|
Report Date : |
29.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
CITI BANK N A. |
|
|
|
|
Principal Place
of Business in |
293, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
01.01.1900 |
|
|
|
|
Com. Reg. No.: |
F00471 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.37438.400 Millions |
|
|
|
|
Legal Form : |
Foreign Registered Bank Incorporated in |
|
|
|
|
Line of Business
: |
Service Provider of Corporate Banking, Retail Banking, Treasury and
Other Banking Business |
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 600000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Citigroup. It is the largest FDI in financial
services in It is a well established and reputed bank in Bank also has a healthy asset quality as a result of its good
performance. Fundamentals of the company appears to be strong. Bank has a
good financial support from its holdings. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitments. The bank can be considered for normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
LONG TERM RATING : FITCH A |
|
Rating Explanation |
Expectation of low default risk. The capacity for payment of financial
commitments is considered strong. |
|
Date |
October, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered
Office / Branch Office: |
Located at |
|
|
|
|
Principal Place of
Business in |
293, |
|
Tel. No.: |
91-22-26535757 – extension 50 - 56 |
|
E-Mail : |
|
|
|
|
|
Branch Offices : |
Located At:
|
MANAGEMENT
|
Name : |
Mr. Mark T Robinson |
|
Designation : |
Chief Executive Officers |
KEY EXECUTIVES
|
Name : |
Mr. Vikram Pandit |
|
Designation : |
Chief Executive Office of Citigroup Inc. |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of Corporate Banking, Retail Banking, Treasury and Other
Banking Business |
|
|
|
|
Services: |
|
GENERAL INFORMATION
|
No. of Employees: |
Not Available |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
Reserve Bank of |
||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R Batliboi and Company Chartered Accountants |
|
Address : |
6th Floor, |
|
Tel. No.: |
91-22-66579200 |
|
Fax No.: |
91-22-22876401 |
|
|
|
|
Parent Company: |
|
|
|
|
|
Holding Company of
Parent: |
|
|
|
|
|
Subsidiaries of
Parent: |
|
|
|
|
|
Fellow Subsidiaries of
Parent: |
|
CAPITAL STRUCTURE
As on 31.03.2012
(Rs. In Millions)
|
|
31.03.2012 |
|
CAPITAL |
|
|
Amount of deposit kept with RBI under Section I I
( 2 ) ( b )of the Banking Regulation Act, 1949 |
30050.000 |
|
CAPITAL |
|
|
Initial Capital |
2.000 |
|
|
|
|
Interest free funds from H.O. for CRAR
requirements |
|
|
Opening Balance |
37436.400 |
|
Additions during the year |
-- |
|
|
37436.400 |
|
|
|
|
TOTAL |
37438.400 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
CAPITAL AND LI |
|
|
|
|
|
|
|
|
|
Capital |
37438.400 |
37438.400 |
37438.375 |
|
Reserves and Surplus |
122404.500 |
112168.800 |
97697.629 |
|
Deposits |
646976.800 |
566680.600 |
544521.336 |
|
Borrowings |
289245.900 |
207971.200 |
120337.785 |
|
Other Liabilities and Provisions |
188209.700 |
191603.500 |
154891.817 |
|
Total |
1284275.300 |
1115862.500 |
954886.942 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and balance with Reserve Bank of |
67421.300 |
49485.200 |
33997.479 |
|
Balances with banks and money at call and short notice |
115948.90 |
163251.400 |
117866.107 |
|
Investments |
431666.800 |
303985.100 |
281086.924 |
|
Advances |
471030.000 |
405970.100 |
366550.720 |
|
Fixed Assets |
7871.300 |
7750.800 |
7046.869 |
|
Other Assets |
190337.000 |
185419.900 |
148338.843 |
|
Total |
1284275.300 |
1115862.500 |
954886.942 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Interest Earned |
77676.200 |
62693.100 |
60704.683 |
|
|
|
Other Income |
13932.500 |
19472.100 |
15913.350 |
|
|
|
TOTAL |
91608.700 |
82165.200 |
76618.033 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Interest Expended |
28874.600 |
22226.600 |
20167.626 |
|
|
|
Operating Expenses |
28014.400 |
27170.000 |
23543.155 |
|
|
|
Provisions and Contingencies |
15499.900 |
18522.200 |
24303.387 |
|
|
|
TOTAL |
72388.900 |
67918.800 |
68014.168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET PROFIT FOR
THE YEAR |
19219.800 |
14246.400 |
8603.865 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Statutory Reserve |
4805.000 |
3561.600 |
2150.966 |
|
|
|
Transfer to/(from) Investment Reserve |
1192.800 |
-- |
(584.374) |
|
|
|
Transfer to Special Reserve |
55.500 |
161.000 |
288.505 |
|
|
|
Transfer to remittable surplus retained
for CRAR requirements |
-- |
623.800 |
6748.768 |
|
|
BALANCE CARRIED TO
THE B/S |
13166.500 |
9900.000 |
8603.865 |
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
BACKGROUND
The accompanying financial statements for the year ended March
31, 2012 comprise the accounts of Citibank N.A. -
The Indian branches of the Bank as at March 31, 2012 are at:
Ahmedabad, Akola, Aurangabad, Bangalore (M.G. Road and South End Road), Bhopal, Bhubaneshwar, Chandigarh, Chennai (Anna Salai and Alwarpet), Coimbatore, Faridabad, Gurgaon, Indore, Jaipur, Jalandhar, Kochi, Kolkata (Braboume Road and Chowringee Road), Lucknow, Ludhiana, Mumbai (Andheri, Fort, Juhu, Nariman Point, Khar and Vashi), Nanded, Nandyal, Nasik, New Delhi (Sansad Marg, Punjabi Baug, Nehru Place, South Extension and Vasant Vihar), Noida, Puducherry, Pune, Secunderabad, Surat, Vadodara and Vapi.
The Bank had initiated a process of exploring a possible relocation of some of its branches in connection with the study of viability of its branches and appropriate procedures are being taken in line with applicable regulations.
BUSINESS SEGMENT
In line with the RBI guidelines on Segment Reporting, the Bank has identified the following segments as primary reportable segments: Corporate banking, Retail banking, Treasury and Other banking business.
Under the 'Corporate banking' segment the Bank provides loans and caters to foreign exchange requirements of corporate and financial institutions. Revenues of this segment consist of interest and fees earned on loans made to corporate customers and income from foreign exchange transactions with such customers. This also includes income from offering trade and transaction services to customers. The principal expenses of the segment consist of interest expense on funds used for customer lending, personnel costs, other direct overheads and allocated expenses.
Under the 'Retail banking' segment the Bank serves retail customers through a branch network and other approved delivery channels. Exposures are classified under Retail banking taking into account the orientation, product, granularity and individual exposure criterion. This segment raises deposits and provides loans and advisory services to such customers. Revenues of the Retail banking segment are derived from interest earned on retail loans, fees for banking and advisory services and interest earned from other segments for surplus funds placed with those segments. Expenses of this segment primarily comprise interest expense on deposits, infrastructure for operating the branch network and other delivery channels, personnel costs, other direct overheads and allocated expenses.
Under the 'Treasury' segment the Bank undertakes trading operations on proprietary account, investments in corporate debt, government securities, funding and gapping products and derivatives trading. Revenues of this segment consist of interest earned on funding and gapping activities, investment income and gains on government securities and debentures/bonds, income from derivative transactions and underwriting commission from Primary dealership business. The principal expenses of this segment consist of interest expense on funds borrowed from external sources and other internal segments, personnel costs, other direct overheads and allocated expenses.
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2012 Rs.
in Millions |
31.03.2011 Rs.
in Millions |
|
Claims against the bank not acknowledged as debts |
298.300 |
1332.200 |
|
Liability on account of outstanding forward exchange contracts |
5753702.300 |
4606763.100 |
|
Liability on account of outstanding Rupee Interest Rate Swaps |
5510490.200 |
7647843.600 |
|
Guarantee given on behalf of constituents |
|
|
|
a) In |
104176.600 |
91168.100 |
|
b) Outside |
22825.400 |
23085.600 |
|
Acceptances, endorsement and other obligations |
124457.500 |
94513.400 |
|
Others |
13551.200 |
7669.400 |
FIXED ASSETS:
WEBSITE DETAILS:
HISTORY
Citi began operations in
Citi is the largest foreign direct investor in financial
services in
As promoter-shareholder, Citi has played a leading role in establishing important market intermediaries such as depositories, credit bureau, clearing and payment institutions
Citi operates 42 full-service Citibank branches in 30 cities and over 700 ATMs across the country
Citi is an employer of choice to about 7000 people
Citi is the preferred banker to more than 40,000 small and
mid-sized companies across
Citi helped lay the foundation of the Indian software industry by establishing Citicorp Overseas Software Limited and Iflex Solutions Limited. Citi pioneered the ITES industry in financial services through Citigroup Global Services Limited (CGSL). Oracle acquired Iflex in 2005 and CGSL was acquired by Tata Consultancy Services in 2008
Best Consumer Internet Bank
Best Equity House
Best Foreign Investment Bank in
Best US Company operating in
Best Financial Website
Best Network Integration
Best Foreign Bank (under retail banking category)
PRESS RELEASE –
SEBI
Order in the matter of IPOs
Mr. G.Anantharaman,
Whole Time Member, SEBI vide order dated April 27, 2006 has issued ex-parte ad
interim order in the matter of Initial Public Offerings.
April 27, 2006
In the recent past while examining off-market transactions in the IPOs of Yes Bank Limited (‘YBL’) and Infrastructure Development Finance Company Limited (‘IDFC’), it came to the notice of SEBI that certain entities had cornered IPO shares reserved for retail applicants by making applications in the retail category through the medium of thousands of beneficiary accounts in the name of fictitious/benami entities with each of the application being of small value so as to be eligible for allotment under retail category. After the allotment, these fictitious/ benami allottees transferred these shares to their principals who in turn transferred the shares to their financiers. Most of these shares were sold immediately on listing.
SEBI conducted investigations in respect of all the IPOs during the period from
January 2003 to December 2005. The findings of investigations so far, prima
facie, reveal violations of serious nature by the key operators, their
financiers, concerned DPs and the depositories including violation of the
provisions of SEBI Act, 1992 and Depositories Act, 1996 and the rules and
regulations made thereunder. SEBI has issued directions against the concerned
entities.
The following
clarification is issued with respect to order No: WTM/GA/60/ISD/04/06 issued
27/4/2006:
April 27, 2006
“It is clarified that the directions 'not to buy, sell or deal in the securities market including in IPOs, directly or indirectly, till further directions' in the interim order WTM/GA/60/ISD/04/06 relating to IPOs issued on 27/4/2006, in so far as they relate to brokers who are SEBI registered intermediaries would apply only in respect of transactions in the proprietary account of brokers and the transactions on behalf of clients would remain unaffected .The same clarifications apply to DP operations wherever they are Depository Participants.
It is clarified that the DP transactions of clients would remain
unaffected only for 15 days, by which time switchover to another DP should take
place in respect of directions against Karvy DP and Pratik DP.”
PRESS RELEASE – RBI
RBI imposes Penalty on 19 Commercial
Banks for Non-compliance of its instructions on Derivatives
April 26, 2011
The Reserve Bank of India has imposed penalties on 19 commercial banks, as detailed below, in exercise of the powers vested with it under the provisions of Section 47A(1)(b) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
The penalties have been imposed on these banks for contravention of
various instructions issued by the Reserve Bank in respect of derivatives, such
as, failure to carry out due diligence in regard to suitability of products,
selling derivative products to users not having risk management policies and
not verifying the underlying/ adequacy of underlying and eligible limits under
past performance route.
The Reserve Bank had issued Show Cause Notices to these banks. In response to
this, the banks submitted their written replies. On a careful examination of
the banks’ written replies and the oral submissions made during the personal
hearings, the Reserve Bank found that the violations were established and the
penalties were thus imposed.
|
Sl. No. |
Name of banks |
Penalty |
|
1 |
Axis Bank Limited |
1.500 |
|
2 |
Barclays Bank PLC |
1.500 |
|
3 |
HDFC Bank Limited |
1.500 |
|
4 |
ICICI Bank Limited |
1.500 |
|
5 |
Kotak Mahindra Bank Limited |
1.500 |
|
6 |
Yes Bank Limited |
1.500 |
|
7 |
BNP Paribas |
1.000 |
|
8 |
Citi Bank NA |
1.000 |
|
9 |
CreditAgricole-CIB |
1.000 |
|
10 |
Development Credit Bank Limited |
1.000 |
|
11 |
ING Vysya Bank Limited |
1.000 |
|
12 |
Royal Bank of |
1.000 |
|
13 |
Standard Chartered Bank |
1.000 |
|
14 |
State Bank of |
1.000 |
|
15 |
Bank of |
0.500 |
|
16 |
DBS Bank Limited |
0.500 |
|
17 |
Deutsche Bank AG |
0.500 |
|
18 |
Hongkong and Shanghai Banking Corporation Limited |
0.500 |
|
19 |
JP Morgan Chase Bank NA |
0.500 |
Citibank N.A. – Penalised
July 04, 2011
The Reserve Bank of India has imposed a monetary penalty of Rs.2.500 Millions on Citibank N.A., in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) of the Banking Regulation Act, 1949 for contravention of various guidelines and instructions relating to Know Your Bank (KYC)/Anti Money Laundering (AML) issued by the Reserve Bank of India. The failure in following the KYC/AML guidelines while opening accounts led to the perpetration of a fraud at its Gurgaon branch.
The Reserve Bank of
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 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 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.54.85 |
|
|
1 |
Rs.88.40 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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.