MIRA
INFORM REPORT
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Report Date : |
04.05.2012 |
IDENTIFICATION DETAILS
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Name : |
BANK OF |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
07.09.1906 |
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Com. Reg. No.: |
11-000243 |
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Capital
Investment / Paid-up Capital : |
Rs.5472.195 Millions |
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CIN No.: [Company Identification
No.] |
U99999MH1906PTC000243 |
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Legal Form : |
A Public Sector
Commercial Bank. The Bank's Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Banking Services |
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No. of Employees
: |
22644 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (81) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
Large |
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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 leading commercial bank, listed on the stock exchanges and
owned by the 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
|
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 : |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office : |
Star House, 3rd
Floor, East Wing, E47, C-5, G Block, Bandra Kurla Complex, Bandra (East),
Mumbai, |
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Tel. No.: |
91-22-66685616 /66684450 |
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Fax No.: |
91-22-66684503/ 66684789 |
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E – Mail : |
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Website : |
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Corporate Office 1: |
14th |
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Tel. No.: |
91-22-22023020 (36 lines) |
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Fax No.: |
91-22-22024701/56684558/22824212 |
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E-Mail : |
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Website : |
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Corporate
Office 2: |
C-5, G- Block, Star House, Bandra Kurla Complex, Bandra (East), Mumbai
– 400051, |
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Zonal offices/
Branch Office : |
Located at :
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Overseas Office
: |
Located at :
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DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Alok Kumar Misra |
|
Designation : |
Chairman and Managing Director |
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Date of Appointment : |
05.08.2009 |
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Name : |
Mr. B. A. Prabhakar |
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Designation : |
Executive Director |
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Date of Appointment : |
15.10.2008 |
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Name : |
N. Seshadri |
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Designation : |
Executive Director |
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Name : |
Mr. Tarun Bajaj |
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Designation : |
Director |
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Date of Appointment : |
05.07.2007 |
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Name : |
P.K. Panda |
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Designation : |
Director |
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Name : |
Mr. M N Gopinath |
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Designation : |
Director(Shareholders) |
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Date of Appointment : |
25.10.2008 |
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Name : |
Mr. Prakash P. Mallya |
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Designation : |
Director |
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Date of Appointment : |
25.10.2008 |
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Name : |
Mr. P.M. Sirajuddin |
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Designation : |
Director |
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Date of Appointment : |
25.10.2008 |
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Name : |
Dr. Shantaben Chavda |
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Designation : |
Director
(PartTime NonOfficial) |
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Date of Appointment : |
19.01.2009 |
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Name : |
Mr. Harvinder Singh |
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Designation : |
Director |
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Name : |
K. K. Nair |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
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|
|
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|
359,884,870 |
62.72 |
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|
359,884,870 |
62.72 |
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Total shareholding
of Promoter and Promoter Group (A) |
359,884,870 |
62.72 |
|
(B) Public
Shareholding |
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|
2,972,373 |
0.52 |
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|
932,073 |
0.16 |
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1,145,671 |
0.20 |
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88,208,709 |
15.37 |
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84,415,779 |
14.71 |
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177,674,605 |
30.97 |
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3,379,599 |
0.59 |
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29,530,128 |
5.15 |
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986,736 |
0.17 |
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2,324,432 |
0.41 |
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|
160,200 |
0.03 |
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2,164,232 |
0.38 |
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|
36,220,895 |
6.31 |
|
Total Public shareholding
(B) |
213,895,500 |
37.28 |
|
Total (A)+(B) |
573,780,370 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
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|
- |
- |
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|
- |
- |
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|
- |
- |
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Total
(A)+(B)+(C) |
573,780,370 |
- |
(1)
Indian
Central
Government / State Government(s)
Individual
shareholders holding nominal share capital up to Rs.0.100 million BUSINESS DETAILS
|
Line of Business : |
Banking Services |
GENERAL INFORMATION
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No. of Employees : |
22644 (Approximately) |
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Bankers : |
Reserve Bank of |
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Banking Relations
: |
-- |
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Statutory Auditors : |
Chartered Accountants
Chartered Accountants
Chartered Accountants
Chartered Accountants
Chartered Accountants
Chartered Accountants |
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Subsidiaries : |
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Associates: |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000000 |
Equity Shares |
Rs.10/- each |
Rs.30000.000 Millions |
Issued, Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
547657470 |
Equity Shares |
Rs.10/- each |
Rs.5476.575
Millions |
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
546480370 |
Equity Shares |
Rs.10/- each |
Rs.5464.804
Millions |
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Add: Forfeited Shares |
|
Rs.7.391
Millions |
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Total |
|
Rs.5472.195 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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CAPITAL
& LIABILITIES
|
|
|
|
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Capital |
5472.195 |
5259.146 |
5259.146 |
|
Reserves & Surplus |
167434.602 |
137040.792 |
129690.067 |
|
Deposits |
2988858.063 |
2297619.439 |
1897084.797 |
|
Borrowings |
220213.756 |
223998.955 |
94869.763 |
|
Other Liabilities & Provisions |
129746.875 |
85746.253 |
128113.898 |
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|
|
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GRAND TOTAL
|
3511725.491 |
2749664.585 |
2255017.671 |
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ASSETS
|
|
|
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Cash & Balances with Reserve Bank of |
217824.332 |
156026.240 |
89152.845 |
|
Balances with Banks & Money at Call
& Short Notices |
155275.558 |
156275.098 |
128459.711 |
|
Investments |
858724.176 |
670801.795 |
526071.791 |
|
Advances |
2130961.817 |
1684907.098 |
1429093.738 |
|
Fixed Assets |
24807.363 |
23518.088 |
25319.347 |
|
Other Assets |
124132.245 |
58136.266 |
56920.239 |
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|
|
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GRAND
TOTAL
|
3511725.491 |
2749664.585 |
2255017.671 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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INCOME |
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Interest Earned |
217517.238 |
178779.879 |
163473.579 |
|
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Other Income |
26417.749 |
26166.363 |
30518.627 |
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TOTAL |
243934.987 |
204946.242 |
193992.206 |
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EXPENDITURE |
|
|
|
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Interest expended |
139410.323 |
121220.429 |
108484.531 |
|
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Operating Expenses |
50682.387 |
36678.137 |
30939.633 |
|
|
Provisions & Contingencies |
28955.213 |
29636.987 |
24494.579 |
|
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TOTAL |
219047.923 |
187535.553 |
163918.743 |
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PROFIT |
|
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|
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Net Profit for the year |
24887.064 |
17410.689 |
30073.463 |
|
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Profit brought forward |
0.000 |
0.000 |
0.000 |
|
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TOTAL |
24887.064 |
17410.689 |
30073.463 |
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|
|
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APPROPRIATION |
|
|
|
|
|
Transfer to statutory reserve |
6250.000 |
4500.000 |
8000.000 |
|
|
Transfer to revenue reserve |
12158.730 |
6255.641 |
9974.714 |
|
|
Transfer to capital reserve |
49.817 |
379.149 |
5692.579 |
|
|
Transfer from/ to special reserve |
(14.437) |
(10.566) |
(9.261) |
|
|
Currency swap |
|
|
|
|
|
Interim dividend (including dividend tax) |
0.000 |
0.000 |
1843.287 |
|
|
Final dividend (including dividend tax) |
4442.954 |
4286.465 |
3072.144 |
|
|
Special reserve u/s Sec 36(1) (viii) of
income tax act, 1961 |
2000.000 |
2000.000 |
1500.000 |
|
|
Total |
24887.064 |
17410.689 |
30073.463 |
|
|
|
|
|
|
|
|
Earnings Per Share (Rs.) |
47.35 |
33.15 |
57.26 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Interest Earned |
66335.700 |
68863.600 |
71501.200 |
78106.200 |
|
Income On Investments |
16406.700 |
18431.000 |
18414.200 |
18165.700 |
|
Interest On Balances With Rbi Other Inter Bank Funds |
2201.000 |
1331.300 |
1824.300 |
2983.000 |
|
Interest / Discount On Advances / Bills |
45959.100 |
48864.700 |
51713.600 |
55869.000 |
|
Others |
1768.900 |
236.600 |
(450.900) |
1088.500 |
|
Other Income |
6601.100 |
8418.000 |
8521.500 |
9671.100 |
|
Total Income |
72936.800 |
77281.600 |
80022.700 |
87777.300 |
|
Interest Expended |
47926.100 |
49824.600 |
50825.700 |
53095.900 |
|
Operating Expenses |
11051.300 |
11941.800 |
11878.100 |
14535.400 |
|
Total Expenditure |
11051.300 |
11941.800 |
11878.100 |
14535.400 |
|
Operating Profit Before Provisions and Contingencies |
13959.400 |
15515.200 |
17318.900 |
20146.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
5672.200 |
11543.600 |
6930.700 |
7017.800 |
|
Profit Before Tax |
8287.200 |
3971.600 |
10388.200 |
13128.200 |
|
Tax |
3111.900 |
(939.500) |
3226.700 |
3600.900 |
|
Profit After Tax |
5175.300 |
4911.100 |
7161.500 |
9527.300 |
|
+/- Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
+/- Prior period items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
5175.300 |
4911.100 |
7161.500 |
9527.300 |
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) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
No |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
History
Subject was founded on 7th September, 1906 by
a group of eminent businessmen from Mumbai. The Bank was under private
ownership and control till July 1969 when it was nationalised along with 13
other banks.
Beginning with one office in Mumbai, with a paid-up capital of
Rs.5.000 millions and 50 employees, the Bank has made a rapid growth over the
years and blossomed into a mighty institution with a strong national presence
and sizable international operations. In business volume, the Bank occupies a
premier position among the nationalised banks.
The Bank has 3752 branches in
The Bank came out with its maiden public issue in 1997 and
follow on Qualified Institutions Placement in February 2008. . Total number of
shareholders as on 30/09/2009 is 215790.
While firmly adhering to a policy of prudence and caution, the
Bank has been in the forefront of introducing various innovative services and
systems. Business has been conducted with the successful blend of traditional
values and ethics and the most modern infrastructure. The Bank has been the
first among the nationalised banks to establish a fully computerised branch and
ATM facility at the Mahalaxmi Branch at Mumbai way back in 1989. The Bank is
also a Founder Member of SWIFT in
The Bank's association with the capital market goes back to
1921 when it entered into an agreement with the Bombay Stock Exchange (BSE) to
manage the BSE Clearing House. It is an association that has blossomed into a
joint venture with BSE, called the SUBJECT Shareholding Limited to extend
depository services to the stock broking community. Subject was the first
Indian Bank to open a branch outside the country, at
INITIATIVES
TAKEN DURING 2010-2011:
To ensure faster decision making and
provide the Bank a competitive edge in the marketplace, the Bank undertook a Reorganization
of its business structure. Consequent to the restructuring, the entire business
of the Bank has been bifurcated into two broad groups of ‘Wholesale and
International Banking Group’ and the ‘National Banking Group’. Further,
verticals have been created for each business such as Large Corporate, Mid
Corporate, SME, Retail and Rural. To facilitate and professionalize growth of
these verticals, the Bank created 12 SME City Centres, 5 Retail Business
Centres and 15 Rural Credit Processing Centres during 2010-11. All these
Processing centers will help them to reduce the turnaround time and scale up
their operations. More such specialized centres will be set up during the
current year also.
The Project Finance and Syndication
business was reactivated and was further reinforced during FY2011. Financial
closures were done with Project cost of over Rs.27000.000 millions and
Syndicated debt of over Rs.90000.000 millions
The Bank opened 283 new Branches during
2010-11, taking Domestic branch network to 3490. Similarly, 605 new ATMs were
installed during 2010-11, taking total number of ATMs to 1425 from 820 as at
March, 2010.
The Bank recognizes the importance of
Financial Inclusion. It has completed 100% Financial Inclusion at 2992 villages
having a population over 2000. It has set up 41 RUDSETIs and has imparted
vocational training to 14645 persons.
The Bank identified man power needs and
emerging skill needs. It recruited additional 2896 staff and imparted training
to 22644 of its existing employees.
The Bank has launched a number of new
products and services to meet the customers’ needs and to shore up it's
business, such as,
- BOI Kisan Sathi – Aimed at benefiting tenant farmers and share
croppers
- “Jai Jawan” Salary Plus Scheme – Salary Linked Loan Scheme for
Defence Personnel.
- Star Suraksha S/B Plus – Benefits along with free accidental
death insurance of Rs.0.050 millions
- Students ATM-cum-Debit Cards – “BINGO” – Aimed at the Youth
which was a sweeping success.
- The Bank has won a number of awards in the financial year
2010-11 in recognition of its multifaceted performance. To cite a few:
The Economic Times and the Nielsen company
survey 2010 ranked the Bank 2nd in The Most Trusted Brand category and 8th in
TOP Services Brand.
FE-EY Most Efficient Public Sector Bank
Award 2010 by Dalal Street
The Winners Award in International Banking
Technology Award 2010 from IBA in the Best Business Enablement Initiative
category.
National Award for Best Bank, West Zone for
PMEGP under lending to KVIC in August 2010
The year 2010-11 was indeed a ‘Year of
Turnaround’ when a new organizational structure for the Bank was implemented.
The formation of Business groups and
Verticals has led to a focused attention of various market segments. Realising
that human capital is the most important asset in the service Oriented
Industry, the Bank has recruited and trained staff in a big way.
Customer acquisition and introduction of
new products and services were given a new impetus. These steps will also be
pursued in the year ahead and prove rewarding to the Bank. The Bank is well
poised for a sustained growth and for improving its market share.
Going forward, during 2011-12, the Bank’s
outreach will be expanded through opening up of new branches and setting up of
additional ATMs. The Bank would focus on increasing Agriculture, SME and Mid
Corporate Business during 2011-12. Of course, the Inclusive Growth will
continue to receive due importance. On the International front, four new
centres would be added i.e.
PERFORMANCE
HIGHLIGHTS
FINANCIAL
PARAMETERS
- Operating profit
Rs.53840.000 millions
- Net Profit
Rs.24890.000 millions recording 42.94% growth over previous year
- Capital Adequacy Ratio
at 12.17% as against 12.94% in previous year (under Basel-II).
- Net Worth at
Rs.155000.000 millions grew by 24.43% over March 2010.
- Book Value per share
Rs.2832.400 millions (Rs.2368.400 millions previous year)
- Gross NPA ratio at
2.23% as on 31.03.2011
- Net NPA ratio at 0.91%
as on 31.03.2011
- Total business
(Deposits + Advances) reached at Rs.515040.000 millions recording a
growth of Rs.1139610.000 millions (28.41%).
- Domestic business grew by 26.02% to reach the level of
Rs.418110.000 millions
- Total deposits
increased by Rs.691240.000 millions reached the level of
Rs.298886.000 millions, a growth of 30.08%. Domestic deposits increased by
28.68% to reach the level of Rs.2529630.000 millions. Share of low cost
deposits in the domestic deposits is 29.18% as on 31.03.2011.
- Gross credit touched Rs.2161540.000
millions, recording a growth of 26.17% with domestic credit
recording a growth of 22.16% to reach level of Rs.1651470.000 millions
- Priority Sector
lending constituted 46.27% of Net Adjusted Bank Credit and the
share of Agricultural Credit to Net
- Adjusted Bank Credit was 16.76% Credit to SME sector grew from
Rs.295680.000 millions to Rs.355860.000 millions recording a growth of
20.35%.
- Retail Credit grew by
5.70% from Rs.157500.000 millions to Rs.166490.000 millions.
- Export Credit
registered a growth of Rs.8980.000 millions, i.e., 13.53% growth over
previous year.
NEW
PRODUCTS AND SERVICES
- Welcome Kits
introduced for NRI Customers opening NRE/ NRO accounts at foreign
centers.
- Calculation of interest
on Savings Bank account, from 1st April 2010, has been
changed from monthly product basis to daily product basis.
- Launched Marathi
version of the Bank’s website
- As per Finance
Ministry guidelines and recommendations, the Bank’s corporate
web-site (English) has been enabled for persons with Disabilities.]
- The Bank has
introduced a new format of Savings Bank Passbook (Horizontal
Format) which will print all details of the transaction on the same page
as against the existing format (Vertical Format) where the details are
printed on two pages.
- As per Banking Codes
and Standards Board of India (BCSBI) requirements, the Bank is
printing helpline number on the passbook and statement of accounts.
- The Bank introduced
issuance of insta-pin for Debit-cum- ATM Card. This will address
the customer grievance for non-receipt of Re-pin and also save the effort
and expense in generating and mailing Re-pins.
- Quarterly consolidated
Statement of a/c is sent to the Diamond customers in PDF format via
email.
- As a fraud
prevention measure, SMS alerts – Star Sandesh are generated and provided
to all customers who have registered their mobile number with the Bank for
all Debit transactions from delivery channels (Internet banking/ATM/POS);
all Debit clearing transactions of Rs.0.025 millions and above; all
Customer induced debit transfer and
cash payments of Rs.0.010 million and above; all Debit ECS
transactions of Rs.0.010 million and above; all Debit RTGS transactions
and acknowledgment on accepting the cheque book issue request.
- Enabling
internet banking customers to make online Fixed Deposit
- Hot
Listing/Reset/Unblock/Change of Debit Cum ATM card PIN using
Internet Banking password.
- Viewing of Annual Tax
Statement (Form 26AS).
- Star e Trade - Online
share trading - Integration with Gupta Equities
- Extended the facility
of online e-Payment to the customers holding Bank’s Debit-cum-ATM
card. This will enable the customers to use their Debit-cum-ATM cards for
e-payments in addition to credit card and Internet banking account.
- Mobile Banking
facility is introduced as the latest alternate delivery channel which
allows customers to do banking activities virtually from the convenience
of the Mobile phone at any time and from anywhere. This facility is
extended to all Retail internet banking customers and includes features
like Balance enquiry, last five transactions, Cheque status, Funds
Transfer and Mobile Payments.
- Online Inter Bank Fund
Transfer across banks, through Star Connect Internet Banking
Services, using RTGS/ NEFT.
- BOI Star e-Pay for
Auto-pay or on-line payment of various utility services/ bills
- E-Payment for Direct
and Indirect, Central Excise and Service Tax.
- Star e-Share Trade to
trade in shares.
- E-Freight Payment.
- Online Payment of
Directorate General of Foreign Trade (DGFT) license fees.
- Online Booking of
Railway and Airlines Ticket.
- Online Application for
Education loan.
- Facility to make
online bid-cum-application for Application Supported by Blocked
Amount (ASBA) IPO issues by Retail Internet Banking Customers having
account with any DPO
BUSINESS
INITIATIVES
Keeping
its growth aspirations in mind, the Bank has embarked upon a new bold
vision Sankalp 10,000. Sankalp
10,000 rest on the three pillars of
Customer First, Building Winning Teams and High performance Driven Culture.
Under
Project Sankalp, the organizational structure of the Bank has been
redesigned in September 2010 with its division in two distinctly separate groups
of businesses i.e. (a) National Banking Group and (b) Wholesale and
International Banking Group in order to have a more focused attention to each
business segment. The two groups are headed by the two Executive Directors of
the Bank.
National Banking Group
(Head Office) – The National Banking Group is comprised of Rural
Banking, Financial Inclusion, and Retail Banking and SME Banking business units
Wholesale and International
Banking Group (Head Office) – The Wholesale and International Banking Group
are comprised Large Corporate Banking, Mid- Corporate Banking, Project Finance,
Transaction Banking, International Banking and Treasury.
All accounts of
Mid-Corporate and Large Corporate Branches have been mapped to
respective branch RSMs.
Fifteen
Rural Centralised Credit Processing Centres (CPC) have been started at
Belgaon,
In all, 40 focused
districts have been identified in 19 zones to target large and medium
farmers and large institutions with high credit quality.
Five
New Retail Business Centres were launched in 5 identified Zones namely
Five
SME City Centres at Ahmedabad,
Mid-Corporate branches at
Ernakulam, Andheri and Seepz opened.
10 Mid-Corporate CPCs
started functioning.
Large Corporate branches at
Mumbai (Nariman Point) and
Lead
Management System (Sales Force Automation), to generate, track and
monitor leads, revamped.]
The Bank is treating
financial inclusion as social cause and implementing it as a movement
taking all banking products and services to those who are currently deprived
from these services. So far, first step towards achievement of financial
inclusion was opening of No-Frill Accounts and accordingly, the Bank has opened
5.007 millions No-Frill Accounts.
The Bank is also
implementing IT solutions on end to end basis using hand held devices
and smart cards. The Bank has issued/ enrolled 0.601 millions smart cards.
Project Finance And
Syndications Group: It takes up assignments of technical appraisal,
underwriting and syndication of loans. During FY11, financial closures were
done with a project cost of Rs.269010.000 millions and syndicated debt of
Rs.90080.000 millions. Subject achieved sixth position in syndication space as
per the Bloomberg Lead tables for the calendar year 2010.
The Bank has created a new SME vertical headed
by a General Manager to cater to the specific business needs of the segment. A
more inclusive definition has been given for SME business to include all
business activities with a turnover of up to Rs.1000.000 millions. The vertical
will look for growth not only on credit, but CASA, retail business, fee based
income and third party products in the SME segment.
Mobile
Banking facility is introduced as the latest alternate delivery channel
which allows customers to do banking activities virtually from the convenience
of the Mobile phone at any time and from anywhere. This facility is extended to
all Retail internet banking customers and includes features like Balance
enquiry, last five transactions, Cheque status, Funds Transfer and Mobile
Payments.
Established Global
Remittance Centre for centralizing some of the activities related to NRI
Customers which would hasten turnaround time and product delivery and also
enable proactive marketing strategies and grievance redressal mechanism.
AWARDS
and ACCOLADES
- The Bank has received
the Winners Award in International Banking Technology Award 2010
from IBA in the Best Business Enablement Initiative category in
recognition of its achievement in Banking Technology for the Year 2009.
- The Bank has been
adjudged FE-EY Most Efficient Public sector Bank 2010 by
- Mumbai North Zone of the Bank has received Third Prize for use
of Official Language Hindi in Bank from Government of India, Ministry of
Home Affairs, and Official Language Department.
- The Bank has received
the consolation prize from Maharashtra State Level Bankers
Committee for commendable work done in implementation of official language
in Hindi.
- The Bank has received
National Award for Best Bank in West Zone for PMEGP under lending
to KVIC in August 2010.
- The Bank has been
rated by The Economic Times/The Nielsen company survey “The Most
Trusted Brands” (MTB) 2010 as follows”
Under
PSU Banking Category – 2nd next to SBI
Under
Top Service Brands-8th rank
FINANCIAL
REVIEW
FINANCIAL
PERFORMANCE
The Bank recorded an Operating Profit of
Rs.53842.300 millions, (growth of 14.44% over previous year). Net Profit stood
at Rs.24887.100 millions, recording a growth of 42.94%.
Net interest income grew by 35.70% on the backdrop
of rise in volume of business mix by 28.41% (from Rs.4010788.300 millions to
Rs.5150400.600 millions). Non-interest income increased by 0.96% and covered
52.12% of Operating Expenses as against 71.34% in the previous year.
SEGMENT-
WISE PERFORMANCE
The Bank earned an Operating Profit of
Rs.53842.300 millions during the year 2010-11. The contribution made by
Treasury was Rs.3713.800 millions and other banking operation earned a profit
of Rs.51611.200 millions. The unallocable expenditure net of unallocable income
was Rs.1482.700 millions during the year 2010-11.
MANAGEMENT
DISCUSSION AND ANALYSIS
OVERALL
ENVIRONMENTS
Global
Economic Scenario
The year 2010 witnessed a growth rebound
for the world economy to 5% from a negative 0.8% in 2009. Growth returned to
pre-crisis levels in both advanced and emerging countries in 2010.
Unprecedented monetary and fiscal stimulus helped to push growth in US to its
pre-crisis levels in the year 2010. Except
Global
Economic Outlook for 2011-12
Higher food, oil and commodity prices which
used to be a concern for the emerging countries has become more widespread and
has led to policy rethinking about the easy money policy pursued in the
developed countries. The pace of growth in 2011 will be conditioned by other
headwinds, apart from monetary actions by the central banks of developing and
developed countries. The triple whammy in Japan will not only have a pernicious
effect on the growth prospects in Japan in the short term but will knock off a
few basis points from the global growth in 2011 following disruption in the
global supply chain. The political situation in the
Domestic
Economy Scenario
Growth of the Indian economy in 2009-10
moved towards its pre-crisis growth levels to 8.6% in 2010-11 from 6.8% in
2008-09 and 8% in 2009-10. Growth has also been broad based in 2010-11. Agriculture,
which displayed very low growth of 0.4% in 2009-10, recovered to 5.4% in
2010-11 on account of normal monsoon. Growth of industry continued its momentum
in 2010-11 at 8.1% compared to 8% in 2009- 10. Service sector growth, however,
decelerated marginally from 10.1% seen in 2009-10 to 9.6% in 2010-11. Further,
the high growth in 2010-11 was backed by not only domestic demand but also
equally strong external demand. Indian exports during 2010-11 grew at 37.5%.
The year 2010-11 was marked with significant fiscal consolidation. Impressive
growth in both tax and non-tax revenue in 2010-11 helped the Government to
contain fiscal deficit to 5.1% from the budgeted 5.5%. The year also witnessed
significant FII inflows to the tune of US$23 billion. Concurrent with the FII
inflows; Sensex rose by 11% during April 2010 and March 2011. The Bankex gained
by a still higher 24% during the year reflecting the positive sentiment about
the Indian banking sector amongst investors.
Along with high growth, the economy witnessed
high levels of inflation throughout the year. The inflation for the most part
of 2010-11 was driven by poor supply response in food items such as fruits and
vegetables and protein rich food products and was aggravated by fluctuations in
weather.
The persistence of inflation at high levels
prompted RBI to increase policy rates 8 times beginning with March 2010 to
contain inflation and dampen inflationary expectations. However, actual
Inflation numbers for March 2011 turned out to be much higher than RBI’s
inflation target of 8% at 8.98%.
The Reserve Bank of
Banking
sector developments and outlook
Despite an elevated interest rate scenario,
especially during the latter part of the 2010-11, credit growth at 21.4% for
the entire year outpaced the growth recorded in the previous year and also the
target set by RBI; given the strong growth of the economy. However, deposits
growth could not match the pace of credit and grew by 15.8% for the entire year
compared to 17.2% in the previous year against the target of 18% set by the
Reserve Bank of
The system witnessed liquidity shortage
much above RBI’s comfort level of 1% of NDTL for most part of the year. Both
structural and frictional factors contributed to the liquidity shortage. To
alleviate the liquidity shortage during 2010-11, RBI opened a second window of
LAF in May 2010 which was in operation till the end of 2010-11 and also lowered
the SLR to 24% in December 2010. Increase in policy rates coupled with tight
liquidity position caused an upward movement in both lending as well as deposit
rates towards the later part of the current financial year. However, banks have
been able to protect their NIM in the reported results for the 3rd quarter of
2010-11.
Banking
Sector Outlook
As per the rating agencies Fitch and
Moody’s, the outlook for Indian banks would be stable in 2011. The stable
outlook reflects favourable operating conditions for banks, easing asset
quality concerns, improving loan loss reserves position, solid capital levels,
a strong retail deposit base, sound liquidity and infusions of common equity by
the government. Though lending rates have gone up, banks have post reasonably
high growth in their loan portfolio in 2010-11 given the strong demand. Lending
activity by the banks will remain buoyant in 2011-12 for a couple of reasons.
First, the Indian Meteorological Department expects normal Monsoon for 2011-12.
Increased plan allocation for agriculture by 20% in 2011-12 coupled with
increased spending by the government in building the rural infrastructure and
other welfare related programmes will give a boost to rural income levels
catalyzing demand for retail loans in the rural sector. Second, the Union
budget for 2011-12 has announced a number of measures for increasing
agricultural production and agricultural supply chain logistics. Also an
allocation of over Rs.2140000.000 millions for infrastructure sector in 2011-12
will boost agricultural production related activities and would require bank
financing of a higher level. Third, the Union Budget has pitched for lowering
the borrowing of the Government in 2011-12. The fiscal consolidation envisaged
in the Budget will increase availability of funds for the private enterprise.
Fourth, the strong growth in exports envisaged by the Ministry of Commerce and
Industry will create scope for additional bank finance to this sector. Further,
the leading indicators in both manufacturing and services and business
confidence indices also point to continued strong domestic demand. Thus,
agriculture, manufacturing, infrastructure, retail and export sectors will be
the main drivers of credit in 2011-12.
On the deposit front, frictional liquidity
shortage seen in 2010-11 has already started to ease out as government has
reduced its cash balances with the RBI. The structural liquidity problem is
also going to be addressed as banks have increased deposit rates. Thus, overall
deposit growth will remain healthy in the Indian Banking system.
BUSINESS
REVIEW
DEPOSITS
Bank’s deposits increased by Rs.691238.700
millions to Rs.2988858.100 millions during the year recording a growth of
30.08% the growth in domestic deposits was to the tune of Rs.563784.700
millions or 28.68% as against previous year’s growth of 23.26%.
Non-Resident Deposits of the Bank stood at
Rs.122500.000 millions which constituted 4.96% of aggregate domestic deposits.
Savings Bank deposits grew by 22.93% and Current deposits logged a growth of
2.43%. The share of low cost deposits comprising of savings and current
deposits to aggregate domestic deposits is 29.18%.
The Bank has a well diversified deposit
base with 10% of domestic deposits coming from rural areas, 11% from semi
urban, 17% from urban and 62% from metro areas. The bank’s total clientele base
of 45.05 million consisted of 42 million depositors and 3.05 million borrowers
as at end of March, 2011.
ADVANCES
The gross domestic credit of the Bank
registered a growth of 22.16% from Rs.1351939.600 millions on 31.03.2010 to
Rs.1651471.600 millions. The growth rate in the last year was 17.20%. Robust sanctions
/ disbursement by Large Corporate, Mid Corporate, SME and Agriculture segments
enabled the growth.
Under Large Corporate, the bank added 187
accounts. There are 8 Large Corporate Branches, 40 Mid Corporate Branches and 4
domestic overseas branches to cater exclusively to the specialised credit
requirement of the Corporate borrowers/ exporters.
INFRASTRUCTURE
FINANCE
During the year, the Bank sanctioned Fund
Based Rs.120740.000 millions and Non-Fund Based Rs.20930.000 millions infrastructure
covering power generation, telecommunications, ports, roads, construction
contractors etc.
EXPORT
CREDIT
The Bank is very active in meeting the
importers and exporter clients’ financial requirements in domestic currency and
also in foreign currency. Bank’s 207 branches across the country are authorized
to handle foreign exchange business and cater to the credit/ foreign exchange
needs of importers and exporters. The Bank’s export credit registered a growth
of Rs.8980.000 millions i.e. 13.53% increase over March 2010 and reached a
level of Rs.75330.000 millions as on 31st March, 2011.
The share of export credit to net adjusted
bank credit as at March 2011 was 4.55%. Financial requirements of both
exporters and non- exporters are met through ECB at the Bank’s overseas
branches and Foreign Currency loans at domestic branches. The total amount of
such advances as at 31-03-2011 was USD 1,116.25 million (Comprising of ECBs USD
130 Mn. And Foreign Currency Loan of USD 986.25 millions.) Equivalent to
Rs.49840.600 millions. The bank also extended pre-shipment and post-shipment
export credit in foreign currency and the amount outstanding as at 31st March,
2011 was USD 345.34 millions. (equivalent to Rs.15419.400 millions)
PROJECT
FINANCE AND SYNDICATIONS GROUP
Project Finance and Syndications Group of
the bank is manned y highly experienced and qualified professionals. It
undertakes ppraisals of infrastructure and industrial projects. It takes up
assignments of technical appraisal, underwriting and syndication of loans.
During FY11 financial closures were done with a project cost of Rs.27331.000
millions and syndicated debt of Rs.93530.000 millions. Subject achieved sixth
position in syndication space as per the Bloomberg Lead tables for the calendar
year 2010.
To strengthen the vertical further, the
bank has recruited Engineers and MBAs from the Industry with diverse experience
to strengthen the technical appraisal and syndication team of the Bank.
Bank is also acting as Mandated Lead
Arranger (MLA) and Joint Book Runner (JBR) for Multicurrency International
Syndication loans and arranged loans in USD, JPY, EURO and GBP currencies for
Indian Corporates for their expansion/acquisition and Joint Ventures, covering
a wide range of industries.
The technical appraisal department, which
supports the syndication team, continued appraisal of industrial credit apart
from that for syndicated loans, during this year also. The team comprising of
professional engineers, evaluated technology related risks, enabling the bank
to improve quality of industrial assets. The operations of the department
translated into a fee based income of Rs. 19.34 crore for the year.
RETAIL
CREDIT
The Bank during the year 2010-11, pursued
the policy of building up healthy retail credit portfolio. In the post
recessionary period 2010-11 the spring buds of reviving economy gave ample
opportunity for retail credit and the Bank’s retail credit portfolio increased
from Rs.155360.000 millions to Rs.166490.000 millions. During this period the
contours of retail credit were also redefined.
The Bank continues to pursue the Retail Hub
concept and started the process of migration to Retail Business Centre model to
expedite the processing of the Home Loans, Autofin loans proposals. During the
year a special scheme was introduced for employees of Central Govt./PSUs/PSEs
under Star Home Loans, Star Autofin Loans and Star Personal Loans schemes,
wherein concessions in Rate of Interest and Processing charges were offered.
Home Loan segment recorded a growth of Rs.5370.000 millions from Rs.64960.000
millions (March, 2010) to Rs.70330.000 millions (March, 2011). The Bank has
formulated basic guidelines for entering tie-up with builders. In order to
ensure that the tie-ups are encouraged only with builders with proven track
record, the Zonal Managers have been empowered to scout and enter into tie-ups
with builders of repute locally. The Bank is participating in the Central
Government Sponsored special Interest Subvention scheme to stimulate demand for
credit to Housing in the middle and lower income segment as announced in the
Union Budget.
Education loan recorded growth of 13.14%
increasing from Rs.17200.000 millions to Rs.19460.000 millions during the year.
The Bank has embraced the Interest subsidy scheme, wherein borrowers who have
availed education loans during academic year 2009-10 and hailing from
Economically Weaker Section are eligible for education loan interest subsidy
from Government of India, Ministry of HRD, through Nodal Bank. The Bank continues
to give top priority for extending credit for pursuing higher education under
the Star Education Loan scheme. Towards this end, the Zonal marketing teams are
constantly making tie-up arrangements with local Institutions so that the
students’ requirements are speedily attended to by the Branches. Autofin
segment also recorded reasonable growth of 24.27% increasing from Rs.11330.000
millions to Rs.10480.000 millions during the year. The strategy of tie-up
arrangement with various reputed Auto manufacturers like Maruti Suzuki, Tata
Motors, Hyundai Motors, TVS and Hero Honda continues to provide healthy retail
leads to augment Autofin portfolio.
REORGANISATION
OF THE BANK
Keeping its growth aspirations in mind, the
Bank has embarked upon a new bold vision Sankalp 10,000. This is a mammoth
transformational exercise aiming at reviewing the structure, orientation,
processes and the business focus itself. In this exercise Mckinsey and Co., the
top-rated international consultants, have been engaged to helpthem identify
proper growth opportunities, strategies, processes, manage the risks and, above
all, suggest an efficient and vibrant organisational structure which will
ensure Bank’s sustained and continued growth for quite some time to come.
Sankalp 10,000 rests on the three pillars:
Customer
First – to make a fundamental shift away from credit centric model by
deepening customer relationships, acquiring new customers and innovating
Building
Winning Teams – for well diversified and profitable future growth driven
by superior skills and capabilities
High
performance Driven Culture – using efficient processes, systems and
controls enabled by best-in-class technology Under Project Sankalp, the
organizational structure of the Bank has been redesigned in September 2010 with
its division in two distinctly separate groups of businesses i.e. (a) National
Banking Group and (b) Wholesale and International Banking Group, in order to
have a more focused attention to each business segment. The two groups are
headed by the two Executive Directors of the Bank. National Banking Group (Head
Office) – The National Banking Group is comprised of the following Business
Units:
- Rural Banking
- Financial Inclusion
- Retail Banking
- SME Banking
National Banking Group General Managers –
There are 5 GMs, National Banking who head the five geographies that the
country is divided into - Central, North, East, West and South. These five
National Banking Group General Managers lead their respective geographies
covering Rural, Retail and SME businesses of the Bank in the branches/zones.
Wholesale and International Banking Group (Head Office) - The Wholesale and
International Banking Group are comprised of the following Business Units.
- Large Corporate Banking
- Mid-Corporate Banking
- Project Finance
- Transaction Banking
- International
Banking
- Treasury
Doing away with multiple tiers, Verticals
have been designed for Large Corporate and Mid-Corporate businesses to reduce
Turn-Around-Time (TAT) effectively and to maximize the relationship for greater
resource mobilization and augmenting fee based income also. Sourcing of Credit
has been segregated from Credit appraisal and Sanction, for better risk
management.
The Business Units are responsible for the
entire business (end to end) and not only for credit to the respective
customer/ business segments. The responsibility extends to profitability of the
business units and comprises of all types of banking businesses i.e. Deposits,
Advances, fee income and sale of other/third party products.
Major
highlights
A top-level Strategy
Conclave was held at Lavasa (near Pune), where the top 120 leaders of
the bank gave a unanimous and firm commitment to achieve the Sankalp-10,000
mission.
Similar Regional Strategy
Conclaves were held at 10 regional centres, viz. Ahmedabad,
The
new organization structure was put into place, with the National banking
GMs of all five geographies (Central, North, East, West, South), as well as GMs
of other newly created positions (Project finance, Transaction banking)
having taken charge on October 14, 2010.
All the 3294 eligible
accounts have been successfully migrated to the destination branches as
per the turnover
norms which is a key strategy towards
achieving the Sankalp 10,000 goals.
A
fresh wave of awareness programme being organized for the Managers,
officers and key award staff of Rural/SU branches in select clusters across the
country to not only make them fully aware of Sankalp’s themes and its key
initiatives but also infuse energy and enthusiasm
RURAL
BANKING
Priority
Sector Advances
Advances to priority sector besides being a
business opportunity, provides employment and business opportunities to the
farmers, rural artisans, small road transport operators and other entrepreneurs
in rural, semi-urban and urban areas. Bank has therefore laid emphasis to
priority sector lending on a continuous basis. The Bank has registered an
outstanding level of Rs.609090.000 millions under Priority Sector which is
46.27% of Adjusted Net Bank Credit as against the stipulated benchmark of 40%
set by RBI. Under Special Agricultural Credit Plan, Bank has set a disbursement
budget of Rs.14300.000 millions for the current financial year. As against
this, Bank could disburse Rs.166290.000 millions up to March 2011.
Centralized
Processing Centres in focused districts:
As a part of implementation of Sankalp
10,000 initiatives, Centralized Processing Centres have been established in
select zones with the objective of augmenting agriculture credit. So far, 15
CPCs have been opened and 35 more centres are proposed to be opened in the
current year.
Star
Kisan Sathi
During the year, Bank has introduced a new
product Star Kisan Sathi so as to extend finance to Joint Liability groups
formed by tenant farmers, share croppers, landless labourers scheme is being
implemented on pilot basis through four zones. So far finance is extended to
339 Joint Liability Groups to the tune of Rs. 62.300 millions.
Kisan
Credit Cards
Kisan Credit Card Scheme aims at providing
need based and timely credit support to the farmers for their cultivation needs
as well as non-farm activities with an objective to bring about flexible and
operational freedom in credit utilization. During the year Bank has issued
317024 new Kisan Credit Cards with aggregate limit of Rs.21880.000 millions.
The Bank is having 862815 active KCCs.
Debt
Swap
Bank has designed the Scheme i.e. Debt
Swap’ with an objective to help the indebted farmers to redeem their
outstanding dues to money lenders and to mitigate acute distress faced by them
due to heavy burden of debt from non-institutional lenders at unrealistic
interest rates. Bank has made more than 146 villages as money lender free
villages and also financed more than 12000 beneficiaries.
Differential
Rate of Interest
A scheme for extending financial assistance
at concessional rate of 4% to selected low income groups for productive
endeavours under the name Differential Rate of Interest (DRI) Scheme is being
implemented by the Bank. The present outstanding under the scheme is Rs.265.100
millions in 10620 accounts.
Prime
Minister’s
New 15 Point Programme for the welfare of
Minority Communities With the focused attention for the welfare of minority
communities, Bank has been extending finance to the various minority
communities like Sikhs, Muslims, Christians, Zorastrians and Buddhists. The
outstanding position of finance extended to various minority communities was
Rs.91480.000 millions as on 31.03.2011, which is 15.02% of Priority Sector
advances.
Micro
Finance/Micro Credit
There are 24 crore people below the poverty
line in the country. The Scheme of Micro Credit has been found an effective
instrument for lifting the poor above the level of poverty by providing them
increased self employment opportunities and making them credit worthy. The Bank
has financed 29 micro finance institutions for on lending to SHG/JLGs with a
sanctioned limit of Rs.6410.000 millions. Bank is having more than 194681 SHGs
credit linked with financial outlay of Rs.15570.000 millions. Out of this, more
than 1,75,783 women Self Help Groups are credit linked to the Bank having
financial outlay of Rs.18970.000 millions
Solar
Energy Home Lighting System
To address the problem of electricity, the
Bank has formulated and launched a scheme on Solar Energy Home Lighting System.
Bank will extend financial assistance to the prospective borrowers for purchase
and installation of Solar Energy Home Lighting System. Bank has so far
sanctioned 5,000 units with financial outlay of Rs.150.000 millions.
Mega
project – 101 villages
The project on integrated development of
101 villages was launched to develop self reliant villages through people’s
participation and Bank’s assistance and voluntary agencies’ support. So far,
140 villages spread across 17 States and 78 districts have been covered under
the Scheme. Bank has financed to the tune of Rs.4150.000 millions under the
scheme through 45000 accounts.
Farmers’
Club
The mission of the farmers clubs is
development of farmers through credit, technology transfer awareness and
capacity building. It is an effective tool for development of bank business.
Bank has formed more than 4006 farmers clubs through branches.
Nirmal
Gram Yojana
The Bank launched rural sanitation scheme
to provide civic and personal hygiene facility by providing assistance for construction
of low cost toilets in rural areas. Bank has prepared two models costing
Rs.0.005 millions and Rs.0.065 anctioned more than 38,000 rural households for
construction of toilets and ensured 100% sanitation in 312 villages in the
State of
Lead
Bank Responsibility
The Bank has been assigned with Lead Bank
responsibility in 48 districts spread over five states viz. Jharkhand (15),
FOREX
BUSINESS
The forex business handled by the bank has
shown good growth. During the year 2010-11, Export turnover was Rs.441240.000
millions and the Import turnover was Rs.353270.000 millions. The Bank continues
to be a leading player in forex market. The aggregate turnover of Bank’s
Treasury Branch during the year was Rs.5863260.000 millions.
TREASURY
INVESTMENTS
The yield on benchmark 10 year G-Sec on
31.03.2010 which was 7.87% has since hardened to 8.01% as on 31.03.2011.
However, movement of G-Sec yields was highly volatile and the same moved within
a wide range of 7.37% to 8.25% during the year. The Bank maintained a higher
level of investments keeping a balance between yield income and market risk.
The Bank had maintained SLR investments at higher level in excess of the
required SLR investments of 24% of Net Demand and Time Liabilities so that the
excess SLR can be utilised for borrowing from Repo/CBLO window. The SLR
investments at gross basis were Rs.678590.000 millions, (82.28% of total
investments) and Non-SLR investments stood at Rs.146111.600 millions, (17.72%
of total investments).
The Investments are made in accordance with
the comprehensive policy in this regard approved by the Board. The policy is
reviewed periodically to respond to market developments/regulatory
requirements.
TREASURY
OPERATIONS
The Bank continued to play an active role
in all segments of the market – Funds, Forex and Bonds during the year 2010-11.
Taking advantage of G-sec rate movements, bank also churned its investment
portfolio and earned profits from trading and sale of securities. The Bank has
taken advantage of arbitrage opportunity within various market segments and
could place the excess rupee funds in Certificate of Deposits (CD), Buy/Sell
Foreign Exchange swaps, term money market thereof earning a spread of 2.5-3.5%.
The Bank has built up a portfolio of Rs.65220.200 millions in CDs, lent
Rs.46537.000 millions in domestic Money Market as on 31.03.2011, earning a spread
of approximately 2.50%.The Bank has subscribed to IPOs of good companies in
private and public sector and booked a profit of Rs.196.400 millions
The Bank has also invested in equity linked
growth funds of front line Mutual Funds and earned Rs.84.000 millions profit.
The Bank pursued the strategy of building up and churning of about 40-50 front
line stocks of various sectors depending upon the ongoing market sentiments and
sale of strategic stakes, thereby earning a profit of Rs.360.000 millions as on
31.03.2011 (Rs.134.200 millions as on 31.03.2010).
INTERNATIONAL
OPERATIONS
The Bank has presence across 4 continents
and 18 countries covering all the major financial centres such as
Bank is acting as Mandated Lead Arranger
(MLA) and Joint Book Runner (JBR) for Multicurrency International Syndication
loans and has arranged loan in USD, JPY, EURO and GBP currencies for Indian
Corporates for their expansion / acquisition and Joint Ventures, covering a
wide range of industries. Bank has opened Global Remittance Centre (GRC) in
Mumbai. The inward remittances, SB accounts, NRE/NRO Account opening of NRI
customers have been centralized at GRC. The bank has initiated the process for
establishing a hub for the purpose of handling the documentation part of Trade
Finance portfolio.
As at 31st March 2011, the level of Deposits
at foreign branches stood at Rs.459220.000 millions. The level of Advances
stood at Rs.510070.000 millions recording a rise of Rs.148840.000 millions
(41.20%) over the last year. Investment at Rs.40930.000 millions has recorded a
fall of Rs.11720.000 millions (22.26%) over March 2010. Operating profit in
foreign branches for the year ended March 2011 at Rs.7560.00 millions has shown
a growth from Rs.5440.000 millions for the year ended March 2010.
Correspondingly, Net profit at Rs.4950.000 millions has also increased by
Rs.2000.000 millions (67.80%) over March 2010.
REVIEW
OF OTHER PRODUCTS and SERVICES
Card
Products
At present, the Bank offers Five Credit
Card products. The Bank also has two affiliate banks viz. Bank of Maharashtra
and Tamilnadu Mercantile Bank Limited., which issue Credit Cards under the
brand name “IndiaCard”. During the year 2010-11, issuing turnover witnessed a
growth of 37.30% and stood at about Rs.4050.900 millions.
The
Bank has Four Debit cum ATM cards and one Prepaid Card (Gift Card) in its
bouquet. Total Debit Cards issued as on 31.03.2011 stood at Rs.6.882 millions
comprising of 2.443 millions Starlinks International ATM cum Debit Cards (Visa
Electron), 43.24 lakh SUBJECT Global Debit cum ATM Cards (MasterCard), 54,000 Bingo
Cards, 1,360 Gift Cards and 1,000 Platinum Debit Cards (MasterCard). Debit
cards registered a growth 43.20% during the year 2010-11.
The Bank has in place bilateral and
multilateral agreements with a cross-section of Banks for sharing of ATMs. Thus
Bank’s cardholders have the privilege of accessing around 50,000 ATMs
throughout the country. The Bank continues to be the settlement bank for
MasterCard in
Bullion
Banking
Bullion banking was introduced by the Bank
in November 1997. Initially the scheme was introduced at SEEPZ and Ahmedabad
branches and was subsequently introduced at other branches. As on date although
9 branches are authorized to undertake bullion business only 5 branches i.e
SEEPZ, Ahmedabad (Main), Bullion Exchange, Chennai Bullion and Bow Bazar Branch
are undertaking bullion business. Under the business model gold is procured
from Commerz Bank International S.A, UBS A.G and First Rand Bank on consignment
basis for catering to the needs of Jewellery exporters and domestic jewellers.
The Bank sold 13,723 kg of gold in the year 2010-11, with a turnover of
Rs.32610.000 millions, thereby earning an income of Rs.166.800 millions. The
increase in the earning during the year was 37.63%.
Tie-up
for General Insurance (Non-life) with National Insurance Company Limited
(NICL):
The existing tie-up arrangement with NICL
was converted into Corporate Agency Distribution Model in compliance with
IRDA’s revised guidelines covering Bancassurance Business with banks as distributors.
The Bank has a co-branded health insurance product - BOI National Swasthya
Bima, which is a Family Floater Mediclaim Insurance Cover available only for
Subject account holders, at a very low premium. The coverage is for the Account
Holder, Spouse and Maximum of 2 Dependent Children. Entire family (Account
holder, his/her spouse and their two dependent children) is covered to the
extent of sum insured in as much as part of the sum insured can be availed at
different times by family members. It has been a popular product and as on
31.03.2011 over 1, 10,000
Subject Account holders have taken this
policy. The total premium collected by the Bank for NICL during financial year
2010-11 has been Rs.1170.000 millions which earned a commission of Rs.128.200
millions.
BANK’S
SUBSIDIARIES / ASSOCIATES
BOI
Shareholding Limited (BOISL)]
Bank’s association with the Capital Market
spans a period of nine decades. The clearing and settlement function of Bombay
Stock Exchange (BSE) was being handled by the Bank since 1921. In 1989, Bank
set-up “BOI Shareholding Limited (BOISL)”, joint venture with BSE, to manage
the clearing house activities of the Stock Exchange. The Bank is holding 51% of
its paid up capital of Rs.20.000 millions. The company has been carrying out
the rolling and weekly settlements of trades executed by member brokers
operating on the Exchange, BOISL is also a Depository Participant (DP) of both
the Depositories viz. the National Securities Depository Limited (NSDL) and the
Central Depository Services (
With growing perception that Primary
Dealership by itself is no longer an attractive business, STCI decided to hive
off the Primary Dealership business to its new subsidiary namely STCI Primary Dealer
Limited which commenced its operations from 25th June 2007. The Subsidiary
which started on a cautious note has made steady progress since then. After
formation of subsidiary, STCI took up activities of IPO funding, margin
funding, commodity future trading, Asset Management, investments in short term
corporate loans / CP, equity trading.
During FY 2010-11 the PAT was at Rs. 45.80
crore as compared to a PAT of Rs. 32.80 crore for the entire 2009-10. Star Union
Dai-ichi Life Insurance Company Limited (SUDLife) Bank of India, Union Subject
and Dai-ichi Mutual Life Insurance Company, Japan have formed “Star Union
Dai-ichi Life Insurance Company” to take advantage of the growing insurance
market and to provide quality assured insurance to its clients spread across
the length and breadth of the country. The company has commenced insurance
business since February 2009. SUBJECT holds 48% in the Company’s paid up
Capital of Rs.2500.000 millions Union Bank holds 26% stake and Dai-ichi Mutual
Life Insurance Company,
ASREC
(
The Company was floated by the Specified
Undertaking of the Unit Trust of India to undertake securitization and asset
reconstruction activities. The company was granted Certificate of Registration
by RBI under the SARFAESI
Act, 2002 in the second half of FY 2004-05
and has since commenced full-fledged operation. Currently the Bank is holding
26.02% stake, in the equity capital of the company which is Rs.2700.600
millions.
Indo
Zambia Bank Limited (IZB)
IZB is a joint venture of three Indian
Banks viz. Bank of India, Bank of Baroda, Central Bank of
PT
Bank Swadeshi
During FY 2007-08 the bank acquired a stake
of 76% in PT Bank Swadeshi Tbk at a total consideration of Indian Rs. 3.77 crore.
The Bank has three Directors on the Board of PT Bank Swadeshi Tbk.
Bank
of
Bank of India (
Bank
of
Bank of India (New-Zealand) Limited is
wholly owned subsidiary of the Bank with Rs.1769.500 millions paid up capital.
The Bank has received a license to operate as a Bank from Reserve Bank of
STRATEGIC
INVESTMENTS / ALLANCES
Central Depository Services (
Credit
Information Bureau (
CIBIL is the first credit information
bureau in the country, incorporated in August, 2000 for providing credit information
and risk analysis services to the Banking and Financial services sectors. The
company launched its consumer bureau operations in FY 2004-05 and commercial
bureau operations during 2006-07. Bank holds a stake of 5% in the equity share
capital of the company. Multi Commodity Exchange of India Limited (MCX) MCX is
a new generation multi commodity exchange undertaking future trading in multi
commodities at the national level. The Exchange commenced operation during FY
2004-05 and within a short span has come up as
National
Collateral Management Services Limited (NCMSL)
National Collateral Managements Services
Limited is promoted by the National Commodity and Derivates Exchange Limited
(NCDEX). It was incorporated on 28.9.2004 to promote and provide collateral
management services for securing, managing and controlling securities and
commodities. It offers various services for the development of trades on commodity
exchange such as valuation, grading, insuring, securing, storing, distributing,
clearing and forwarding of securities and commodities etc. Bank holds a stake
of 10.17% (Rs.30.000 millions) in the equity capital of the company, thus
providing opportunities to the bank to harness its association with NCMSL for
credit lines to its members and clients
SME
Rating Agency of India Limited (SMERA)
SMERA was set up during FY 2005-06 by SIDBI
in association with Dun and Bradstreet, one of the leading credit rating
agencies. SMERA’s primary objective is to provide comprehensive, transparent
and reliable ratings which would facilitate greater and easier flow of credit
to SME sector. The Bank has a nominal stake of 4% in the equity capital of the
company.
AUDITED FINANCIAL RESULTS FOR THE QUARTER/ YEAR ENDED 31ST
MARCH, 2012
(Rs. in Millions)
|
Sr. No. |
Particulars |
Quarter ended |
Year Ended |
|
|
|
Audited |
Reviewed |
Audited |
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
||
|
1 |
Interest earned ( a )+( b
)+( c )+( d ) |
78106.200 |
71501.200 |
284806.700 |
|
|
( a ) Interest/ discount
on advances/bills |
55869.000 |
51713.600 |
202406.300 |
|
|
( b ) Income on
Investments |
18165.700 |
18414.200 |
71417.600 |
|
|
( c ) Interest on balances
with RBI and other inter bank funds |
2983.000 |
1824.300 |
8339.700 |
|
|
( d ) Others |
1088.500 |
(450.900) |
2643.100 |
|
2 |
Other Income |
9671.100 |
8521.500 |
33211.700 |
|
3 |
TOTAL INCOME ( 1 + 2 ) |
87777.300 |
80022.700 |
318018.400 |
|
4 |
Interest expended |
53095.900 |
50825.700 |
201672.300 |
|
5 |
Operating expenses ( i
)+( ii ) |
14535.400 |
11878.100 |
49406.600 |
|
|
( i ) Employees cost |
8670.400 |
7589.000 |
30534.200 |
|
|
( ii ) Other operating
expenses |
5865.000 |
4289.100 |
18872.400 |
|
6 |
TOTAL EXPENDITURE
(4)+(5) (excluding Provisions and
Contingencies) |
67631.300 |
62703.800 |
251078.900 |
|
7 |
OPERATING PROFIT (3-6)
(Profit before Provisions and
Contingencies) |
20146.000 |
17318.900 |
66939.500 |
|
8 |
Provisions (other than
tax) and Contingencies |
7017.800 |
6930.700 |
31164.300 |
|
9 |
Exceptional items |
-- |
-- |
-- |
|
10 |
Profit (+) /Loss (-)
from Ordinary Activities before tax (7-8-9) |
13128.200 |
10388.200 |
35775.200 |
|
11 |
Tax expense |
3600.900 |
3226.700 |
9000.000 |
|
12 |
Net Profit(+)/Loss(-)
from Ordinary Activities after tax(10-11) |
9527.300 |
7161.500 |
26775.200 |
|
13 |
Extraordinary items (net
of tax expense) |
-- |
-- |
-- |
|
14 |
Net Profit(+)/Loss(-)
for the period (12-13) |
9527.300 |
7161.500 |
26775.200 |
|
15 |
Paid-up equity share
capital (Face value Rs.10/- ) |
5745.200 |
5472.200 |
5745.200 |
|
16 |
Reserves excluding
Revaluation Reserves |
-- |
-- |
181848.800 |
|
17 |
Analytical Ratios |
-- |
-- |
-- |
|
|
( i ) Percentage of
shares held by Government of India |
62.72% |
65.86% |
62.72% |
|
|
(ii) Capital Adequacy
Ratio ( |
11.57% |
11.14% |
11.57% |
|
|
(ii) Capital Adequacy
Ratio ( Basel II ) |
11.95% |
11.18% |
11.95% |
|
|
(iii) Earnings per Share
( EPS ) |
|
|
|
|
|
a) Basic and diluted EPS
before Extraordinary items (net of tax
expense) for the period, for the year to date and for the previous year (Not to be annualised) (Rs.) |
17.41 |
13.10 |
48.98 |
|
|
b) Basic and diluted EPS
after Extraordinary items for the
period, for the year to date and for the previous year (Not to be annualised) |
17.41 |
13.10 |
48.98 |
|
|
(iv) (a) Amount of gross
non-performing assets |
58939.700 |
63859.500 |
58939.700 |
|
|
(b) Amount of net
non-performing assets |
36564.200 |
40930.900 |
36564.200 |
|
|
(c) Percentage of gross
NPAs |
2.34% |
2.74% |
2.34% |
|
|
(d) Percentage of net
NPAs |
1.47% |
1.78% |
1.47% |
|
|
(v) Return on Assets
(Annualised) |
0.98% |
0.76% |
0.72% |
|
18 |
Public Shareholding |
|
|
|
|
|
Number of Shares |
21,38,95,500 |
18,65,95,500 |
21,38,95,500 |
|
|
Percentage of
shareholding |
37.28% |
34.14% |
37.28% |
|
19 |
Promoters and Promoter
Group Shareholding |
|
|
|
|
|
(a) Pledged/Encumbered |
|
|
|
|
|
Number of Shares |
Nil |
Nil |
Nil |
|
|
Percentage of shares (as
a percentage of the total shareholding
of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
Percentage of shares (as
a percentage of the total share capital
of the company) |
Nil |
Nil |
Nil |
|
|
(b) Non-encumbered |
|
|
|
|
|
Number of Shares |
35,98,84,870 |
35,98,84,870 |
35,98,84,870 |
|
|
Percentage of shares (as
a percentage of the total shareholding
of promoter and promoter group) |
100% |
100% |
100% |
|
|
Percentage of shares (as
a percentage of the total share-
capital of the company) |
62.72% |
65.86% |
62.72% |
SEGMENT INFORMATION
Part A: Business Segments
(Rs. in Millions)
|
Particulars |
Quarter ended |
Year Ended |
|
|
|
Audited |
Reviewed |
Audited |
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
Segment Revenue |
|
|
|
|
a) Treasury Operations |
23463.500 |
22249.100 |
89711.300 |
|
b) Wholesale Banking Operations |
41284.900 |
36109.200 |
144555.700 |
|
c) Retail Banking Operations |
22093.800 |
22281.500 |
81630.500 |
|
d) Unallocated |
1145.900 |
(446.700) |
2708.600 |
|
Total |
87988.100 |
80193.100 |
31866.100 |
|
Less : Inter Segment Revenue |
210.800 |
170.400 |
587.700 |
|
Income from Operations |
87777.300 |
80022.700 |
318018.400 |
|
Segment Results |
|
|
|
|
a) Treasury Operations |
8259.800 |
4751.600 |
16152.300 |
|
b) Wholesale Banking Operations |
4085.500 |
2767.200 |
14655.300 |
|
c) Retail Banking Operations |
822.200 |
4107.800 |
6497.400 |
|
d) Unallocated |
(39.300) |
(1238.400) |
(1529.800) |
|
Total |
13128.200 |
10388.200 |
35775.200 |
|
Less : i) Other Un-allocable expenditure |
-- |
-- |
-- |
|
ii) Un-allocable income |
-- |
-- |
-- |
|
Total Profit Before Tax |
13128.200 |
10388.200 |
35775.200 |
|
Provision for Tax |
3600.900 |
3226.700 |
9000.000 |
|
Net Profit |
9527.300 |
7161.500 |
26775.200 |
|
Segment Assets |
|
|
|
|
a) Treasury Operations |
1169365.900 |
1167112.400 |
1169365.900 |
|
b) Wholesale Banking Operations |
1918861.300 |
1790821.800 |
1918861.300 |
|
c) Retail Banking Operations |
678774.700 |
619918.200 |
678774.700 |
|
c) Unallocated |
78352.800 |
67712.400 |
78352.800 |
|
Total |
3845354.700 |
3645564.800 |
3845354.700 |
|
Segment Liabilities |
|
|
|
|
a) Treasury Operations |
1108662.400 |
1105920.300 |
1108662.400 |
|
b) Wholesale Banking Operations |
1819788.100 |
1696461.400 |
1819788.100 |
|
c) Retail Banking Operations |
643825.300 |
587201.400 |
643825.300 |
|
c) Unallocated |
63461.100 |
59734.100 |
63461.100 |
|
Total |
3635736.900 |
3449317.200 |
3635736.900 |
|
Capital Employed |
|
|
|
|
(Segment Assets - Segment Liabilities) |
|
|
|
|
a) Treasury Operations |
60703.500 |
61192.100 |
60703.500 |
|
b) Wholesale Banking Operations |
99073.200 |
94360.400 |
99073.200 |
|
c) Retail Banking Operations |
34949.400 |
32716.800 |
34949.400 |
|
c) Unallocated |
14891.700 |
7978.300 |
14891.700 |
|
Total |
209617.800 |
196247.600 |
209617.800 |
Part
B Geographical Segments
(Rs. in Millions)
|
Particulars |
Quarter ended |
Year Ended |
|
|||
|
|
Audited |
Reviewed |
Audited |
|
||
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
|||
|
Revenue |
|
|
|
|||
|
Domestic |
78970.900 |
71577.000 |
288168.900 |
|||
|
International |
8806.400 |
8445.700 |
29849.500 |
|||
|
Total |
87777.300 |
80022.700 |
318018.400 |
|||
|
Assets |
|
|
|
|||
|
Domestic |
2955167.600 |
2775744.700 |
2955167.600 |
|||
|
International |
890187.100 |
869820.100 |
890187.100 |
|||
|
Total |
3845354.700 |
3645564.800 |
3845354.700 |
|||
Note: There is no significant Other Banking
Operations carried on by the Bank.
Allocations of costs:
Expenses directly attributed to particular
segment are allocated to the relative segment.
Expenses not directly attributable to specific
segment are allocated in proportion to number of employees/business managed.
SUMMARISED
BALANCE SHEET
(Rs. in Millions)
|
Particulars |
31.03.2012 |
|
|
( Audited) |
|
CAPITAL
AND LIABILITIES |
|
|
Capital |
5745.200 |
|
Reserves
and Surplus |
203872.700 |
|
Deposits |
3182160.300 |
|
Borrowings |
321142.200 |
|
Other
Liabilities and provisions |
132434.300 |
|
TOTAL |
3845354.700 |
|
ASSETS |
|
|
Cash
and balances with Reserve - Bank of India |
149867.100 |
|
Balances
with bank and money at - call and
short notice |
197245.500 |
|
Investments |
867535.900 |
|
Advances |
2488333.400 |
|
Fixed
Assets |
27715.900 |
|
Other
Assets |
114656.900 |
|
TOTAL |
3845354.700 |
NOTES:
1.
The financial results for the quarter and year ended
31st March, 2012 have been arrived at on the same accounting
policies as those followed in the preceding financial year ended 31st
March, 2011.
2.
The stand-alone audited financial results as above
have been approved by the Board of Directors of the Bank at its meeting held on
30th April, 2012. The same have been audited by the Statutory
Central Auditors of the bank in line with the directions issued by the Reserve
Bank of India (RBI).
3.
The financial results for the quarter and year ended
31st March, 2012 have been arrived at after considering extant
guidelines of Reserve Bank of India (RBI) on Prudential norms for Income
Recognition, Asset Classification and Provisioning and providing for other
usual and necessary provisions including Employee Benefits on estimated basis.
4.
During the year bank has allotted 2,73,00,000 Equity
Shares of ?10 each at a premium of 370.02 per share to Life Insurance
Corporation of India as determined by the Board in terms of the Chapter VII of
the Securities Exchange Board of India (SEBI) Regulations,2009, as amended from
time to time (the 'SEBI ICDR Regulations') on preferential basis. The total
amount of capital received by the bank on this account is ?1037.45crore and
consequently the Government of India holding has decreased from 65.86% to
62.72%
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.53.24 |
|
|
1 |
Rs.86.14 |
|
Euro |
1 |
Rs.69.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
MYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
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.