|
Report Date : |
23.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED |
|
|
|
|
Registered
Office : |
SVC Tower, Nehru Road, Vakola, Santacruz (East), Mumbai – 400055,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
27.12.1906 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.828.600 Millions |
|
|
|
|
Legal Form : |
Co-operative Bank |
|
|
|
|
Line of Business
: |
Subject is providing wide range of Banking and Financial Services including Commercial Banking and Treasury Operations. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 31130000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an old and well established and reputed co-operative bank having
a fine track record. The performance capability and financial strength is
good. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The subject 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office / Corporate Office : |
SVC Tower, Nehru Road, Vakola, Santacruz (East), Mumbai – 400055,
Maharashtra, India |
|
Tel. No.: |
91-22-66999999 (Baroda) 91-22-66999777 (Marketing) 91-22-66999888 (Telebanking ) |
|
Fax No.: |
91-22-66999818 |
|
Website : |
|
|
|
|
|
International Banking Division : |
Maker Towers ‘E’, 1st Floor, Cuffe Parade, Mumbai – 400 005,
Maharashtra, India |
|
Tel. No.: |
91-22-67444536/40 |
|
Fax no.: |
91-22-67444531/76 |
|
|
|
|
Service Branch : |
Building No C Chitrapur CHS Limited, 27th Road, TPS III,
Bandra (West), Mumbai-400050, Maharashtra, India |
|
Tel. No.: |
91-22-26407369 / 26405073 / 26405066 |
|
|
|
|
Regional Office : |
DGM’s Office, 1, Central Bank Road, Chamrajpet, Bangalore – 560018,
India |
|
Tel. No.: |
91-80-26604456 |
|
Fax No.: |
91-80-26674014 |
|
|
|
|
Branches : |
Located At : ·
Dahisar ·
Dombivali (East) ·
Eksar Road ·
Gamdevi ·
Ghatkopar (W) ·
Goregaon ·
Kalyan ·
Badlapur ·
Bandra ·
Bangur Nagar ·
Bhandup ·
Bhayandar ·
Borivali ·
Chembur ·
Charkop ·
Cuffe Parade ·
Dadar ·
Dahisar ·
Kandivali (East) ·
Khadakpada ·
Khar ·
Koparkhairane ·
Kurla (East) ·
Lalbaug ·
Malad ·
Malad (East) ·
Mandvi ·
Matunga ·
Mira Road ·
Mulund ·
Mulund (East) ·
Mahakali Caves ·
Road ·
Sai Baba Nagar ·
Sakinaka ·
Anpada ·
Santacruz ·
Shamrao Vithal ·
Marg ·
Sleater Road ·
Thane ·
Vakola ·
Vasai (West) ·
Vashi ·
Versova ·
Vile Parle ·
Pune ·
Nashik ·
Aurangabad ·
Karnataka ·
Bengaluru ·
Mangalore ·
New Delhi ·
Kolhapur ·
Gujarat ·
Andhra Pradesh |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Nalkur Shripad Rao |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Suresh
S. Hemmady |
|
Designation : |
Vice-Chairman |
|
|
|
|
Name : |
Mr. Prakash
A. Bijoor |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Udaykumar
P. Gurkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ratnakar
N. Gokarn |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Satish
N. Kudyadi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ravindra
K. Kulkarni |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dinesh
G. Kumta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ashwin
S. Nadkarni |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dilip
P. Shashital |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vivek
D. Yennemadi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Deepak
B. Mundkur |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vinod G Yennemadi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Shrinivas D. Joshi |
|
Designation : |
Chief Executive Officer |
|
|
|
|
General Managers : |
·
Mr. Ravikiran S Mankikar ·
Mr. Salil A Datar |
|
|
|
|
Deputy General Manager : |
·
Mr. Ajit E Venugopalan ·
Mr. Ajit N Kulkarni ·
Mr. Sadananda R Shirali ·
Mr. Shivappa L Naik |
|
|
|
|
Assistant General Manager : |
·
Banking Activity · Mr. Anand D. Taggarsi · Mr. Anil G. Bapat · Mr. G. Harindran Pillai · Mr. Dilip Pendse · Mr. Subbalakshmi M. Shirali · Mr. Pundalik V. Rajadhyax · Mr. Shailesh M. Nadkarni · Mr. Satish S. Rawool · Mr. Vinay R. Rao · Mr. Sunil B. Puranik ·
Ms. Himangee G Nadkarni ·
Ms. Manisha S Raodeo ·
Mr. Manoj M Rane |
|
|
|
|
Division Managers : |
· Mr. Chidanand Puthran · Mr. Guru Kowshik · Mr. Sachin Nadkarni · Mr. Sanjay Patil · Mr. Anand Dhareshwar · Mrs. Neeta Naik · Mrs. Gayathri Gangoli · Mr. Dinkar Hosangadi · Mr. Ashok Rao · Mrs. Suman Nazareth · Mrs. Amita G. Mavinkurve · Mr. Vinod Kumar Soni · Mr. Rajendra Rane · Mr. Ajay Sonarikar · Mrs. Geeta Mirji ·
Mr. Ganesh Puthran · Mr. Mahesh Inamdar · Mr. Sandeep Nadkarni · Mr. Raghupathy Parameshwar ·
Mr. Vivek Mandlik ·
Ms. Himangee G Nadkarni ·
Ms. Ameeta S Walawalkar ·
Mr. Chaitanya S Pandit ·
Mr. shivanand D Hemmady · Ms. Smita S Surkund |
BUSINESS DETAILS
|
Line of Business : |
Subject is providing wide range of Banking and Financial Services
including Commercial Banking and Treasury Operations. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
·
Reserve Bank of India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Yardi Prabhu and Associates Chartered Accountant |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.25/- each |
Rs. 1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32923893 |
Equity Shares |
Rs.25/- each |
Rs. 823.100
Millions |
|
|
Paid Up Capital of Acquired Bank (Bangalore Central Co-Operative Bank
Limited) |
|
Rs. 5.500 Millions |
|
|
TOTAL |
|
Rs. 828.600
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
CAPITAL AND LIABILITIES |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
CAPITAL |
828.600 |
830.200 |
831.800 |
|
RESERVE FUND AND OTHER RESERVES |
6955.200 |
6362.500 |
5645.600 |
|
DEPOSITS AND OTHER ACCOUNTS |
77267.100 |
63108.100 |
52570.100 |
|
BORROWINGS |
1040.700 |
1015.100 |
442.300 |
|
BILLS FOR COLLECTION |
1359.000 |
505.100 |
576.300 |
|
BEING FOR RECEIVABLE |
|
|
|
|
(As per Contra) |
|
|
|
|
|
|
|
|
|
BRANCH ADJUSTMENTS |
0.000 |
2.000 |
4.200 |
|
OVERDUE INTEREST RESERVES – I |
45.200 |
39.500 |
46.900 |
|
|
|
|
|
|
OVERDUR INTEREST RESERVES – II |
269.900 |
307.800 |
503.900 |
|
INTEREST PAYABLE |
194.400 |
2.900 |
3.000 |
|
OTHER LIABILITIES |
1777.600 |
1915.800 |
1742.900 |
|
PROFIT AND LOSS ACCOUNTS |
24.600 |
24.800 |
24.100 |
|
DEFERRED TAX LIABILITY |
67.100 |
25.500 |
0.000 |
|
|
|
|
|
|
GRAND
TOTAL |
89829.400 |
74139.300 |
62391.100 |
|
|
|
|
|
|
CONTINGENT LIABILITIES |
5743.100 |
4440.900 |
2966.400 |
|
|
|
|
|
|
PROPERTY AND
ASSETS |
|
|
|
|
|
|
|
|
|
CASH |
5750.700 |
4622.700 |
5696.300 |
|
BALANCES WITH OTHER BANKS |
5836.100
|
3485.700
|
1697.300 |
|
MONEY AT CALL AND SHORT NOTICE |
0.000 |
0.000 |
0.000 |
|
INVESTMENTS |
22002.200 |
18658.900 |
15879.500 |
|
ADVANCES |
49507.800 |
42022.300 |
33971.200 |
|
|
|
|
|
|
INTEREST RECEIVABLE |
|
|
|
|
ON INVESTMENTS AND STAFF HOUSING LOANS |
827.500 |
605.900 |
452.300 |
|
ON ADVANCES-II |
269.900 |
307.800 |
503.900 |
|
BILLS RECEIVABLE |
1359.000 |
505.100 |
576.300 |
|
BEING BILLS FOR COLLECTION |
|
|
|
|
(As per Contra) |
|
|
|
|
|
|
|
|
|
BRANCH ADJUSTMENT |
1.400 |
0.000 |
0.000 |
|
PREMISES |
2711.900 |
2438.300 |
2383.400 |
|
FURNITURE & FIXTURES |
180.100 |
145.700 |
121.500 |
|
OTHER FIXED ASSETS |
330.800 |
264.600 |
202.400 |
|
OTHER ASSETS |
1040.900 |
1067.500 |
903.900 |
|
DEFERRED TAX ASSET |
0.000 |
0.000 |
3.100 |
|
ACQUISITION COSTS |
11.100 |
14.800 |
0.000 |
|
|
|
|
|
|
GRAND
TOTAL |
89829.400 |
74139.300 |
62391.100 |
PROFIT & LOSS
ACCOUNT
|
EXPENDITURE |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
INTEREST ON DEPOSITS |
5486.000 |
3843.500 |
3624.700 |
|
INTEREST ON BORROWINGS |
99.400 |
56.300 |
10.400 |
|
SALARIES AND ALLOWANCES |
698.500 |
539.600 |
454.100 |
|
DIRECTORS FEES, TRAVELLING AND CONVEYANCE |
3.500 |
3.000 |
1.400 |
|
RENT, RATES, TAXES, SERVICE CHARGES, INSURANCE AND LIGHTING |
257.400 |
210.400 |
174.000 |
|
|
|
|
|
|
LEGAL AND PROFESSIONAL CHARGES |
41.000 |
29.000 |
25.600 |
|
POSTAGE, TELEGRAMS AND TELEPHONE CHARGES |
8.600 |
8.900 |
7.700 |
|
TRAVELLING AND CONVEYANCE |
11.000 |
7.800 |
6.400 |
|
AUDIT FEES |
10.800 |
10.200 |
9.200 |
|
REPAIRS AND MAINTENANCE |
70.100 |
65.700 |
56.900 |
|
DEPRECIATION ON FIXED ASSETS |
126.600 |
107.300 |
83.900 |
|
DEPRECIATION ON SECURITIES |
3.200 |
2.900 |
7.900 |
|
PREMIUM ON SECURITIES AMORTISED |
9.000 |
8.600 |
13.000 |
|
LOSS ON SALE OF SECURITIES |
13.000 |
8.100 |
0.400 |
|
PRINTING AND STATIONERY |
24.200 |
16.400 |
14.600 |
|
ADVERTISEMENT |
32.800 |
46.600 |
30.800 |
|
LOSS ON SALE OF ASSETS |
2.100 |
2.300 |
1.600 |
|
NETWORKING EXPENSES |
14.400 |
13.700 |
10.800 |
|
SUNDRY EXPENSES |
132.900 |
98.000 |
74.700 |
|
BAD DEBTS WRITTEN OFF |
305.700 |
312.700 |
251.400 |
|
ACQUISITION COST OF ACQUIRED BANKS AMORTISED |
3.700
|
3.700
|
91.300 |
|
|
|
|
|
|
PROVISIONS AND
CONTINGENCIES FOR |
|
|
|
|
|
|
|
|
|
GRATUITY PAYABLE TO STAFF |
51.600 |
51.600 |
5.500 |
|
BAD & DOUBTFUL DEBTS |
270.000 |
345.000 |
125.000 |
|
CONTINGENT PROVISION AGAINST STANDARD ASSETS |
34.400 |
23.800 |
31.900 |
|
INVESTMENT FLUCTUATION RESERVE |
8.100 |
2.700 |
7.300 |
|
DEVELOPMENT FUND |
28.000 |
90.000 |
0.000 |
|
SPECIAL RESERVE U/S. 36 (1) (VIII) OF INCOME TAX ACT, 1961 |
0.000 |
0.000 |
66.400 |
|
LEAVE ENCASHMENT |
30.000 |
20.000 |
12.900 |
|
|
|
|
|
|
PROFIT BEFORE TAX |
1201.500 |
1127.100 |
860.400 |
|
INCOME TAX |
329.800 |
346.400 |
238.500 |
|
DEFERRED TAX |
41.600 |
28.600 |
20.800 |
|
NET PROFIT FOR
THE YEAR |
830.100 |
752.100 |
601.100 |
|
|
|
1127.1 |
|
|
TOTAL |
8977.500 |
7054.900 |
6060.200 |
|
|
|
|
|
|
INCOME |
|
|
|
|
|
|
|
|
|
INTEREST ON ADVANCES |
6011.200 |
4766.000 |
4074.500 |
|
INCOME FROM INVESTMENTS |
2034.300 |
1521.400 |
1255.100 |
|
COMMISSION, EXCHANGE & BROKERAGE |
119.800 |
115.400 |
97.200 |
|
RENT ON SAFE DEPOSIT LOCKERS |
20.500 |
13.700 |
10.000 |
|
PROFIT ON SALE OF SECURITIES |
68.400 |
31.000 |
120.100 |
|
PROFIT ON SALES OF ASSETS |
20.500 |
0.900 |
0.200 |
|
OTHER INCOME |
326.100 |
241.600 |
218.900 |
|
BDDR WRITTEN BACK |
305.700 |
312.700 |
251.400 |
|
PROFIT ON EXCHANGE TRANSACTIONS |
44.000 |
27.700 |
15.000 |
|
RECOVERY FROM BAD DEBTS WRITTEN OFF |
27.000 |
24.500 |
17.800 |
|
|
|
|
|
|
TOTAL
|
8977.500 |
7054.900 |
6060.200 |
|
|
|
|
|
|
APPROPRIATIONS
SUBJECT TO AGM APPROVAL |
|
|
|
|
|
|
|
|
|
STATUTORY RESERVE FUND |
207.800 |
188.100 |
150.400 |
|
BUILDING FUND |
254.800 |
205.200 |
167.000 |
|
PROPOSED DIVIDEND @ 12% |
100.000 |
99.700 |
97.900 |
|
CONTINGENCY RESERVE |
83.100 |
75.300 |
60.200 |
|
CHARITABLE AND
CO-OPERATIVE PURPOSES: |
|
|
|
|
SPECIAL GENERAL RESERVE |
0.000 |
0.000 |
50.000 |
|
STAFF WELFARE |
1.500 |
1.200 |
1.000 |
|
MEMBERS WELFARE |
3.000 |
2.400 |
1.500 |
|
PUBLIC |
1.500 |
2.000 |
2.000 |
|
|
|
|
|
|
INVESTMENT FLUCTUATION RESERVE |
1.100 |
0.000 |
0.000 |
|
EDUCATION FUND |
8.300 |
7.500 |
6.000 |
|
EX-GRATIA TO STAFF |
104.100 |
77.500 |
65.000 |
|
SPECIAL RESERVE U/S 36(1)(VIII) OF INCOME TAX ACT, 1961 |
65.100 |
92.500 |
0.000 |
|
|
830.300 |
751.400 |
601.000 |
|
|
|
|
|
|
NET PROFIT
CARRIED TO BALANCE SHEET |
24.600 |
24.800 |
24.100 |
|
|
|
|
|
|
TOTAL |
854.900 |
776.200 |
625.100 |
|
|
|
|
|
|
INCOME |
|
|
|
|
|
|
|
|
|
PROFIT BROUGHT FORWARD |
830.100 |
752.100 |
601.100 |
|
PROFIT FOR LAST YEAR |
24.800 |
24.100 |
24.000 |
|
|
|
|
|
|
TOTAL
|
854.900 |
776.200 |
625.100 |
LOCAL AGENCY FURTHER INFORMATION
|
CASE DETAILS
|
|||||||||||||
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OVERVIEW
Subject was
incorporated in 1906 and has completed its 106 years of providing wide range of
Banking and Financial Services including Commercial Banking and Treasury
Operations.
ECONOMIC OUTLOOK
India remains one
of the fastest growing economies in the world. The economy is expected to grow
at about 7.3%
in the next fiscal
2012-13, up from the 6.9% estimated in 2011-12 and to further improve to 8.6%
in 2013-14. The Average Index of Industrial Production (IIP) growth for F.Y.
2011-12 stood @ 4.09% and is expected to improve.
Industry is expected
to perform better than in last year as leading indicators of the industry
suggest a turnaround in Growth. Overall domestic growth outlook for 2012-13
looks better than the previous year.
BANKING SECTOR SCENARIO
The banking
industry was constrained by near double digit WPI Inflation for the last 18-20
months; RBI consciously continued with tight monetary policy by retaining
banking sector liquidity in deficit mode throughout financial year 2010-11 and
2011-12. Hardening of interest rates, moderation in economic activity, high
inflation and high interest rates saw growing stress on India Inc.
The outlook for
fiscal 2012-13 is moderate in consistence with the growth and inflation
projections, M3 growth for
2012-13 is
projected at 15% with aggregate deposits of SCBs projected to grow by 16% and
Bank Credit expected to register a 17% growth.
MONETARY POLICY HIGHLIGHTS
In the Annual
Monetary Policy April 2012, Cash Reserve Ratio (CRR) was kept unchanged at
4.75% and much needed support for economic growth came in the form of a cut in
Repo and Reverse Repo rate by 50 bps to 8% and 7% respectively. RBI realigned
the Bank Rate to the marginal standing facility (MSF) rate to 9% and borrowing
limit of scheduled commercial banks under the marginal standing facility (MSF)
was raised by 1% to 2% of their net demand and time liabilities (NDTL) for
providing greater liquidity cushion.
OPERATIONS
Deposits increased
to Rs. 77267.100 Millions during the financial year 2011-12, depicting a net
increase of Rs. 14159.000 Millions (22.44%) from Rs. 63108.100 Millions as on
March 31, 2011
During the
financial year an independent Liabilities Department was established for
aggressive marketing of CASA accounts and various products of the Bank
including third party products like Mutual Fund and Insurance.
Specific
initiatives were undertaken by the Bank, targeting of housing societies,
shopkeepers, small businessmen and schools/colleges.
VISA DEBIT CARD
The SVC
International Visa Debit Card was launched in January 2012, to provide their
esteemed customers with the convenience of use for online shopping, fueling at
petrol pumps, dining etc., without the hassles and risk of carrying cash.
INTERNET BANKING
Banc@Ease is a state
of the art facility, providing 24X7X365 days access, virtually to all banking
activities from the comfort of one’s home/office.
A host of features
like banking transaction details, viewing/printing of account statement,
transferring funds, third party payments, tax payments, utility bill payments,
ticket booking, etc., are available.
CREDIT
Advances portfolio
increased to Rs. 49507.800 Millions. During the financial year 2011-12,
depicting a net increase of Rs. 7485.500 Millions (17.81%) from Rs. 42022.300
Millions. as on March 31, 2011
The Bank’s
advances growth of 17.81% against the economic background of rising inflation
and interest rates was in line with that of overall banking industry. The Bank
has been predominantly concentrating on MSME sector advances and has been
selective in its sectoral exposure.
The Centralized
Credit Cell of the Bank with its team of experienced and trained personnel
diligently appraises, analyzes and sanctions credit proposals with big ticket
advances being screened and approved by the Loans Committee of the Board, all
this with the quickest turnaround time and assisted by the Technical and Credit
Information Department. The department has process automation and loans
proposal tracking system in place for smooth and efficient functioning.
The Credit
Monitoring Cell within the department looking after the post sanction
monitoring of advances i.e. compliances and overdue follow-up, ensures the
quality of credit portfolio through diligent and constant follow-up.
The Credit
Marketing department, being an integral part of the set-up, conducted various
Industrial meets and participated in different events for creating awareness
about the various products and services offered by the Bank as also for
garnering business.
RETAIL
Retail advances
has been one of the thrust areas during the financial year and Retail Asset
Cell has been formulating strategies from time to time to customize Retail
Banking products i.e. Good Homz, Vehicle Finanz, Vidya Sahaya, SVC Office
Mortgage Loan and Hello Doctor to remain competitive and to meet customer
requirements and convenience.
During the current
financial year two new retail products were introduced i.e. SVC Gold Power and
SVC Suvarna Kharedi Yojana which elicited good response.
SVC Gold Power – Quick hassle free loan against gold ornaments
Suvarna Kharedi
Yojana (presently in Pune, Kolhapur and Nashik region) – loans to purchase gold
ornaments from their Bank’s approved gold smiths.
INTERNATIONAL BANKING DIVISION
The International
Banking Division of the Bank which commenced its independent operations on July
23, 2008 completed its third full year of operations during the FY 2011-12.
There was substantial increase in business turnover as well as revenues earned
during the current financial year.
In order to
facilitate smooth, efficient and stress-free conduct of Foreign Exchange
transactions, their International Banking Division, offers a variety of
products and services at par with all leading banks to carry out personal or
business related banking services. Facility for hedging Exchange Rate Risk
through Forward Contracts is also available.
The volume of
business under Buyer’s Credit facility used for financing imports has increased
significantly during
the year.
To meet the latest
trends and market requirements their Bank has entered into correspondent
banking arrangements with leading international banks and overseas branches of
Indian banks at major international cities around the world. Their Bank is
having SWIFT arrangements with 74 banks at 271 International Centres.
Tie up
arrangements with Thomas Cook (India) Limited and Pheroze Framroze and Company
Private Limited are in place for quick hassle free procurement of Foreign
Currency, Travellers Cheques and Prepaid International Debit Cards. The Bank’s
agreement with Thomas Cook (India) Limited – Principal Agents for Money Gram
and with UAE Exchange LLC well known International Money Transfer agencies
facilitates persons staying abroad to send money to their near and dear ones
through any of their branches for instant payments.
TREASURY
During the year
2011-12, market witnessed 10 year bond yields inching up to a high of 9.13%
from the March 2011 levels of 7.98%. 10 year bond yields moved up to 8.57% by
end of March 2012. The Bank strategically managed its mandatory SLR Investments
and surplus funds investments. Aggregate interest income and Return on
Investments improved during the year reflecting the swift response at
operational level in managing the Investments. The Bank strategically minimized
the risk of the adverse impact of increase in yields on the investment
portfolio.
BRANCH EXPANSION
The Bank’s reach
has spread over 122 locations across seven states. 17 branches at strategic
locations in the states of Maharashtra, Karnataka, Tamil Nadu and Delhi were
opened during the financial year 2011-12 viz. Hadapsar and Sadashivpeth in
Pune, Virar East, Louiswadi in Thane District, Jalna, Jalgaon and Akola
districts of Maharashtra, Gandhibaug in Nagpur, Nungambakkam in Chennai, East
Patel Nagar in Delhi, Dharwad and Mysore in Karnataka, Kharghar in Navi-Mumbai,
Vile Parle West, Four Bunglows Andheri, Sion East and Vikhroli West in Mumbai.
All branches elicited good response.
Growing numbers in
terms of business as well as employees has necessitated additional premises for
housing back office departments. Bank is in the process of relocating I.T.
Department and few of the back office departments to its new premises at Dosti
Pinnacle in Thane. The necessary permission from RBI has been obtained for the
same.
MERGERS AND ACQUISITIONS
The Bank has kept
open the option of take-over of other co-operative banks as and when it falls
within the strategic growth plans of the organization.
AWARDS
The Bank was
awarded the second prize in the “Best Bank in above 500 Cr. Deposits” category
by The Maharashtra Urban Co-operative Banks Federation Limited.
The Bank has also won an award from Banking Frontiers for Excellence in
Technology Innovation in 2011.
WEBSITE DETAILS
HISTORY
Subject was founded when co-operation was
just beginning to gain ground in the country. It was set up with the primary
objective of assisting the less fortunate members of the community in its
economic enterprises, to encourage savings and to create funds for providing
financial aid to deserving members.
Rao
Bahadur Shripad Subbarao Talmaki, the Maharshi of Co-operation, was the main
architect of the Bank. The Bank was originally registered as a Co-operative
Credit Society on 27th December 1906.
Thus
inspired by lofty ideals for the betterment of the economic, moral and material
well-being of the Community, the Bank was brought into existence with modest
beginnings
MILESTONES
NEWS
BAJAJ ALLIANZ RENEWS TIE-UP WITH SHAMRAO VITHAL
CO-OPERATIVE BANK
India Infoline
News Service/ 12:52, November 29, 2012
Shamrao Vithal
Co-operative Bank has renewed its tie up with Bajaj Allianz Life
Insurance Company, one of India’s leading private life insurers, for the second
consecutive term, further strengthening the relationship between the two
organizations The arrangement will make available the wide array of Bajaj
Allianz Life’s products to over ten lac customers spread across 7 states and
126 select branches. The wide range of product also include group insurance
plans that are economically priced and are meant for covering certain class of
loan borrowers of the bank.
The
Memorandum of Understanding [MoU] was signed by Shrinivas D Joshi, CEO,
Shamrao Vithal Co-operative Bank and Ramchandra Pandit, Head-
Bancassurance ,Brokers and NRI Business, Bajaj Allianz Life Insurance Company.
Speaking
on the occasion, Shrinivas D Joshi, CEO, Shamrao Vithal Co-operative Bank said,
"We are pleased to carry on our association with Bajaj Allianz Life
Insurance for the second term in a row. The insurer’s strong brand, their
product suite, wide servicing network, their deep understanding of our customer
segments coupled with our strengths in our niche segments has proven to be a
successful partnership and we hope we can take this further in the coming
years.”
Ramchandra
Pandit ,Head- Bancassurance, Brokers and NRI Business, Bajaj Allianz Life
Insurance said, “It is a matter of great privilege to be associated with
Shamrao Vithal Co-operative Bank, which is a one of the leading Multistate
Co-operative bank in the country. This association will enable us to strengthen
our commitment to reaching out to all strata of the population through a wide
range of Insurance products that address the varying needs of the Bank
customers”
The
Shamrao Vithal Co-operative Bank Limited was founded in 1906 when co-operation
was just beginning to gain ground in the country. It was set up with the
primary objective of assisting the less fortunate members of the community in
its economic enterprises, to encourage savings and to create funds for
providing financial aid to deserving members. Rao Bahadur Shripad Subbarao
Talmaki, the Maharshi of Co-operation, was the main architect of the
Bank.
The
Bank was originally registered as a Co-operative Credit Society on 27th
December 1906 and has grown to become the third largest Cooperative bank in the
country with strong presence in 7 states with 126 branches. It has
recorded a total business of Rs. 126774.800 Millions and net profit of Rs. 830.100
Millions in FY 2011-12
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] on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 54.16 |
|
|
1 |
Rs. 82.45 |
|
Euro |
1 |
Rs. 70.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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.