|
Report Date : |
01.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
CITICORP FINANCE ( |
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Registered
Office : |
Citi Corporation Centre, 5th Floor, C-61, Bandra Kurla
Complex, Mumbai-400051, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
02.07.1997 |
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Com. Reg. No.: |
11-109170 |
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Capital
Investment / Paid-up Capital : |
Rs. 9893.870 Millions |
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CIN No.: [Company Identification
No.] |
U65900MH1997FLC109170 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC06678A |
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PAN No.: [Permanent Account No.] |
AABCC4881F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The subject is providing diversified financial services. |
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No. of Employees
: |
Information not given by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 55000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of Citibank Overseas Investment Corporation. It is a well established and reputed company having satisfactory track
records. Trade relations are reported as fair. Business is active. Payments
are reported to be regular and as per commitments. The company 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.
INFORMATION DECLINED BY
Management no co-operative
LOCATIONS
|
Registered Office : |
Citi Corporation Centre, 5th Floor, C-61, Bandra Kurla
Complex, Mumbai-400051, Maharashtra, India |
|
Tel. No.: |
91-22-40015541 |
|
Fax No.: |
91-22-26532215 |
|
E-Mail : |
DIRECTORS
AS ON 22.07.2011
|
Name : |
Mr. Abhijit Sen |
|
Designation : |
Director |
|
Address : |
Flat No.4 A, Manek, L D Ruparel Marg, Malbar Hill, Mumbai,
Maharashtra, India |
|
Date of Birth/Age : |
17.11.1950 |
|
Date of Appointment : |
04.11.1997 |
|
DIN No.: |
00002593 |
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Name : |
Mr. Pankaj Sharma |
|
Designation : |
Managing Director |
|
Address : |
704, Oman-A, Vasant Galaxy, Bangur Nagar, Goregaon (West), Mumbai,
Maharashtra, India |
|
Date of Birth/Age : |
19.07.1967 |
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Date of Appointment : |
24.07.2009 |
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DIN No.: |
02717462 |
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Name : |
Mr. Narayana Swamy Adityapuram Seshan |
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Designation : |
Director |
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Address : |
6/256, Matru Ashish, Prof U U Bhat Road, Matunga, Mumbai-4000010,
Maharashtra, India |
|
Date of Birth/Age : |
28.08.1988 |
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Date of Appointment : |
28.09.2007 |
|
DIN No.: |
01815914 |
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Name : |
Mr. Sameer Kaul |
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Designation : |
Director |
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Address : |
Flat No.101, Nav Sonathala Annexe, Off Turner Road, Bandra (West),
Mumbai-400050, Maharashtra, India |
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Date of Birth/Age : |
25.02.1971 |
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Date of Appointment : |
28.11.2008 |
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DIN No.: |
00388405 |
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Name : |
Mr. Rohit Ranjan |
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Designation : |
Director |
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Address : |
404/B, 4th Floor, Hiranandani Gardens, A S Marg, Powai,
Mumbai-400075, Maharashtra, India |
|
Date of Birth/Age : |
17.02.1961 |
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Date of Appointment : |
31.03.2010 |
|
DIN No.: |
00003480 |
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Name : |
Mr. Rahul Shukla |
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Designation : |
Director |
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Address : |
54, Siddhivinayak, Sector-21, Nerul, Navi Mumbai-400706, Maharashtra,
India |
|
Date of Appointment : |
04.02.2011 |
|
DIN No.: |
03352971 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh Bajaj |
|
Designation : |
Secretary |
|
Address : |
C-6/9, Jeevan Bima Nagar, Mumbai, Maharashtra, India |
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Date of Birth/Age : |
06.08.1971 |
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Date of Appointment : |
25.08.2008 |
|
PAN No.: |
AACCPB3978L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 22.07.2011
|
Names of Shareholders |
No. of Shares |
|
Citibank Overseas Investment Corporation |
989386977 |
|
Citibank Overseas Investment Corporation jointly with Sunil Kothare |
1 |
|
Citibank Overseas Investment Corporation jointly with Kushwya Sheth |
1 |
|
Citibank Overseas Investment Corporation jointly with Abhijt Sen |
1 |
|
Citibank Overseas Investment Corporation jointly with Navin Upadhya |
1 |
|
Citibank Overseas Investment Corporation jointly with Viral |
1 |
|
Citibank Overseas Investment Corporation jointly with Rohit Ranjan |
1 |
|
Citibank Overseas Investment Corporation jointly with R. Murakhan |
1 |
|
TOTAL |
989386984 |
AS ON 22.07.2011
|
Equity Shares
Break Up |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The subject is providing diversified financial services. |
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Products : |
·
Finance ·
Investment ·
Lease |
GENERAL INFORMATION
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No. of Employees : |
Information not given by the management |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B S R and Company Chartered Accountant |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N. M.J
oshi Marg, Mahalaxmi, Mumbai-400011, Maharashtra, India |
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Tel. No.: |
91-22-38896000 |
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Fax No.: |
91-22-39836000 |
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Pan No.: |
AAAFB9852F |
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Holding Company : |
Citibank Overseas Investment Corporation |
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Ultimate Holding Company : |
Citigroup Inc. |
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Subsidiaries : |
Citicorp Clearing Services India Limited CIN No.:-U63090MH2005PLC157251 Citicorp Capital Markets Limited CIN No.:-U67120MH2002PLC136776 Citicorp Maruti Finance Limited CIN No.:-U65921DL1997PLC090046 Citifinancial Retail Services India Limited CIN No.:-U65921TN2000PLC046039 |
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|
Fellow Subsidiaries : |
·
Citi Cards Japan Inc. ·
Citicorp Operations Consulting GmbH, Germany ·
Citifinancial Europe PIC, UK ·
Citigroup Pty Limited, Australia ·
Citibank International Plc, Greece ·
Citibank International Plc, Portugal ·
Citibank International Plc, Italy ·
Citigroup Financial Products Inc ·
Citi Strategic Holdings Mauritius Limited ·
Citicorp Services (India) Limited ·
Citi Mortgage Inc., USA ·
Citicorp Investment Bank (Singapore) Limited ·
Citigroup Transaction Services, Malaysia ·
Citicorp North America, Inc ·
Citibank Korea, Inc ·
Banco Citibank de Guatemala. SA ·
CitiFinancial Consumer Finance India Limited ·
Citigroup Global Markets India Private Limited ·
Citigroup Global Markets Inc ·
Citigroup Global Markets Limited ·
Citicorp Credit Services Inc ·
Citigroup Technology Inc ·
Citigroup Global Markets Asia Limited ·
Citibank International Plc. ·
Citicards Canada Inc. ·
Citi Commerce Solutions of Canada Limited |
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|
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|
Enterprises which exercise control : |
·
Citibank N. A |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1200000000 |
Equity Shares |
Rs.10/- each |
Rs. 12000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
989386984 |
Equity Shares |
Rs.10/- each |
Rs. 9893.870
Millions |
|
|
|
|
|
NOTE
The entire issued, subscribed and paid up
share capital is held by the holding company, Citibank Overseas Investment
Corporation and its nominees.
AS ON 22.07.2011
Authorised Capital : Rs. 12060.000 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9893.870 |
9893.870 |
9893.870 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3974.728 |
4093.255 |
3573.849 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13868.598 |
13987.125 |
13467.719 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
19841.581 |
24117.416 |
44142.170 |
|
|
2] Unsecured Loans |
4013.550 |
4041.000 |
4564.800 |
|
|
TOTAL BORROWING |
23855.131 |
28158.416 |
48706.970 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
37723.729 |
42145.541 |
62174.689 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
23.964 |
169.276 |
220.672 |
|
|
Capital work-in-progress |
5.655 |
0.000 |
3.350 |
|
|
|
|
|
|
|
|
INVESTMENT |
6174.513 |
12589.471 |
19612.512 |
|
|
DEFERREX TAX ASSETS |
631.314 |
631.314 |
631.314 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1132.495
|
1653.452 |
1522.828 |
|
|
Sundry Debtors |
351.500
|
558.969 |
647.092 |
|
|
Cash & Bank Balances |
8358.108
|
10644.065 |
7936.479 |
|
|
Other Current Assets |
806.501
|
1725.499 |
3477.869 |
|
|
Loans & Advances |
23809.969
|
18965.970 |
33166.130 |
|
Total
Current Assets |
34458.573
|
33547.955 |
46750.398 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
115.922
|
165.860 |
332.045 |
|
|
Other Current Liabilities |
2518.391
|
4093.179 |
4177.914 |
|
|
Provisions |
935.977
|
533.436 |
533.598 |
|
Total
Current Liabilities |
3570.290
|
4792.475 |
5043.557 |
|
|
Net Current Assets |
30888.283
|
28755.480 |
41706.841 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
37723.729 |
42145.541 |
62174.689 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Finance Income |
3589.804 |
3553.973 |
6920.780 |
|
|
|
Fee Income |
72.108 |
979.551 |
1097.514 |
|
|
|
Other Income |
599.378 |
2239.969 |
798.600 |
|
|
|
TOTAL (A) |
4261.290 |
6773.493 |
8816.894 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Personnel Cost |
216.636 |
708.685 |
732.838 |
|
|
|
Administrative and Other Expenses |
770.410 |
934.626 |
1235.865 |
|
|
|
Provision and bad debts |
749.103 |
1076.485 |
508.182 |
|
|
|
TOTAL
(B) |
1736.149 |
2719.796 |
2476.885 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2525.141 |
4053.697 |
6340.009 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
1982.022 |
2993.948 |
4846.592 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
543.119 |
1059.749 |
1493.417 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
15.811 |
75.951 |
84.252 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
527.308 |
983.798 |
1409.165 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
128.385 |
348.639 |
457.433 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
398.923 |
635.159 |
951.732 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3011.013 |
2618.640 |
1973.007 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Statutory Reserve |
79.785 |
127.032 |
190.346 |
|
|
|
General Reserve |
1193.478 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
445.224 |
98.939 |
98.939 |
|
|
|
Tax on Proposed Dividend |
72.226 |
16.815 |
16.815 |
|
|
BALANCE CARRIED
TO THE B/S |
1619.223 |
3011.013 |
2618.639 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Fees for research and analytical services |
14.191 |
928.972 |
NA |
|
|
TOTAL EARNINGS |
14.191 |
928.972 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.40 |
0.64 |
0.96 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.09
|
9.38 |
10.79 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.69
|
27.68 |
20.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.50
|
2.86 |
2.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.07 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.98
|
2.36 |
3.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
9.65
|
7.00 |
9.27 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
8. No. of Employees |
No |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
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 |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
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 |
Yes |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
-
Outstanding dues to micro and small enterprises |
0.027 |
0.028 |
0.063 |
|
-
Dues to other creditors |
115.895 |
165.832 |
331.982 |
|
TOTAL |
115.922 |
165.860 |
332.045 |
BACKGROUND
Subject is a loan
and investment Non Banking Financial Company ('NBFC'), as defined under section
451A of the Reserve Bank of India Act, 1934. It is a 100% subsidiary of
Citibank Overseas Investment Corporation ('COIC'), a Citigroup subsidiary.
The Company was
incorporated on July 2, 1997 with the objective of offering a wide range of
financial services to its customers. The Company has been issued a registration
certificate no. 13.00001 dated August 21, 1997 by the Reserve Bank of India to
operate as a Non-Banking Financial Company.
OPERATIONS
ASSET BACKED
FINANCE
The economy reported
GDP growth of 8.6% in this year compared to 8% last year. Industrial sectors
have emerged as one of the prime movers in the revival of gross domestic
product, with the industrial and service sectors growing at 8.1% and 9.6%
respectively. There was a significant increase in the demand of commercial
vehicles and construction equipments during 2010-2011. The commercial vehicles
sales reported a continuing robust growth of 27.1% in the year 2010-2011 as
compared to 38.2% in the year 2009-2010.
ABF division has a very strong and unique distribution model of branch, hub and spoke with strong
geographical coverage across country and enjoys a preferred financer's position
at all the counters of key manufactures and dealers of commercial vehicle and
construction equipment.
ABF division has
transformed its distribution model from predominantly
direct marketing associate based
reach to direct origination and the product offerings have been well aligned with the market which encourage quality sourcing,
ABF division has a
very strong functional and
management structure with independent risk,
collection and compliance which ensures strong control and risk environment.
ABF division. with
its reach and distribution network has a unique ability to generate PSL assets while maintaining favorable risk-return balance. Keeping
in view the potential and ability to generate PSL assets, ABF division under CFIL continues to fulfill
the captive PSL asset
requirement of Citibank. Given the premium
these assets command in market place, they
can also be sold to any bank which is
short an PSL assets providing a potential upside to revenues. During the
year, CFIL sold PSL assets of Rs
7224.100 Millions and also assigned Rs 6100.000 Millions PSL assets via on-lending to Citibank.
ABF division now completely relies on direct origination post exit from franchisees and other
channel partners. The proportion of the franchisee portfolio has reduced to 300.000 Millions from 320.000
Millions which is fully provided. The revised PSL strategy also led to
discontinuation of large ticket
deal sourcing with undiluted
focus an generating retail assets that qualify as PSL. This has helped reduce risk exposure per borrower, The ABF division disbursed about Rs 15780.000 Millions
to the transportation and
construction equipments segment during the
year.
ABF division has embedded a strong collection
architecture, resulting in reduction of the >30 dpd inventory to Rs 1430.000 Millions as of March 2011 from Rs 2680.000 Millions as of March 2010. There has been a significant reduction In the Net Credit Losses to Rs (67.000) Millions (net recovery) in
the year 2010-2011 as compared to
290.000 Millions in 2009-2010
SUBSIDIARIES
Citicorp Maruti
Finance Limited (CMFL)
CMFL is a joint
venture between the Company and Maruti Udyog Limited, set up with the objective
of providing finance for purchase of Maruti range of cars. The Company has
invested Rs. 740.000 Millions in the equity capital of CMFL, representing a 74%
shareholding therein and Rs. 630.000 Millions in Non-convertible Preference
Shares of CMFL.
During the year
CMFL assets base showed a decline from Rs 3008.300 Millions for the year ended
31" March 2010 to Rs 1716.400 Millions for the year ended 31" March
2011. This was mainly on account of the rundown of the existing car loan
portfolio and no new disbursements made. The Company earned a profit of Rs
67.300 Millions after tax as against loss of Rs. 23.800 Millions during the
corresponding previous year on account of the reduced activities and cost. CMFL
is exploring revenue alternatives to augment business.
Citicorp Capital
Markets Limited (CCML)
CCML is a wholly
owned subsidiary of the Company. It currently functions as a flagship vehicle for
Citigroup's Debt Capital Markets Underwriting and Distribution Business in
India.
CCML achieved a
turnover of Rs. 159.200 Millions for the year ended March 31, 2011 compared to
Rs. 309.800 Millions achieved in the year ended March 31, 2010. The Company
earned a profit after tax of Rs. 91.400 Millions for the year ended March 31,
2011 compared to a profit of Rs. 191.300 Millions in the year ended March 31,
2010.
Citicorp Clearing
Services India Limited (CCSIL)
CCSIL, a wholly
owned subsidiary has helped to mark the group's presence in the derivative
segment. CCSIL has obtained SEBI registration as clearing member on the
National Securities Clearing Corporation Limited and on the MCX stock exchange
limited. During the current year CCSIL has achieved revenue of Rs. 484.100
Millions and a Net Profit after tax of Rs 311.700 Millions as against a revenue
of 815.600 Millions and a Net Profit after tax of 526.800 Millions for the year
ended March 31, 2010.
CitiFinancial
Retail Services India Limited (CFRSIL)
CFRSIL is
registered with Insurance Regulatory and Development Authority of India (IRDA)
to act as a corporate agent of New India Assurance (NIA) to sell its insurance
products. It is actively engaged in the business of sourcing customers for the
products offered by NIA.
CFRSIL reported a
net profit after tax of Rs 52.300 Millions for the current year as against a
net profit after tax of Rs. 44.500 Millions in corresponding previous year.
The Directors
report, Auditors report, Audited accounts of all subsidiaries of the Company
for the year ended March 31, 2011 along with the statements required under
Section 212 of the Companies Act are attached with this report.
FIXED ASSETS
·
Building
·
Electrical Installation
·
Computer Equipments
·
Furniture and Fixtures
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] 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. 56.42 |
|
|
1 |
Rs. 87.37 |
|
Euro |
1 |
Rs. 69.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
|
54 |
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.