|
Report Date : |
29.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
DBS BANK LIMITED [w.e.f. July 2003] |
|
|
|
|
Formerly Known
As : |
THE DEVELOPMENT BANK OF SINGAPORE LIMITED |
|
|
|
|
Registered
Office : |
12, Marina Boulevard, Marina Bay Financial Centre, Tower 3, Singapore
018982 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
15.03.1995 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.14603.321 Millions |
|
|
|
|
FCRN : |
F02064 |
|
|
|
|
Legal Form : |
Foreign Registered Bank |
|
|
|
|
Line of Business
: |
Banking Activities. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 117200000 |
|
|
|
|
Status : |
Foreign Registered Bank |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a foreign registered bank having fine track record. Overall
financial position appears to be strong and healthy. Trade relations are fair. Business is active. Payment terms are
regular and as per commitments. The bank can be considered for business dealings at usual trace 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.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ [Rs.7.5 Billion Certificates of Deposit Programme] |
|
Rating Explanation |
Highest credit quality and lowest credit risk. |
|
Date |
08.03.2013 |
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.
INFORMATION DECLINED
Management non co-operative [91-22-22020825]
LOCATIONS
|
Registered Office : |
12, Marina Boulevard, Marina Bay Financial Centre, Tower 3, Singapore
018982 |
|
Tel. No.: |
(65) 6878 8888 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Representative
Office : |
Maker Chamber IV, 12th Floor, Nariman Point, Mumbai-400021,
Maharashtra, India |
|
|
|
|
Branch Office : |
Located At:
|
MANAGEMENT TEAM
AS ON 31.03.2013
|
Name : |
|
|
Designation : |
Chairman |
|
|
|
|
Name : |
|
|
Designation : |
Board
Member |
|
|
|
|
Name : |
|
|
Designation : |
Board
Member |
|
|
|
|
Name : |
Mr. Ho Tian Yee |
|
Designation : |
Board
Member |
|
|
|
|
Name : |
|
|
Designation : |
Board
Member |
|
|
|
|
Name : |
Ms. Ow Foong
Pheng |
|
Designation : |
Board
Member |
|
|
|
|
Name : |
Mr. Andre
Sekulic |
|
Designation : |
Board
Member |
|
|
|
|
Name : |
|
|
Designation : |
Board
Member |
KEY EXECUTIVES
|
Name : |
Mr. Piyush
Gupta |
|
Designation : |
Chief
Executive Officer |
|
|
|
|
Name : |
Ms. Chng Sok
Hui |
|
Designation : |
Chief
Financial Officer |
|
|
|
|
Name : |
Mr. David
Gledhill |
|
Designation : |
Group
Technology & Operations |
|
|
|
|
Name : |
Mr. Andrew Ng |
|
Designation : |
Treasury
and Markets |
|
|
|
|
Name : |
|
|
Designation : |
DBS Hong
Kong |
|
|
|
|
Name : |
Mr. Elbert
Pattijn |
|
Designation : |
Chief Risk
Officer |
|
|
|
|
Name : |
Mr. Sim S Lim |
|
Designation : |
DBS
Singapore |
|
|
|
|
Name : |
Ms. Tan Su Shan |
|
Designation : |
Consumer
Banking and Wealth Management |
|
|
|
|
Name : |
Ms. Jeanette Wong |
|
Designation : |
Institutional
Banking Group |
|
|
|
|
Name : |
|
|
Designation : |
Capital
Markets |
|
|
|
|
Name : |
Mr. Sanjiv
Bhasin |
|
Designation : |
Group Executive [DBS India] |
|
|
|
|
Name : |
Mr. Jerry Chen |
|
Designation : |
Group Executive [DBS Taiwan] |
|
|
|
|
Name : |
Mr. Neil Ge |
|
Designation : |
Group Executive [DBS
China] |
|
|
|
|
Name : |
Ms. Sue Lynn
Koo |
|
Designation : |
Group
Legal, Compliance & Secretariat |
|
|
|
|
Name : |
Ms. Lee Yan
Hong |
|
Designation : |
Group
Human Resources |
|
|
|
|
Name : |
Mr. Jimmy Ng |
|
Designation : |
Group
Audit |
|
|
|
|
Name : |
Ms. Karen Ngui |
|
Designation : |
Group
Strategic Marketing & Communications |
|
|
|
|
Name : |
Mr. Bernard Tan |
|
Designation : |
Strategic
Projects |
|
|
|
|
Name : |
Mr. Melvin Teo |
|
Designation : |
Group
Executive [DBS Indonesia] |
|
|
|
|
Name : |
Mr. Domenic
Fuda |
|
Designation : |
Consumer
Banking and Wealth Management |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
BUSINESS DETAILS
|
Line of Business : |
Banking Activities. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
Not Available |
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Facilities : |
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi
Marg, Mahalakshmi, Mumbai-400011, Maharashtra, India |
|
Tel. No.: |
91-22-39896000 |
|
Fax No.: |
91-22-30902511 |
|
|
|
|
Auditors 2 : |
|
|
Name : |
PricewaterhouseCoopers LLP Chartered Accountants |
|
Address : |
8 Cross Street, #17-00 PWC Building, Singapore 048424 |
|
|
|
|
Ultimate Parent Company : |
DBS Holding Limited |
|
|
|
|
Branches of Parent / Subsidiary of Parent : |
|
|
|
|
|
Entity Over Which the Bank Exercises Control : |
DBS Bank Employees Provident Fund Trust |
CAPITAL STRUCTURE
AS ON 31.03.2013
CAPITAL ACCOUNT
|
PARTICULAR |
RS. IN MILLIONS |
|
I Amount of deposit kept with the RBI under
Section 11 (2) (b) of the Banking Regulation Act, 1949 |
3000.000 |
|
|
|
|
II Capital |
|
|
Opening Balance |
14603.321 |
|
Add: Additional capital received from head
office during the year |
-- |
|
TOTAL |
14603.321 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Capital |
14603.321 |
14603.321 |
9518.321 |
|
Reserve and Surplus |
14700.066 |
11814.698 |
8459.458 |
|
Deposits |
154876.264 |
129220.218 |
73680.126 |
|
Borrowings |
168473.779 |
148238.631 |
107075.135 |
|
Other Liabilities and Provisions |
54427.959 |
59982.355 |
38705.514 |
|
TOTAL |
407081.389 |
363859.223 |
237438.554 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and Bank Balances with
Reserve Bank of |
9728.169 |
8074.518 |
4704.069 |
|
Balances with Banks and money at call and short notice |
14808.035 |
10807.373 |
12110.424 |
|
Investments |
181672.687 |
147805.589 |
103130.905 |
|
Advances |
138580.602 |
128442.791 |
75241.895 |
|
Fixed Assets |
527.724 |
419.779 |
378.520 |
|
Other Assets |
61764.172 |
68309.173 |
41872.741 |
|
TOTAL |
407081.389 |
363859.223 |
237438.554 |
|
|
|
|
|
|
Contingent Liabilities |
5038874.149 |
5544122.406 |
3334994.683 |
|
Bills for collection |
33713.118 |
40726.267 |
28422.331 |
PROFIT & LOSS
ACCOUNT
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
INCOME |
|
|
|
|
Interest earned |
25591.876 |
17971.242 |
10658.608 |
|
Other Income |
1287.583 |
3110.225 |
961.357 |
|
TOTAL |
26879.459 |
21081.467 |
11619.965 |
|
|
|
|
|
|
EXPENDITURE |
|
|
|
|
Interest expended |
15358.926 |
10449.724 |
5907.902 |
|
Operating Expenses |
4881.083 |
4120.672 |
2725.766 |
|
Provision and contingencies |
3754.082 |
3155.831 |
1714.035 |
|
TOTAL |
23994.091 |
17726.227 |
10347.703 |
|
|
|
|
|
|
Net profit for the year |
2885.368 |
3355.240 |
1272.262 |
|
Profit brought forward |
2660.182 |
1166.119 |
2341.923 |
|
TOTAL |
5545.550 |
4521.359 |
3614.185 |
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
Less: |
|
|
|
|
Transfer to Statutory Reserve |
721.342 |
838.810 |
318.066 |
|
Appropriation to Investment Reserve Account |
54.150 |
182.367 |
0.000 |
|
Capital Retained in India for CRAR Purpose |
1800.000 |
840.000 |
2130.000 |
|
Balance Carried Over to Balance Sheet |
2970.058 |
2660.182 |
1166.119 |
|
TOTAL |
5545.550 |
4521.359 |
3614.185 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT: NOT AVAILABLE
|
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 |
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 involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
BACKGROUND:
The accompanying financial statements for the year ended 31st March 2013 comprise the accounts of the India branches of DBS Bank Limited (‘the Bank’), which is incorporated in Singapore. The India branches of the bank as at 31st March 2013 are located at Mumbai, New Delhi, Bangalore, Chennai, Pune, Kolkata, Nashik, Surat, Salem, Moradabad, Kolhapur and Cuddalore.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
|
Liability on account
of outstanding foreign exchange contracts |
2633061.787 |
2325214.044 |
|
Liability on
account of outstanding current and interest rate swap and option contracts |
2345075.597 |
3150425.670 |
|
Guarantees given on behalf of constituents
|
|
|
|
- In India |
37942.508 |
37833.496 |
|
- Outside India |
10384.590 |
13168.167 |
|
Acceptances,
endorsements and other obligations |
12370.680 |
13269.352 |
|
Other items for
which the bank is contingently liable |
38.987 |
4211.677 |
|
TOTAL |
5038874.149 |
5544122.406 |
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 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.68.36 |
|
|
1 |
Rs.106.03 |
|
Euro |
1 |
Rs.91.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLV |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.