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Report Date : |
16.03.2012 |
IDENTIFICATION DETAILS
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Name : |
UNITED BANK OF |
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Registered
Office : |
16, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
1950 |
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Capital
Investment / Paid-up Capital : |
Rs.11444.206 Millions |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALU00376F |
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Legal Form : |
Public Sector
have owned by Government of India |
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Line of Business
: |
Banking Business |
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No. of Employees
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15062 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (69) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 200870000 |
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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 bank of government of The bank can be
considered good 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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
16, |
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Tel. No.: |
91-33-22487470 |
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Fax No.: |
91-33-22480897 |
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E-Mail : |
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Website : |
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Head Office : |
11, Heamant Basu
Sarani, United Tower, Kolkata – 700 001, West |
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Tel. No.: |
91-33-22487711/ 22487472 |
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Fax No.: |
91-33-22489391 |
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E-Mail : |
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Branch Office : |
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DIRECTORS
As on 31.03.2011
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Name : |
Mr. Saumen Majumder |
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Designation : |
Director |
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Name : |
Mr. Saumitra Talapatra |
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Designation : |
Director |
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Name : |
Dr. Naina Sharma |
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Designation : |
Director |
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Name : |
Mrs. Surekha Marandi |
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Designation : |
Director |
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Name : |
Mr. Bhaskar Sen |
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Designation : |
Chairman and Managing Director |
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Name : |
S.L. Bansal |
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Designation : |
Executive Director |
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Name : |
Mr. Srenik Sett |
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Designation : |
Director |
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Name : |
Mr. Sanjeev Kumar Jindal |
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Designation : |
Director |
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Name : |
S L Bansal |
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Designation : |
Executive Director |
KEY EXECUTIVES
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Name : |
Mr. Dabjiban Basu |
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Designation : |
General Manager |
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Name : |
Mr. Bikramjit Shom |
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Designation : |
Company Secretary |
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Name : |
Mr. Rajan Kumar Mohanty |
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Designation : |
General Manager |
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Name : |
Mr. Ambarisha Nanda |
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Designation : |
General Manager |
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Name : |
Mr. Pranab Kumar Roy |
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Designation : |
General Manager |
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Name : |
Mr. Pradip Kumar Dutta |
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Designation : |
General Manager |
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Name : |
Mr. Pratap Kumar Ghosh |
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Designation : |
General Manager |
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Name : |
Prabir Kumar Dutta |
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Designation : |
General Manager |
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Name : |
Mr. Samar Sengupta |
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Designation : |
General Manager |
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Name : |
Mr. Uma Ranjan Bhattacharya |
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Designation : |
General Manager |
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Name : |
M Sekhar |
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Designation : |
General Manager |
BUSINESS DETAILS
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Line of Business : |
Banking Business |
GENERAL INFORMATION
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No. of Employees : |
15062 (Approximately) |
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Bankers : |
Reserve Bank of |
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Banking
Relations : |
-- |
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Statutory Central Auditors : |
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Name : |
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Auditors : |
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Name : |
S. Ganguli and Associates Chartered Accountants |
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Name : |
Maheshwari and Associates Chartered Accountants |
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Associates: |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2200000000 |
Equity Shares |
Rs.10/- each |
Rs.22000.000 Millions |
|
80000 |
Cumulative Preference Share |
Rs.100000/- each |
Rs.8000.000 Millions |
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Total |
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Rs.30000.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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344420621 |
Equity Shares |
Rs.10/- each |
Rs.3444.206 Millions |
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80000 |
Cumulative Preference Share |
Rs.100000/- each |
Rs.8000.000 Millions |
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Total |
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Rs.11444.206 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
11444.206 |
8664.308 |
17824.308 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
38772.566 |
30364.959 |
12953.312 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
50216.772 |
39029.267 |
30777.620 |
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LOAN FUNDS |
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1] Deposits |
778448.004 |
681803.219 |
545359.007 |
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2] Borrowings |
28865.359 |
9153.381 |
4567.657 |
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TOTAL BORROWING |
807313.363 |
690956.600 |
549926.664 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
857530.135 |
729985.867 |
580704.284 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8188.705 |
6509.970 |
6242.151 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
262589.463 |
260677.360 |
179242.148 |
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DEFERREX TAX ASSETS |
0.000 |
0.0000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Cash & Balances with Reserve Bank of
|
59431.524
|
47070.182 |
45322.698
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Balance with Banks & Money at call &
short notice |
13845.874
|
16707.800 |
18779.414
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Other Current Assets |
21325.319
|
15784.185 |
16885.272
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Loans & Advances |
535024.371
|
423300.399 |
353935.455
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Total
Current Assets |
629627.088
|
502862.566 |
434922.839 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
42875.121
|
40064.029 |
39702.854
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Total
Current Liabilities |
42875.121
|
40064.029 |
39702.854 |
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Net Current Assets |
586751.967
|
462798.537 |
395219.985 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
857530.135 |
729985.867 |
580704.284 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Interest Earned |
63414.570 |
52489.396 |
43118.671 |
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Other Income |
6370.533 |
5587.417 |
4908.583 |
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TOTAL (A) |
69785.103 |
58076.813 |
48027.254 |
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Less |
EXPENSES |
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|
|
|
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Interest Expended |
41721.128 |
38577.162 |
31503.620 |
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|
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Operating Expenses |
12994.054 |
10741.193 |
9751.349 |
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Provision and Contingencies |
9830.203 |
5534.898 |
4925.189 |
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TOTAL (B) |
64545.385 |
54853.253 |
46180.158 |
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|
|
|
|
|
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NET PROFIT |
5239.718 |
3223.560 |
1847.096 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Statutory Reserve |
1309.930 |
805.890 |
375.043 |
|
|
|
Transfer to Capital Reserve |
187.297 |
221.691 |
1472.053 |
|
|
|
Proposed Dividend |
|
|
|
|
|
|
- Equity |
757.725 |
632.862 |
0.000 |
|
|
|
- PNCPS |
586.558 |
150.000 |
0.000 |
|
|
|
Tax On Dividend |
218.077 |
133.047 |
0.000 |
|
|
|
Transfer to Revenue Reserve |
2180.131 |
1280.070 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
14.38 |
2.51 |
-- |
|
LOCAL AGENCY FURTHER INFORMATION
Performance at a
Glance
The total business of the Bank increased by Rs.208430.000
millions to reach Rs.1317790.000 millions at the end of the financial year
2010-11 from Rs.1109360.000 millions at the end of previous financial year
2009-10, recording a growth rate of 18.8%.
The total deposits of the bank have grown by Rs.96650.000
millions from Rs.681800.000 millions as on 31st
March
2010 to Rs.778450.000 millions as on 31st
March, 2011 registering a growth rate of 14.2%.
The Bank continued its prudent approach in expanding
quality credit assets in line with its policy on Credit Risk Management. The
total advances of the Bank increased by Rs.11178.000 millions from
Rs.427560.000 millions as on 31st March,
2010 to Rs.539340.000 millions as on 31st March,
2011, registering a growth rate of 26.1%. During the year, focused attention
was for lending to retail sector, agriculture, MSME and midsize corporate
segments for expansion of credit.
During the year, performance of the Bank under recovery
of NPAs was very good. During the year, the bank affected a cash recovery and
up-gradation of NPAs of Rs.8561.100 millions compared to Rs.4854.4000 millions
in the previous year. As a result, Gross NPA of the Bank reduced from
Rs.13720.000 millions as on March 31, 2010 to Rs.13560.000 millions as on March
31, 2011 in spite of fresh slippages.
While the encouraging performance in different functional
areas during the year 2010-11 resulted in increased earnings in absolute terms
and the interest spread increased from 2.44% as on 31st March 2010 to 3.06% as on 31st March 2011
MANAGEMENT
DISCUSSUION AND ANALYSIS
MONETARY POLICY OF
THE RBI FOR 2010-11
The annual monetary policy for 2010-11 was set against a rather
complex economic backdrop. The global economy continues to recover amidst
ongoing policy support and improving financial market conditions. The recovery
process was led by EMEs, especially those in
The overall stance of monetary policy in 2010-11 was
intended to:
Anchor inflation expectations, while being prepared to
respond appropriately, swiftly and effectively to further build-up of inflationary
pressures.
Actively
manage liquidity to ensure that the growth in demand for credit by both the
private and public sectors is satisfied in a non-disruptive way.
Maintain an interest rate regime consistent with price,
output and financial stability.
Bank rate was kept unchanged at 6.0%. The Cash Reverse
Ratio (CRR) of scheduled banks was increased by 25 basis points from 5.7% to
6.0% of their net demand and time liabilities (NDTL). The Repo Rate was
increased by 25 basis points from 5.0% to 5.25%. The Reserve Repo Rate was also
increased by 25 basis points from 3.5% to 3.75%.
Some of the other measures included:
Based on the recommendations of the Working Group on Benchmark
Prime Lending Rate and the suggestions from various stake holders, banks were
mandated to switch over to the system of Base Rate from July 1, 2010.
Banks were urged to keep in view the recommendations made
by the High Level Task Force on MSMEs and take effective steps to increase the
flow of credit to the MSE sector, particularly to micro enterprises.
The RBI would discuss Financial Inclusion Plans with
individual banks and would closely monitor their implementation.
It was proposed to constitute a Working Group with the
representatives from the Government, the Reserve Bank, the SEBI, the IRDA and
the IBA to recommend a roadmap for the introduction of a holding company structure for banks together
with the required legislative
amendment/ framework.
In order to ensure that a consistent methodology is
adopted by banks for Valuation Adjustment and Treatment of Illiquid
Positions, RBI proposed to
constitute a Working Group with members from the Reserve Bank, FIMMDA, the IBA
and a few banks to recommend an appropriate framework.
In order to facilitate smooth migration to International Financial Reporting Standards (IFRS), it was proposed:
To undertake a study of the implications of the IFRSs convergence process and also to issue operational guidelines as appropriate
To disseminate information through learning with a view to preparing banks and other entities to adhere to the roadmap
In view of certain safeguards such as escrow accounts available in respect of infrastructure lending, it was proposed that:
Infrastructure loan accounts classified as sub-standard will attract a provisioning of 15% instead of the current prescription of 20%. To avail of this benefit of lower provisioning, banks should have in place an appropriate mechanism to escrow the cash flows and also have a clear and legal first claim on such cash flows.
On a review of the extant regulatory norms and in order to facilitate better asset-liability management (ALM), it was proposed:
To permit banks to formulate their own policies towards conversion of term deposits, daily deposits or recurring deposits in another term deposits with the same bank.
DOMESTIC ECONOMIC SCENARIO
Gross Domestic Product (GDP)
The Indian economy has shown resilience during 2010-11 and continues to go ahead. During 2010-11, the Indian economy expanded 8.5%, against earlier estimate of 8.6%, but up from 7.3% in 2009- 10. The global economic crisis brought down growth to 6.7% in 2008-09 from an average of over 9% in the preceding three years.
Indian economy improved considerably in 2009-10 and achieved a growth level of 7.3%. This gradual improvement in the GDP growth reflects the resilience of the Indian economy. In the first two quarters of the year GDP had grown by robust 8.9% and slowed down to 8.2% in the third quarter of the fiscal. In the fourth quarter growth was further slowed down to 7.8%. For the entire fiscal the economy expanded 8.5%.
Satisfactory production of the agriculture sector, sharp pick-up in private consumption and gross fixed capital formation are the major contributors to growth during 2010-11. While main impetus to the growth came from agriculture which benefited from a normal monsoon, the services sector maintained momentum in most of its segment in spite of some deceleration in the government spending related services. Private consumption and investment were the key drivers of growth in 2010-11. The year 2010-11 was marked by periods of volatility and tranquility in the Indian financial markets.
Global uncertainties as well as domestic development impacted Indian financial markets. However, it remained largely orderly, despite the challenges posed by persistent inflation and high current accounts deficit.
Sectoral Growth
Food grain production is set to touch an all time record of
235.88 million tonnes in 2010-11 as per the latest projection of the
agriculture ministry. The prospect of agricultural performance during the year
is brightened by the normal rainfall and higher sowing during the year. The
areas sown during kharif 2010-11 was 7 percent higher than that of last year.
The areas sown in rabi season till January 14, 2011 also had surpassed the
levels achieved during the corresponding period of last year. Total kharif food
grain production during 2010-11 is estimated to be 10.4 per cent higher than
the previous year. The production forecast for rabicrop such as wheat, pulses,
oil seeds, rice, cereals, sugarcane and cotton is raised by the agriculture
ministry. The two most imported agricultural commodities – wheat and pulses are
expected to rise from 80.8 and 14.66 million tonnes in the previous year to
84.27 and 17.29 million tonnes this year said to be highest recorded production
ever.
The performance of the industrial sector, in spite of some
recent set back, continues to be satisfactory in the overall sense. Industrial growth
based on index of Industrial Production (IIP) grows by 7.8 per cent during
April 2010 – February 2011. The growth pattern has been volatile through the
months of the current year with growth rate ranging between 1.6 per cent
(December 2010) and 16.5 per cent (April 2010). In the financial year
industrial out put recorded double – digit growth in April, May, July and
October 2010. The year-on-year growth slipped to below 4 per cent from November
2010 mainly because of the high base. In December 2010 industrial growth slowed
to a 20 month low of 1.6 per cent later revised to 2.5 per cent. In January
2011, industrial out put increased by 3.95 per cent from it’s year-ago level.
Industrial growth moderated to 3.6 per cent in February, compared to 15.1 per
cent a year ago, on account of a slowdown in the manufacturing and mining sectors.
Growth has remained below 4 per cent for four months in a row from November
2010 to February 2011. Robust growth in capital goods and manufacturing sectors
helped
Inflation
Inflation has been a matter of concern during the year. Overall inflation as measured by the wholesale price index (WPI) dropped to 8.31 per cent in February 2011, from a high of 11 per cent in April 2010. Between April 2010 and February 2011, it was recorded at 9.3 per cent, as compared to 3 per cent in the corresponding period of 2009-10. The Reserve Bank revised its estimate upwards for the second time to 8 per cent for March-end. The WPI based headline inflation has moderated to 8.58 per cent in October, 2010 due to sharp moderation in food inflation. It is further moderated to eleven-month low of 7.48 per cent in November. But in December 2010 inflation showed upward trend and rose to 8.43 per cent. Inflation moderated to 8.23 per cent in January 2011 and again accelerated to 8.31 per cent in February 2011 driven by high food and fuel prices. The decline in food inflation to 8.60, the lowest in November 20 was due to the favourable base effect. Food inflation rose to 18.32 per cent for the week ended December 25, 2010 its highest level in 23-weeks. Economists attribute the spurt in food prices to limited supplies. The price is due to supply-side constraints. Inflation moderated to a single digit 9.52 per cent in the week ended February 2011. Food inflation fell to a four month low of 9.18 per cent for the week ended March 26, 2011 from 9.50 per cent in the previous week and 21.15 per cent a year ago. The rate of price rise during the week ended March 26 was the lowest since the week ending November 27, 2010 when it was recorded at 8.69 per cent. Considering the direction of the inflation rate movement RBI revised its projection of year-end inflation from 5.5 percent to 7.0 per cent and then again to 8 per cent. Inflation is still well above the comfort zone. It is expected that record grain production will keep food inflation stable in the coming months. But spiralling prices of crude oil in the international market could cast a shadow on the overall price situation.
Money Supply
Money supply (M3) growth inched up a tad to 16.5 per cent as at 25 February from 16.2 per cent a month ago against the RBI’s projection of 17% in its Annual Monetary Policy for 2010-11. This was due to a further pick-up in growth in term deposits, the largest component of money supply. Term deposits growth increased to 17.6 per cent as on 25 February 2011 from 17.1 per cent a month ago. Besides, currency with public continued to grow at around 20 per cent, contributing to the growth in broad money.
Banking and Interest Rates
Reserve Bank of
`52,07,970 crore against a growth of 17.2 per cent in 2009-10.
The total credit of Scheduled Commercial Banks (SCBs) recorded a higher growth of 21.5 per cent to Rs.3942820.000 millions compared to 16.9 per cent growth during the year 2009-10. Due to higher expansion of credit and lower expansion of aggregate deposits, incremental CD Ratio stood at 97.5 per cent. Similarly, Credit Deposit
Ratio of Scheduled Commercial Banks stood at 75.7 per cent as on March 25, 2011 against 72.2 per cent a year ago. Non-food credit of Scheduled Commercial Banks expanded by 21.3 per cent to Rs.387700.000 millioms during 2010-11 against 17.1 per cent a year ago.
From the very beginning of the financial year 2010-11,
Reserve Bank of
Subsequently, on review, RBI raised Repo rate and Reverse Repo rate by another 150 bps in six phases (25 bps in each phase) to 6.75 per cent and 5.75 per cent respectively w.e.f. 17.03.2011 to tame inflation.
As indicated in the Monetary Policy Statement of April 2010, the system of Base Rate came into effect on July 1, 2010. The transition from the Benchmark Prime Lending Rate (BPLR) system to the Base Rate system was smooth.
EXTERNAL SECTOR
Exports showed remarkable buoyancy in the last quarter of
last fiscal. Maintaining a steady growth momentum,
In October, 2010 exports rose faster than imports for the first time in the last three years to 21.3 per cent. In December India’s export showed a remarkable growth of 36.4 per cent from last year, highest in 33 months, while imports contracted by 11.1 per cent narrowing the trade deficit to $ 2.6 billion, the lowest in three years. In February, exports shot up 49.8 per cent over the same month last year and surpassed the $200 billion target for the fiscal year with a month to spare. Trade deficit (on customs basis) increased by 2.4% to $82 billion in 2010-11 (April-December) from $80.1 billion in the corresponding period of the previous year.
PERFORMANCE OF THE BANK: 2010-11
Performance Highlights
Total business at Rs.1317790.000 millions registered a y-o-y
growth of 18.8%
Total deposits increased from Rs.68180.000 millions to Rs.778450.000 millions registering a growth of 14.2% on y-o-y basis
Total advances increased from Rs.427560.000 millions to Rs.539340.000 millions recording a growth of 26.1% on y-o-y basis
Credit Deposit ratio stood at 69.3% at the end of March 2011
Gross NPA ratio declined to 2.51% from 3.21% last year
Net NPA ratio stood at 1.42% as against 1.84% a year ago
Operating profit stood at `1,506.99 crore up by 72.1% Net profit up by 62.5% to Rs.5239.700 millions
Return on Assets (RoA) stood at 0.66%
Capital Adequacy Ratio stood at 13.05%
Business per employee increased to Rs.86.000 millions from Rs.71.400 millions last year
Total number of branches stood at 1597 as on 31st March 2011
Total number of ATMs of the Bank stood at 508 as on 31st March 2011
FINANCIAL INCLUSION
Being the SLBC Convener for West Bengal and Tripura states
the Bank had allocated 7486 and 419 villages in
For the Bank initial allocation were 1825 villages (having
population of more than 2000) covering 11 states and one union territory
(Andaman and Nicobar) by the respective SLBC banks? We, on approval of our
Board, submitted the FIP to the RBI. Subsequently, due to relocation of
villages in Manipur, Meghalaya,
As per the roadmap envisaged, the Bank was required to open banking outlets in 800 un-banked villages having population of more than 2000 by the end of FY 2010-11. As against the above target, the Bank has opened 17 brick and mortar branches and 855 villages were covered through BC model, thereby surpassing the target set.
Total enrolment in the above villages stood at Rs.0.200 millions. All the BC Agents are being given Technical and operational training before start of the enrolment. Till 31.03.11, 900 CSPs have been given training. Our R-SETI Rajpur has been accredited by the IIBF wherein 5-day training course of BFs are being organized.
During the FY 2010-11, 80 members of Farmers’ Club were trained and have cleared the IIBF exams.
During the year, the Bank has conducted 9 Workshops exclusively on Financial Inclusion wherein 207 Base Branch Managers and Nodal Officers of the implementing Regions have been imparted necessary training.
Apart from the above, the following initiatives were taken during
the year:
Allowed relaxation in the selection criteria of the BC Agents CSPs to accommodate maximum no. of SHG women and young techno savvy male candidates;
Introduced Incentive scheme for the viability of the BC Agents for Account Opening, scouting of quality loan proposals an The Bank shall be engaging 300 retired Bank officers in phases who will supervise the functioning of BC Agents and assist the base branches. 10 retired Bank officers are also being engaged as Counsellors for increasing the fi nancial literacy/credit counseling in the FI villages;
Bank has set up 5 Financial Literacy and credit counselling centres (3 in West Bengal and 1 each in Tripura and Assam) to educate the people specially the rural masses about the banking products and services, benefits of institutional banking, to inculcate savings habit, to manage the debt with an ultimate object to boost financial inclusion;
In order to evaluate the performance of the field staff the Bank has modified Annual Performance Appraisal Reports by incorporating FI parameters.
Contingent Liability
|
Particulars
|
31.03.2011 |
31.03.2010 |
|
|
Rs. in Millions |
|
|
Claims
against the bank not acknowledged as debts |
42.561 |
73.548 |
|
Liability
for partly paid investments |
241.917 |
223.988 |
|
Liability
on account of outstanding forward exchange contracts |
35881.404 |
55456.640 |
|
Guarantees
given on behalf of constituents (net of cash margin) : |
|
|
|
a)
In |
25812.363 |
23813.223 |
|
b)
Outside |
2802.521 |
3113.810 |
|
c)
BG invoked but not paid |
46.101 |
130.900 |
|
Acceptances,
endorsements and other obligations (net of cash margin) |
15837.191 |
14720.807 |
|
Other
items for which the Bank is contingently liable |
909.645 |
589.004 |
|
TOTAL |
81573.703 |
98121.920 |
WEBSITE DETAILS:
PROFILE:
United Bank of
After nationalisation,
the Bank expanded its branch network in a big way and actively participated in
the developmental activities, particularly in the rural and semi-urban areas in
conformity with the objectives of nationalisation. In recognition of the role played
by the Bank, it was designated as Lead Bank in several districts and at present
it is the Lead Bank in 30 districts in the States of West Bengal, Assam,
Manipur and Tripura. The Bank is also the Convener of the State Level Bankers'
Committees (SLBC) for the States of West Bengal and Tripura.
UBI played a significant role in the spread
of banking services in different parts of the country, more particularly in
Eastern and North-Eastern India. UBI has sponsored 4 Regional Rural Banks (RRB)
one each in West Bengal, Assam, Manipur and Tripura. These four RRBs together
have over 1000 branches. United Bank of India has contributed 35% of the share
capital/ additional capital to all the four RRBs in four different states.In
its efforts to provide banking services to the people living in the not easily
accessible areas of the Sunderbans in West Bengal, UBI had established two
floating mobile branches on motor launches which moved from island to island on
different days of the week. The floating mobile branches were discontinued with
the opening of full-fledged branches at the centres which were being served by
the floating mobile branches. UBI is also known as the 'Tea Bank' because of
its age-old association with the financing of tea gardens. It has been the largest
lender to the tea industry.
The Bank has three
full fledged Overseas Branches one each at Kolkata, New Delhi and Mumbai with
fully equipped dealing room and SWIFT terminal . The operations of 500 branches
have been computerised either fully or partially and Electronic Fund Transfer
System came to be implemented in the Bank's branches at Kolkata,
The name of the
RRBs, the location of the Head Office and the name of the present Chairmen are
given in the following table:
|
Name of the RRB |
Location of H.O. |
Name of the
Chairman |
|
Bangiya Gramin Vikash Bank |
Berhampur, W. |
Sri Samar Sengupta |
|
Assam Gramin Vikash Bank |
|
Sri Ramdev Yadav |
|
Tripura Gramin Bank |
Agartala, Tripura |
Sri Nilmani Gangopadhyay |
|
Manipur Rural Bank |
Imphal, Manipur |
Sri Umesh Prasad Singh |
Assam
Gramin Vikash Bank has been constituted on 12th January, 2006 following Government
of India's Notification amalgamating erstwhile 4 RRBs, viz., Pragjyotish
Gaonlia Bank, Cachar Gramin Bank, Subansiri Gaonlia Bank and Lakhimi Gaonlia
Bank in the State of Assam. Recently, on 21st February, 2007, Bangiya Gramin
Vikash Bank has been constituted following Government of India's Notification
amalgamating erstwhile 5 RRBs,viz., Gaur Gramin Bank, Mallabhum Gramin Bank,
Sagar Gramin Bank, Nadia Gramin Bank and Murshidabad Gramin Bank in the State
of
United
Bank of
United
Bank of
Chairman and Managing
Director
Shri Bhaskar Sen
Shri Bhaskar Sen has taken over the charge as Chairman
and Managing Director of United Bank of
Shri Sen has been a career banker, having started his career with Union Bank in the year 1974 as a Probationary Officer. A first class honors graduate in Commerce and CAIIB (with a Topper Award), he is a professional banker with more than 35 years of experience in India and abroad, and exposure in all the areas of commercial banking like Foreign Exchange, Credit, International Banking, Gold Business, Treasury, Merchant Banking, Cash Management Services, etc.
He had been the head of various controlling offices and held positions of overall in-charge of International Banking Division, Gold Business, Merchant Banking and Cash Management Services. Also he had been in independent charge of Treasury.
He also served in the capacity of head of New Business including Overseas Expansion and Strategic Initiatives of Union Bank.
Shri Sen was also assigned in IBU International Finance Limited
Hong Kong (A joint venture finance company owned by Indian Bank, Bank of Baroda
and Union Bank of
He was on the Managing Committee of FEDAI and was also elected as Director in FIMMDA.
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 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.50.22 |
|
|
1 |
Rs.78.64 |
|
Euro |
1 |
Rs.65.54 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
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 |
|
69 |
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.