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Report Date : |
13.07.2012 |
IDENTIFICATION DETAILS
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Name : |
CITI BANK N A. |
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Principal Place
of Business in |
293, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
01.01.1900 |
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Com. Reg. No.: |
F00471 |
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Capital
Investment/ Paid-up Capital: |
Rs. 37438.400 Millions |
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Legal Form : |
Foreign Registered Bank Incorporated in |
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Line of Business
: |
Service Provider of Corporate Banking, Retail Banking, Treasury and
Other Banking Business |
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No. of
Employees: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
A (67) |
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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 |
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Maximum Credit Limit : |
USD 600000000 |
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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 a reputed bank having fine track.
Financial position appears to be sound. Fundamentals are strong and healthy.
Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The bank can be considered good 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.
INFORMATION DECLINED BY
Management Non Co Operative (Name not Disclose)
LOCATIONS
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Registered
Office / Branch Office: |
Located at United States of America |
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Principal Place
of Business in |
293, |
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Tel. No.: |
91-22-26535757 – extension 50 - 56 |
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E-Mail : |
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Branch Offices : |
Located At:
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MANAGEMENT
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Name : |
Mr. Mark T Robinson |
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Designation : |
Chief Executive Officers |
KEY EXECUTIVES
|
Name : |
Mr. Vikram Pandit |
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Designation : |
Chief Executive Office of Citigroup Inc. |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of Corporate Banking, Retail Banking, Treasury and Other
Banking Business |
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Services: |
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GENERAL INFORMATION
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No. of Employees: |
Information declined by the management |
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Bankers : |
Reserve Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R Batliboi and Company Chartered Accountants |
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Address : |
6th Floor, |
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Tel. No.: |
91-22-66579200 |
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Fax No.: |
91-22-22876401 |
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Parent Company: |
·
Citibank N.A. and its branches |
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Holding Company of
Parent: |
·
Citigroup Inc. |
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Subsidiaries of
Parent: |
· Bank Handlowy W Warszawie S.A. · Citibank A.G. Frankfurt · Citibank Budapest Limited · Citibank China Limited · Citibank Europe Pic · Citibank Hungary · Citibank International Pic · Citibank Japan Limited · Citibank Korea Inc. · Citibank Malaysia · Citibank Overseas Investment Corporation · Citibank Taiwan Limited · Citibank Turkey · Citibank Uganda Limited · Citibank Zambia Limited · Banco Citibank De El Salvador SA · Citibank Romania · Banco Citibank De Guatemala SA · Citibank Czech Republic · Citicorp Capital Markets Limited1 · Citicorp Clearing Services India Limited' · Citicorp Finance India Limited · Citicorp Investment Bank (Singapore) Limited · Citicorp Maruti Finance Limited · Citicorp Services India Limited · CitiFinancial Consumer Finance India Limited · Citigroup Transaction Services (Malaysia) Sdn Bhd · CitiFinancial Retail Services India Limited |
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Fellow Subsidiaries of
Parent: |
· Citicorp Banking Corporation, Bahrain · Citicorp Credit Services Inc. (USA) · Citicorp International Finance Corporation · Citicorp Securities Asia Pacific Limited · Citigroup Global Markets Inc, Asia · Citigroup Global Markets Inc, Australia · Citigroup Global Markets Inc, Korea · Citigroup Global Markets Inc, New York · Citigroup Global Markets Inc, Singapore · Citigroup Global Markets India Private Limited · Citigroup Global Markets Mauritius Private Limited · Citigroup Technology Inc · Citishare Corporation US · CitiFinancial Inc · Citigroup Services Japan Limited · Citigroup Strategic Holding Mauritius Limited ·
Orbitech Limited |
CAPITAL STRUCTURE
As on 31.03.2012
(Rs. In Millions)
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|
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 |
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Initial Capital |
2.000 |
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Interest free funds from H.O. for CRAR
requirements |
|
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Opening Balance |
37436.400 |
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Additions during the year |
-- |
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|
37436.400 |
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|
|
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TOTAL |
37438.400 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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CAPITAL AND LI |
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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 |
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Total |
1284275.300 |
1115862.500 |
954886.942 |
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ASSETS |
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Cash and balance with Reserve Bank of |
67421.300 |
49485.200 |
33997.479 |
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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 |
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SALES |
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Interest Earned |
77676.200 |
62693.100 |
60704.683 |
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|
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Other Income |
13932.500 |
19472.100 |
15913.350 |
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TOTAL |
91608.700 |
82165.200 |
76618.033 |
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Less |
EXPENSES |
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|
|
|
|
|
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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 |
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|
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TOTAL
|
72388.900 |
67918.800 |
68014.168 |
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NET PROFIT FOR
THE YEAR |
19219.800 |
14246.400 |
8603.865 |
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Less |
APPROPRIATIONS |
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Transfer to Statutory Reserve |
4805.000 |
3561.600 |
2150.966 |
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Transfer to/(from) Investment Reserve |
1192.800 |
-- |
(584.374) |
|
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Transfer to Special Reserve |
55.500 |
161.000 |
288.505 |
|
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Transfer to remittable surplus retained for
CRAR requirements |
-- |
623.800 |
6748.768 |
|
|
BALANCE CARRIED
TO THE B/S |
13166.500 |
9900.000 |
8603.865 |
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LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
No |
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8) No. of employees |
No |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
No |
BACKGROUND
The accompanying financial statements for the year ended March 31, 2012 comprise the accounts of Citibank N.A. - India branches ('the Bank'), a banking company under the Banking Regulation Act, 1949. Citibank N.A. is incorporated with limited liability in the United States of America.
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 |
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Liability on account of outstanding Rupee Interest Rate Swaps |
5510490.200 |
7647843.600 |
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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:
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.55.70 |
|
|
1 |
Rs.86.28 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
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 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
67 |
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.