91-832-2432996 |
|
|
|
|
Service Branch : |
St. Xavier’s High School, 289, L.T. Marg, Mumbai - 400 001, |
|
Tel. No.: |
91-22-22658969 / 70, 22671635, 22705553 |
|
Fax No.: |
91-22-22671632 |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Lucian A. D'souza |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Ignatius B. Pinto |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. Vere J. Carneiro |
|
Designation : |
Managing Director and Chief
Executive Officer |
|
|
|
|
Name : |
Mr. John L. Araujo |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Malcolm D. Correa |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Donald L. Creado |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Frederick J. De Souza |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Archie C. D'souza |
|
Designation : |
Director |
|
|
|
|
Name : |
Prof. Lilla D'souza |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Peter C. D'souza |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Edwin J. Gonsalves |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Augustine B. Koli |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Leslie J. H. Lobo |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Allan K. Saldanha |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Harold M.
Serrao |
|
Designation : |
General Manager |
|
|
|
|
Senior Management Team : |
|
|
|
|
|
Name : |
Vere
J. Carneiro |
|
Designation : |
Managing Director and Chief Executive Officer |
|
|
|
|
Name : |
Harold
M. Serrao |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Terence
Terreiro |
|
Designation : |
Head – Credit |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
BUSINESS DETAILS
|
Line of Business : |
Banking Activities |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Approximately 461 (Staff) |
|
|
|
|
Bankers : |
Reserve Bank of |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Yardi Prabhu and Associates Chartered Accountants |
|
Address : |
Mumbai, |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Gonsalves and Associates Chartered Accountants |
|
Address : |
Mumbai, |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Shares |
Rs.10/- each |
Rs.500.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14976238 |
Shares |
Rs.10/- each
|
Rs.149.762
millions |
|
|
|
|
|
Including 161,520 shares issued in lieu of shares in the erstwhile
GPUCBL allotted as per Scheme of Merger in the year 2006-07
(a) Individuals and Others: 14976238 shares
(b) Co-operative institutions: Nil shares
(c) State Government: Nil shares
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
CAPITAL AND LIABILITIES |
|
|
|
|
|
|
|
|
|
Share Capital |
149.762 |
148.787 |
146.332 |
|
|
|
|
|
|
Reserve Fund and Other Reserves |
1908.435 |
1768.538 |
1140.000 |
|
|
|
|
|
|
Deposits and Other Accounts |
15944.119 |
14322.680 |
10433.892 |
|
|
|
|
|
|
Borrowings / Refinance |
653.351 |
788.032 |
680.885 |
|
|
|
|
|
|
Bills For Collection Being Bills Receivable
As Per Contra |
6.346 |
6.422 |
5.240 |
|
|
|
|
|
|
Overdue Interest Reserve |
21.460 |
28.475 |
24.974 |
|
|
|
|
|
|
Interest Payable |
93.849 |
106.203 |
53.670 |
|
|
|
|
|
|
Other Liabilities |
350.589 |
345.059 |
351.858 |
|
|
|
|
|
|
Profit and Loss Account |
178.054 |
138.872 |
216.745 |
|
|
|
|
|
|
Contingent Liabilities |
359.724 |
210.107 |
187.282 |
|
|
|
|
|
|
TOTAL |
19665.689 |
17863.175 |
13240.878 |
|
|
|
|
|
|
PROPERTY AND ASSETS |
|
|
|
|
|
|
|
|
|
Cash |
1063.914 |
1079.631 |
480.082 |
|
|
|
|
|
|
Balances With Other Banks |
2828.687 |
2069.461 |
1551.146 |
|
|
|
|
|
|
Lending Under CBLO |
49.945 |
0.000 |
0.000 |
|
|
|
|
|
|
Investments |
6039.286 |
6107.158 |
4145.943 |
|
|
|
|
|
|
Advances |
7951.197 |
7007.557 |
6069.431 |
|
|
|
|
|
|
Interest Receivable |
281.458 |
253.738 |
217.829 |
|
|
|
|
|
|
Bills Receivable Being Bills For Collection
As Per Contra |
6.346 |
6.422 |
5.240 |
|
|
|
|
|
|
Branch Adjustments (Net) |
67.273 |
90.357 |
71.821 |
|
|
|
|
|
|
|
150.921 |
150.921 |
37.593 |
|
|
|
|
|
|
Freehold Premises |
525.880 |
530.927 |
161.104 |
|
|
|
|
|
|
Furniture and Fixtures |
26.729 |
22.031 |
14.796 |
|
|
|
|
|
|
Computers |
24.659 |
16.651 |
15.868 |
|
|
|
|
|
|
Vehicles |
1.549 |
1.957 |
2.075 |
|
|
|
|
|
|
Malad Project A/c Capital WIP |
1.533 |
0.694 |
0.000 |
|
|
|
|
|
|
Deferred Tax Asset |
4.909 |
7.683 |
5.941 |
|
|
|
|
|
|
Other Assets |
641.403 |
517.285 |
460.604 |
|
|
|
|
|
|
Loss Taken Over
From "The Goan People's Urban Co-Operative Bank Limited" (Net) |
0.000 |
0.702 |
1.405 |
|
|
|
|
|
|
TOTAL |
19665.689 |
17863.175 |
13240.878 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
INCOME |
|
|
|
|
|
|
|
|
|
INTEREST & DISCOUNT |
|
|
|
|
Interest on Loans and Advances |
797.254 |
708.239 |
616.061 |
|
Interest on Investments |
537.755 |
407.415 |
343.002 |
|
Interest on Certificate of deposits |
81.335 |
44.710 |
39.497 |
|
Interest on Fixed Deposits |
91.142 |
72.987 |
70.272 |
|
|
|
|
|
|
COMMISSION & EXCHANGE |
|
|
|
|
Commission, exchange received |
42.974 |
33.338 |
34.994 |
|
Bancassurance Commission |
1.893 |
2.658 |
3.257 |
|
|
|
|
|
|
OTHER RECEIPTS |
|
|
|
|
Locker Rent |
1.028 |
0.932 |
0.811 |
|
Profit on sale of Assets |
0.045 |
0.002 |
0.000 |
|
Profit on sale of securities |
64.830 |
66.297 |
144.548 |
|
Discount on Franking Business |
14.300 |
10.418 |
7.476 |
|
Service Charges on Franking Business |
2.483 |
2.647 |
1.811 |
|
Miscellaneous receipts |
1.123 |
2.023 |
1.055 |
|
Excess provision written back |
0.109 |
0.085 |
1.489 |
|
Interest on Income Tax Refund |
0.000 |
1.403 |
0.000 |
|
Excess Provision for Income Tax |
0.000 |
12.493 |
0.000 |
|
|
|
|
|
|
Provision for BDDR not required |
0.000 |
16.798 |
0.000 |
|
|
|
|
|
|
TOTAL
|
1636.271 |
1382.445 |
1264.273 |
|
|
|
|
|
|
EXPENDITURE |
|
|
|
|
|
|
|
|
|
INTEREST ON DEPOSITS & BORROWINGS |
956.603 |
837.281 |
621.445 |
|
NHB CONVERSION CHARGE |
0.885 |
0.885 |
0.000 |
|
SALARIES, ALLOWANCES & PROVIDENT
FUND |
168.883 |
149.326 |
111.351 |
|
DIRECTORS FEES & ALLOWANCES |
0.327 |
0.458 |
0.343 |
|
RENT, TAXES, INSURANCE & LIGHTING |
35.234 |
27.775 |
24.483 |
|
LAW CHARGES |
|
|
|
|
Legal
& professional fees (net) |
2.502 |
2.360 |
1.931 |
|
POSTAGE, TELEGRAMS & TELEPHONE CHARGES |
4.764 |
4.029 |
3.578 |
|
AUDITOR'S FEES (STATUTORY, INTERNAL, CONCURRENT
& TAX ) |
2.338 |
2.056 |
2.054 |
|
DEPRECIATION ON AND REPAIRS TO
PROPERTY |
|
|
|
|
Depreciation
on fixed assets |
32.226 |
27.729 |
19.227 |
|
Repairs
& maintainance |
14.429 |
11.708 |
9.171 |
|
STATIONERY, PRINTING &
ADVERTISEMENT |
9.524 |
8.433 |
7.356 |
|
OTHER EXPENDITURE |
|
|
|
|
Staff
welfare |
4.531 |
5.237 |
8.284 |
|
Conveyance
and traveling expenses |
2.667 |
2.204 |
10.227 |
|
Security
charges |
5.903 |
4.619 |
3.794 |
|
Membership
& subscription fees |
2.116 |
1.651 |
1.164 |
|
Bank
charges |
4.401 |
4.197 |
3.409 |
|
Brokerage |
0.036 |
0.020 |
0.036 |
|
Premium
paid on Securities amortised |
0.354 |
2.801 |
2.083 |
|
Loss
on sale of Securities |
78.803 |
49.963 |
62.678 |
|
Loss
on sale of Assets |
0.123 |
0.214 |
0.015 |
|
Miscellaneous
expenses |
2.170 |
2.126 |
1.524 |
|
Members
Welfare expenses |
0.289 |
0.225 |
0.193 |
|
Loss
of GPUCBL amortised |
0.702 |
0.702 |
0.702 |
|
PROVISIONS |
|
|
|
|
Provision
for Earned Leave |
5.238 |
4.189 |
5.571 |
|
Provision
for Gratuity |
7.400 |
2.539 |
10.561 |
|
Provision
for Leave Travel Allowance |
0.114 |
1.910 |
1.498 |
|
Provision
for Standard Assets |
3.068 |
4.898 |
0.000 |
|
Provision
for Doubtful Debts u/s 36 (1) (viia) of IT Act, 1961 |
21.408 |
31.104 |
38.307 |
|
Provision
for old unrecoverable balances |
0.014 |
0.000 |
0.000 |
|
Investment
Depreciation Reserve |
7.893 |
2.918 |
0.209 |
|
Transfer
to Special Reserve u/s 36 (1) (viii) of IT Act, 1961 |
14.206 |
13.008 |
14.340 |
|
TOTAL EXPENDITURE |
1389.151 |
1206.565 |
965.534 |
|
|
|
|
|
|
PROFIT BEFORE TAX |
247.120 |
175.880 |
298.739 |
|
Provision for Tax |
|
|
|
|
Income
Tax |
77.195 |
49.627 |
90.124 |
|
Deferred
Tax |
2.774 |
(1.742) |
0.645 |
|
Fringe
Benefit Tax |
0.000 |
0.000 |
2.682 |
|
|
|
|
|
|
NET PROFIT FOR THE YEAR CARRIED DOWN |
167.151 |
127.995 |
205.287 |
|
|
|
|
|
|
TOTAL |
1636.271 |
1382.445 |
1264.273 |
|
Prior
Period Expenses |
0.000 |
0.000 |
0.521 |
|
PROFIT TAKEN TO BALANCE SHEET |
167.151 |
127.995 |
204.767 |
|
TOTAL
|
167.151 |
127.995 |
205.287 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONAL RESULTS 2010 – 2011
- The Subscribed and Paid-up Share
Capital of the Bank stands at Rs.149.800 millions.
- Total Capital and Reserves stands at
Rs.2058.200 millions.
- Attained Capital Adequacy Ratio of
17.81%.
- Accumulated Reserves at Rs.1908.400
millions covers the paid-up Share Capital twelve times over.
- Total Deposits stands at Rs.15944.100
millions
- Total Advances stands at Rs.7951.200
millions. Net NPAs stood at Nil.
- Investments
stood at Rs.6039.300 millions.
- Working Funds amounted to Rs.19299.600
millions
- Total Income stood at Rs.1636.300
millions.
- Total Non-Interest Income stood at
Rs.128.800 millions.
- Net Profit
stood at Rs.167.100 millions.
- 82.72% of the Profit for 2010-11 has
been ploughed back to Reserves.
- Number of active Demat accounts stood
at 9,952.
- Staff strength is 461.
- Organized various Symposia for members
and public at large to enhance public awareness on financial issues.
- Granted Awards for Academic Excellence
to 241 students.
- Continued to maintain 'A' Audit rating
signifying all-round excellence in banking operations.
THE GLOBAL ECONOMY
Global
economic activity in the second half of 2010 turned out to be stronger than earlier
expectations. The outlook for recovery in advanced economies has improved.
However, concerns persist over the durability of the momentum as the
persistence of high unemployment and downside risks from weak housing markets
and unfinished deleveraging has resulted in additional policy stimulus. The
risk of sovereign debt crisis spreading from the Euro-zone periphery has
resurfaced in recent months.
Markets
in Emerging Market Economies (EMEs) including
INDIAN ECONOMY
The
Government of India is currently faced with the problem of runaway inflation
especially in the items of daily consumption for the lower middle class and
poor class. Commodity prices are rising and the economy is getting heated by
cost inflation with the rising bills of salaries and wages. Industrial costs
are rising on account of increased costs of inputs. More money in the consumers
hand without corresponding production has been contributing to inflationary
tendencies. The various scams, scandals and swindles such as 2G Spectrum
allocations of Department of Tele-communication, ISRO irregularities in the
spectrum allocation, suspected frauds in the context of Common Wealth Games
have all raised serious governance issues.
Lead
indicators of private demand, such as corporate sales, capital expenditure plans,
non-oil imports and credit demand point to sustained momentum in growth. Even
as exports expanded faster than imports, the trade deficit widened. The pace of
increase in housing prices varied across cities. The Reserve Bank has recently
used macro-prudential measures to restrain the role of excessive leverage in
asset price build-up.
BANKING DEVELOPMENTS
Financial
Markets in
Recognising
the structural imbalance between deposit growth and credit growth as well as
the underlying signals of the anti-inflationary monetary policy stance, banks
raised their deposit rates to improve deposit mobilization while also raising
the lending rates, which could be expected to moderate the aggregate demand,
going forward.
Large
primary liquidity injected by the Reserve Bank eased the liquidity pressures
without diluting its anti-inflationary focus. Money supply (M3) growth,
however, was slightly below the projected level on account of sluggish deposit
growth as well as some moderation in money multiplier resulting from higher
growth in currency.
OPERATIONS OF URBAN CO-OPERATIVE BANKS (UCBs)
Well
managed and financially sound UCBs that have a minimum assessed net worth of
Rs.500.000 millions, are allowed to extend their area of operation beyond the
state of registration as also to any other state/s of their choice, subject to
conditions. Also, UCBs which maintain CRAR of 12 per cent or above on a
continuous basis, have been exempted from the mandatory share linking norms
from November 15, 2010. Earlier, it was mandatory for borrowers of UCBs to
subscribe to the shares of the bank to the extent of 2.5 - 5.0 per cent of
their borrowings.
Real
estate and commercial real estate loans of UCBs are now to be linked to their
total assets instead of their deposits. Accordingly the exposure of UCBs to housing,
real estate and commercial real estate loans is to be limited to 10 per cent of
their total assets, instead of 15 per cent of their deposits. The total assets
are to be reckoned based on the audited balance sheet as on March 31 of the
preceding financial year. The ceiling of 10 per cent of total assets could be
exceeded by an additional limit of 5 per cent of total assets for granting
housing loans up to Rs.1.500 millions to individuals for purchase or
construction of dwelling units.
PERFORMANCE OF THE BANK
The
Bank has been continuously growing since its inception and has shown all-round
excellence during the year.
The
earnings of the Bank have remained consistent, despite narrowing down of the
interest rate margin. The Net Profit has increased by 30.59% in comparison to
the previous year. Gross Non-Performing Assets (NPAs) stood at 1.12% keeping
the Net Non-Performing Assets at Nil. The overall liquidity position continues
to be very sound and the Bank has always met the Statutory Cash Reserve and
Liquidity requirements prescribed by the Reserve Bank of
Capital Adequacy
The
Capital to Risk Weighted Assets of the Bank (CRAR) stood at 17.81% as against
the minimum of 9% specified by the Reserve Bank of
Share Capital and Reserves
The
Subscribed and Paid-up Capital of the Bank stood at Rs.149.800 millions. The
accumulated Reserves are Rs.1908.400 millions and cover the Paid-up Share
Capital twelve times over. The Capital and Reserves of the Bank have increased
by 7.35% over the previous year and the Bank has ploughed back 82.72% of the
profits to reserves.
Membership
The Bank has 12,653 regular and 5,713 nominal members as on
March 31, 2011.
Deposits
The
total Deposits showed an increase of 11.32% from Rs.14322.700 millions to
Rs.15944.100 millions for the year.
The Bank's Current and Savings Deposits form 41.41% of the
Bank's total Deposits.
Asset Growth and Risk Profile
The
Risk Weighted Assets grew by 18.01%. The Capital Funds have grown at a higher
rate of 9.75%. There has been no erosion in the Net Owned Funds.
Asset Quality - Loans and Advances
The Bank's
Loans and Advances have increased by 13.46% from Rs.7007.600 millions to
Rs.7951.200 millions. The Bank's credit-deposit ratio stood at 49.87%.
Non-Performing Assets
The Bank's
Gross Non-Performing Assets (NPAs) stood at 1.12% and the Net Non- Performing
Assets is Nil. The Bank has followed the Reserve Bank of
Investment
The
Bank's Investment portfolio has decreased by 1.11% from Rs.6107.200 millions to
Rs.6039.300 millions. Out of the total investments, Rs.4617.100 millions is
held for purposes of the Statutory Liquidity Reserve (SLR) and are invested
entirely in Treasury Bills for liquidity and in Government of India Securities
for stability. The Bank adopts a prudent Investment Policy drawn up by the
Board.
VALUE ADDED SERVICES
National Housing Bank Refinance
The
Bank has a tie up with the National Housing Bank for refinance of long-term
housing finance for periods up to 15 years, as this facilitated granting of
housing finance over and above the limits set by the Reserve Bank of India in
terms of its earlier policy guidelines. However, due to the announcements made
in the Monetary Policy Statement for the year 2011-12 and the revised policy guidelines
of the Reserve Bank of India, National Housing Bank refinance will no longer be
taken into account for computing the limits for housing finance. The Bank will,
therefore, not avail of further refinance from the National Housing Bank. The
Bank is reviewing its credit portfolio with regard to its exposure to the real
estate, housing finance and construction sectors in light of the new policy
guidelines.
Full-Fledged Money Changing Facilities
As an
Authorized Dealer Category II, the Full-Fledged Money Changing services offered
at their twelve branches have achieved a total turnover of Rs.519.400 millions
during the year.
Depository Services — NSDL
The
Bank offers Demat services to its clients as a Depository Participant of the
National Securities Depository Limited (NSDL) since October 1999. As of March
31, 2011 the portfolio covered 9,952 active Demat accounts.
Stamp Duty Franking Services
The
Stamp Duty Franking Services provided at their Bandra,
Safe Deposit Locker Facility
The
Bank provides lockers at its branches at Borivli, Byculla,
Bancassurance
The
Bank undertakes Life Insurance business since January 2007 as a Corporate Agent
for Max New York Life Insurance Company Limited. For the financial year, 160
policies were issued for a sum assured of approximately Rs.137.600 millions.
The Bank has also undertaken General Insurance business since March 2011 with
United India Insurance Company Limited.
AWARDS FOR ACADEMIC EXCELLENCE
Every
year the Bank recognizes members / members’ children for achieving meritorious
ranking in their respective examinations ranging from SSC, Graduate,
Post-Graduate and other specialized Professional Courses. This year 241
meritorious students were presented Awards for Academic Excellence reaching a
total of 2778 students over the years.
FUTURE GROWTH PERSPECTIVES
The
Bank aims at providing value-based professional services to its customers, good
returns to its shareholders, congenial working conditions for its employees,
ensuring sustained loyalty and high ethical standards.
They
commit to foster an environment where employees excel and where they deliver
against their commitment to all those who bank on them to provide complete
satisfaction to customers.
The
Bank will consciously expand and diversify its business to offer a whole gamut
of services and will endeavour to keep its main focus towards customer ecstasy.
The
Bank is also committed to increase its existing fee-based income by offering
such services as Foreign Currency Money Changing, Demat Operations as a
Depository Participant (DP) of the NSDL, Guarantee issuance, the Franking
business as an official vendor of the Governments of Maharashtra and
The
Bank's approach to managing change has and will continue to be positive and
proactive.
Contingent Liabilities on account of
Bank Guarantees, Letter of Credit and other claims are as follows:
|
Particulars |
31.03.2011 (Rs.
In millions) |
31.03.2010 (Rs.
In millions) |
|
(i)
Guarantees issued on behalf of constituents |
256.840 |
166.354 |
|
(ii)
Letters of Credit opened on behalf of constituents |
100.354 |
43.753 |
|
(iii)
Income Tax Demand |
2.529 |
0.000 |
|
Total |
359.723 |
210.107 |
WEBSITE DETAILS:
PROFILE:
2905
of May 6, 1920 with the Registrar of Co-operative Societies of the erstwhile Bombay
Catholic Urban Co-operative Credit Society. Converted into a Bank on October
20, 1984, by the Registrar of Co-operative Societies order No. BOM/URB/BOMBAY
CATHOLIC R-WARD OF 84 dated October 20, 1984. The Bank was registered under the
Multi-State Co-operative Societies Act, 1984; by the Central Registrar vide
Regn. No. MSCS/CR/75/98 dated January 20, 1998.
Subject
provides co-operative banking services in
MILESTONES
- The Bombay Catholic Urban Co-operative Society was registered on the
May 6, 1920 with the Registrar of Co-operative Societies.
- Converted into a Bank by the Registrar of Co-operative Societies vide Order No. BOM/URB/BOMBAY CATHOLIC R-WARD OF 84 dated October 20, 1984 to carry on the business of banking.
- The Bank was registered under the Multi-State Co-operative Societies Act, by the Central Registrar vide Regn.No.MSCS/CR/75/98 dated January 20, 1998.
- RBI issued CITIZENCREDIT TM Co-operative Bank Limited a full-fledged banking licence on December 27, 1989 (Lic No. MH1016p).
- In 1989, RBI authorized Subject to open and maintain Non-Resident External Rupee accounts.
- The Bank crossed Rs.1000.000 millions in deposits in 1994-95.
- It was the first co-operative bank to commission and conduct fully - computerized banking operations by 1991.
- Subject was also the first co-operative bank to be rated by a credit rating agency - CRISIL (Credit Rating Information Services of India Limited) in January 1995.
- Achieved Scheduled Bank status in October 1996, in recognition of continued excellence in performance
- Attained Multi-State Co-operative Bank status in January 1998
- Introduced Full-Fledged Money changing operations in February 1999
- Commenced the conduct of dematerialisation of shares held in the Bombay Stock Exchange (DeMat), on a fully computerised mode, for customers
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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.51.35 |
|
|
1 |
Rs.80.50 |
|
Euro |
1 |
Rs.69.14 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.