MIRA
INFORM REPORT
|
Report Date : |
18.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN BANK |
|
|
|
|
Registered
Office : |
Rajaji Salai 66, Chennai-600001, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Year of
Establishment : |
1907 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.8297.700
Millions |
|
|
|
|
Legal Form : |
Subject is a commercial bank owned by government of India |
|
|
|
|
Line of Business
: |
Subject is engaged in all types of banking business and advances to
private sectors i.e. agriculture, self-employed persons and retail traders. |
|
|
|
|
No. of Employees
: |
12018 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (76) |
|
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 |
|
Maximum Credit Limit : |
Large |
|
|
|
|
Status : |
Very Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed nationalized bank. It is a bank having fine track. Fundamentals are strong and healthy.
Payments are reported to be regular and as per commitments. The bank can be considered normal for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
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 / Head Office: |
Rajaji Salai 66, Chennai-600001, Tamilnadu, India |
|
Tel. No.: |
91-44-25226699/25233231 |
|
Fax No.: |
91-44-25232111/25231278 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Cameo Corporate Service Limited: |
|
|
Tel. No.: |
91-44-28460718 |
|
Fax No.: |
9144-28460129 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Corporate Office : |
No. 254-260, Avvai Shanmugam Salai, Wing 2-C, Royapettah,
Chennai-600014, Tamilnadu, India |
|
Tel. No.: |
91-44-28134076 |
|
Fax No.: |
91-44-28134075 |
|
|
|
|
Branch Office : |
Located at Velandipalayam, Coimbatore-641025, Tamilnadu, India |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. T.M. Bhasin |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Rajeev Rishi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shaktikanta Das |
|
Designation : |
GOI Nominee Director |
|
|
|
|
Name : |
Mr. B. Raj Kumar |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. N Krishna Mohan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. Jaynath |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Amarjit Chopra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjay Maken |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Butchi Rami Reddy |
|
Designation : |
Director |
|
|
|
|
Name : |
Pro. Narendra Kumar Agrawal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Chintaman Mahadeo Dixit |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. D. Bhuthalingam |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. Malay Mukherjee |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. P. Arivanandam |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. T.S. Bhaskaran |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. R. Ravi |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. A.T.M. Philip Joseph |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. G.N. Hegde |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. N. Eswaran |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. R. Mahadevan |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. M. Kathiresan |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. Banabihari Panda |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. Gadiparthi Sudhakar |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. D. A. Ulagan |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. Janardhan Rao Nuty |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. R.V. Chandra Sekhar Rao |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mrs. Chitra Subramanian |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. A. Kamatchi |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mrs. K. Malathy |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. S. Bhaskaran |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. K. Jeyabal |
|
Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of
Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
343820000 |
80.00 |
|
|
343820000 |
80.00 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
343820000 |
80.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
14293795 |
3.33 |
|
|
12169696 |
2.83 |
|
|
32982023 |
7.67 |
|
|
59445514 |
13.83 |
|
|
|
|
|
|
15104795 |
3.51 |
|
|
|
|
|
|
9850149 |
2.29 |
|
|
537686 |
0.13 |
|
|
1011856 |
0.24 |
|
|
148978 |
0.03 |
|
|
280 |
0.00 |
|
|
251778 |
0.06 |
|
|
373007 |
0.09 |
|
|
237813 |
0.06 |
|
|
26504486 |
6.17 |
|
Total Public shareholding (B) |
85950000 |
20.00 |
|
Total (A)+(B) |
429770000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
429770000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in all types of banking business and advances to private
sectors i.e. agriculture, self-employed persons and retail traders. |
GENERAL INFORMATION
|
No. of Employees : |
12018 [Approximately] |
|
|
|
|
Bankers : |
Reserve Bank of India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chandran and Raman Chartered Accountant |
|
|
|
|
Name : |
S. Mohan and Company Chartered Accountants |
|
|
|
|
Name : |
Suri and Company Chartered Accountants |
|
|
|
|
Name : |
ABP and Associates Chartered Accountants |
|
|
|
|
Name : |
Kalyanasundaram and Company Chartered Accountants |
|
|
|
|
Name : |
Raj K Aggarwal and Associates Chartered Accountants |
|
|
|
|
Associates/Subsidiaries : |
·
Ind Bank
Housing Limited ·
Indbank
Merchant Banking Services Limited ·
Indfund Management
Limited ·
Pallavan
Grama Bank ·
Saptagiri
Grameena Bank ·
Puduvai
Bharathiar Grama Bank |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000000 |
Equity Shares |
Rs.10/- each |
Rs.30000.000 Millions |
|
40000000 |
Non-Cumulative Preferences Shares |
Rs.100/- each |
Rs.4000.000 Millions |
|
|
Total |
|
Rs.34000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
343820000 |
Equity Shares Held by Central Government |
Rs.10/- each |
Rs.3438.200
Millions |
|
85950000 |
Equity Shares Held by Public |
Rs.10/- each
|
Rs.859.500
Millions |
|
40000000 |
Non-Cumulative Preferences Shares |
Rs.100/- each |
Rs.4000.000
Millions |
|
|
Total |
|
Rs.8297.700 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
PARTICULAR |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
CAPITAL AND
LIABILITY |
|
|
|
|
|
|
|
|
|
Capital |
8297.700 |
8297.700 |
8297.700 |
|
Reserves and Surplus |
99716.679 |
86913.343 |
74423.411 |
|
Deposits |
1208037.995 |
1058041.827 |
882276.581 |
|
Borrowings |
48728.644 |
21003.694 |
9573.576 |
|
Other Liability and Provisions |
49410.980 |
42926.494 |
39321.879 |
|
|
|
|
|
|
TOTAL |
1414191.998 |
1217183.058 |
1013893.147 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and Balance with RBI |
63188.720 |
68779.385 |
70607.167 |
|
Balances with Bank and Money at Call and Short Notice |
24944.905 |
16843.722 |
10524.840 |
|
Investments |
379760.296 |
347837.590 |
282683.284 |
|
Advances |
903235.995 |
752499.056 |
621461.323 |
|
Fixed Assets |
16306.921 |
16060.392 |
15795.508 |
|
Others Assets |
26755.161 |
15162.913 |
12821.025 |
|
|
|
|
|
|
TOTAL |
1414191.998 |
1217183.058 |
1013893.147 |
PROFIT & LOSS
ACCOUNT
|
PARTICULAR |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
INCOME |
|
|
|
|
|
|
|
|
|
Interest Earned |
122313.230 |
93610.280 |
77143.695 |
|
Other Income |
12321.604 |
11818.885 |
13164.080 |
|
TOTAL |
134634.834 |
105429.165 |
90307.775 |
|
|
|
|
|
|
EXPENDITURE |
|
|
|
|
|
|
|
|
|
Interest Expended |
78133.208 |
53249.158 |
45531.838 |
|
Operating Expenses |
21869.974 |
19263.164 |
17302.459 |
|
Provisions and Contingencies |
17161.982 |
15776.097 |
11923.607 |
|
TOTAL |
117165.164 |
88288.419 |
74757.904 |
|
|
|
|
|
|
PROFIT/LOSS |
|
|
|
|
Net Profit For The Year |
17469.670 |
17140.746 |
15549.871 |
|
Profit Brought Forward |
887.260 |
879.096 |
860.870 |
|
TOTAL |
18356.930 |
18019.842 |
16410.741 |
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
|
|
TRANSFERS TO: |
|
|
|
|
Statutory Reserves |
4367.500 |
4285.200 |
3900.000 |
|
Capital Reserve |
16.820 |
11.841 |
300.768 |
|
Special Reserve u/s 36 |
1250.000 |
900.000 |
660.000 |
|
Investment Reserve |
0.000 |
0.000 |
288.303 |
|
Revenue Reserve |
7470.000 |
7590.000 |
6500.000 |
|
Staff Welfare Fund |
150.000 |
150.000 |
150.000 |
|
Proposed Equity Dividend |
3223.275 |
3223.275 |
2793.505 |
|
Proposed Preference Dividend |
400.000 |
400.000 |
400.000 |
|
Dividend Distribution Tax |
587.786 |
572.266 |
539.069 |
|
Bal. carried over to Balance Sheet |
891.549 |
887.260 |
879.096 |
|
TOTAL |
18356.930 |
18019.842 |
16410.741 |
|
|
|
|
|
|
Earnings Per Share in Rs. (Basic and Diluted) |
39.57 |
38.79 |
35.09 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Interest Earned |
33738.000 |
34103.800 |
35464.600 |
|
Income On Investments |
7578.600 |
7881.900 |
8451.800 |
|
Interest On Balances With Rbi Other Inter Bank Funds |
61.800 |
101.400 |
166.900 |
|
Interest / Discount On Advances / Bills |
26097.700 |
26120.600 |
26845.900 |
|
Other Income |
2227.000 |
3633.800 |
2402.300 |
|
Total Income |
35965.000 |
37737.600 |
37866.900 |
|
Interest Expended |
22206.500 |
22900.900 |
24030.200 |
|
Operating Expenses |
5356.200 |
5764.200 |
6355.400 |
|
Total Expenditure |
5356.200 |
5764.200 |
6355.400 |
|
Operating Profit Before Provisions and Contingencies |
8402.400 |
9072.600 |
7481.200 |
|
Exceptional Items |
0.000 |
11.700 |
0.000 |
|
Provisions and contingencies |
1457.000 |
2021.7000 |
4116.500 |
|
Profit Before Tax |
6945.300 |
7062.500 |
3364.700 |
|
Tax |
2327.900 |
2095.700 |
58.900 |
|
Profit After Tax |
4617.500 |
4966.800 |
3305.800 |
|
Net Profit |
46174.600 |
49668.100 |
33058.000 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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 involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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] |
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 |
No |
FINANCIAL HIGHLIGHTS:
THE MAJOR HIGHLIGHTS
OF THE BANK’S PERFORMANCE ARE AS FOLLOWS:
Operating profit increased to Rs. 34631.700
Millions as against Rs. 32916.800 Millions for 2010-11.
• Net profit for 2011-12 stood at Rs. 17469.700
Millions as compared to Rs. 17140.700 Millions for 2010-11.
• Net Interest Margin was at 3.43 per cent.
• Return on average assets was at 1.31 per cent.
• Capital Adequacy Ratio was at 13.47 per cent as
compared to 13.56 per cent as of March 2011.
• Return on Net worth for FY2011-12 was at 18.73
per cent.
• Earnings per share was at Rs. 39.57 and Book
value per share was Rs. 214.94 during 2011-12.
• Global Business of the Bank reached Rs.
2119880.000 Millions during the year, registering a growth of 16.8 per cent.
• Total Deposits grew by Rs. 150000.000 Millions to
Rs. 1208040.000 Millions, a growth of 14.2 per cent for the year 2011-12.
• Gross Advances were at Rs. 911840.000 Millions,
registering an increase of Rs. 154580.000 Millions (20.4 per cent) as on
31.3.2012. Overall Credit Deposit ratio was at 75.5 per cent.
• Priority Sector advances at Rs. 300270.000
Millions, grew by Rs. 40580.000 Millions (15.6 per cent).
• Agriculture credit grew by Rs. 23060.000 Millions
(20.9 per cent) to Rs. 133540.000 Millions and accounted for 18.47 per cent of
Adjusted Net Bank Credit.
• During 2011-12, total recovery of NPAs (including
AUC) amounted to Rs. 4662.600 Millions.
• Gross NPA was at 2.03 per cent and Net NPA was at
1.33 per cent in March 2012.
• Under Financial Inclusion project 5.98 lakh ‘No-Frill’
accounts have been opened.
• Total domestic branch network of the Bank in
India increased to 1955 as on 31.3.2012 and all the branches are under CBS.
Besides, the Bank has 3 overseas branches.
• Total number of ATMs increased to 1280, which included
357 offsite ATMs and customers can access more than 89,000 ATMs in the shared
network.
NET WORTH AND CRAR:
• The Net worth of the Bank improved to Rs.
96374.100 Millions as on 31.3.2012 from Rs.83265.500 Millions as on 31.03.2011,
reflecting a growth of 12.5 per cent
• As per Basel II, the Capital to Risk weighted
Assets Ratio (CRAR) is 13.47 per cent as of March 2012, compared to 13.56 per
cent as of March 2011, against the requirement of 9 per cent.
• The CRAR of Tier I capital was 11.13 per cent as
of March 2012 as against 11.02 per cent as of March 2011.
|
|
As on 31.03.2012 |
As on 31.03.2011 |
|
|
[in Percent] |
|
|
Tier-I Capital |
11.02 |
11.13 |
|
Tier-II Capital |
2.54 |
2.34 |
|
Total |
13.56 |
13.47 |
• In accordance with the priorities accorded by the
Government of India, the Bank’s Advances to SC/STs reached Rs. 22310.000
Millions as on 31st March 2012 constituting 7.4 per cent of total Priority
Sector advances.
• Also, as per Government guidelines, during the
process of direct recruitment and internal promotions, pre recruitment and
pre-promotion trainings were offered to SC/ST employees.
CHANGES IN THE BOARD DURING THE YEAR:
• During the period, Mr. B Raj Kumar assumed charge
as Executive Director with effect from January 1, 2012.
• Mr. V Rama Gopal, Executive Director demitted
office on December 31, 2011 on superannuation.
• Dr. N Krishna Mohan was appointed as the RBI
nominee to the Board on May 30, 2011. Mr. Amarjit Chopra, Chartered Accountant,
Part time Non Official Director was appointed on August 29, 2011. Mr. Sanjay
Maken and Mr. Butchi Rami Reddy were appointed as Part time Non Official
Directors on August 11, 2011 and on September 22, 2011 respectively.
• Mr. Chintaman Mahadeo Dixit was appointed
Shareholder Director on July 01, 2011.
• Mr. S Karuppasamy and Mr. C K Ranganathan were
Directors of the Bank upto 30.05.2011 and 30.06.2011 respectively.
MANAGEMENT DISCUSSION AND ANALYSIS:
ECONOMIC ENVIRONMENT
GLOBAL ECONOMIC CONDITIONS
• After suffering a major setback during 2011, global
prospects are gradually strengthening again, but downside risks remain
elevated. Real GDP growth is forecast to be slow by about 3½ per cent in 2012,
from about 4 per cent in 2011, and to return to 4 per cent in 2013, according
to the International Monetary Fund's World Economic Outlook April 2012 update.
• In the advanced economies, growth is projected at
about 1½ per cent in 2012 and 2 per cent in 2013. Because of weak confidence, fiscal
consolidation, and still-tight financial conditions in a number of economies,
Euro area GDP is forecast to contract in 2012 by about ¼ per cent, after
expanding by about 1½ per cent in 2011. The Euro area is still projected to go
into a mild recession in 2012 as a result of the sovereign debt crisis and a
general loss of confidence, the effects of bank deleveraging on the real
economy, and the impact of fiscal consolidation in response to market
pressures.
• Real GDP growth in the emerging and developing
economies is projected to slow from 6¼ per cent in 2011 to 5¾ per cent in 2012
and to reaccelerate to 6 per cent in 2013, helped by easier macroeconomic
policies and strengthening foreign demand.
INDIAN ECONOMY
• GDP is
estimated to decelerate sharply to 6.9 per cent during 2011-12, with a marked
slowdown in agriculture, mining and quarrying, manufacturing and construction
sectors. The Indian economy in recent years has been hit by a combination of
high inflation, tight monetary policy and weak global economic conditions.
• While
inflation has moderated, risks to inflation are still on the upside. Inflation
has eased in recent months to 6.89 per cent in March 2012 as against 6.95 per cent
in the same period of the previous year and is likely to remain sticky at about
current levels during 2012-13. Price pressures persist with considerable
suppressed inflation in oil, electricity, coal and fertilisers, the incomplete
pass-through of rupee depreciation, slow supply responses and increase in
indirect taxes as well as demand effects of large government transfers.
• Industrial
growth slowed down sharply to 3.5 per cent during April-February 2011-12 from
8.1 per cent in the year-ago period, led by contraction in mining and poor
performance of the manufacturing sub-sector and on account of weak demand for
consumer durables, reflecting interest rate sensitivity, deceleration in
external demand and subdued investment demand due to decline in business
confidence. Moreover, capital goods exhibited high volatility which showed a
de-growth of 1.8 per cent in April-February 2011-12 compared to 14.7 per cent
last year.
• Manufacturing sector growth remained volatile and
grew at 3.7 per cent in the above period as against 8.7 per cent in the same
period a year ago. The growth slowdown has been driven by a sharp fall in
investment, moderation in private consumption and fall in net external demand.
• Core infrastructure industries growth also declined
to 4.3 per cent in FY 2011-12 from 6.6 per cent in FY 2010-11.
• Exports registered 21 per cent growth in FY2012 to
cross US$ 303.7 billion while imports were 32.1 per cent higher at US$488.6
billion taking the Balance of Trade to US$184.9 billion.
• The Balance of Payments (BoP) position came under
significant stress during Q3 of 2011-12 as the current account deficit (CAD)
widened substantially and capital inflows declined. Current account deficit is
expected to touch 4 per cent of GDP in FY2011-12, the worst in at least eight
years because of a widening trade gap. India's current account deficit (CAD),
which was 2.6 per cent of gross domestic product in FY2010-11, widened to 4.3
per cent of GDP in the October-December quarter of FY 2011-12. While capital inflows
have revived somewhat in 2012, BoP risks remain due to high oil prices and
uncertainties in the global economy.
• India’s external debt increased to US$ 335 billion
at end-December 2011 from US$ 306 billion at end- March 2011 largely reflecting
a sharp increase in ECB and short term debt.
• Monetary and liquidity conditions remained tight
during 2011-12. Liquidity deficit turned large since November 2011 due to both
structural and frictional factors, mainly forex operations and a buildup of
Government’s cash balances. Liquidity remained tight and was above the comfort
level of the Reserve Bank that is above 1% of NDTL. Reserve Bank stepped up
injecting durable discretionary liquidity through OMO purchases and CRR cuts.
• Tight liquidity conditions saw money market rates
firm up. G-sec yields also firmed up post-budget in response to the large
market borrowing programme. Following the Union Budget announcement of a higher
than anticipated market borrowing programme and the subsequent issuance of auction
calendar for dated securities, the 10 year yield rose steadily to 8.63 per cent
by March 30, 2012 as compared to 8.54 per cent as on December 30, 2011.
• The rupee depreciated against the US dollar from
the last week of August 2011 to mid-December 2011 after being largely range
bound during the first four months of 2011-12. It stabilised in response to the
measures undertaken by the Reserve Bank and the government which helped to curb
speculation and reduce volatility in the foreign exchange market. These
measures considerably reversed the movement of the rupee against the US dollar
from the low of Rs. 54.2 per US dollar on December 15,
2011 to Rs. 50.87 per US dollar by end March
2012. The rupee was also weak against other major currencies and closed at
67.90/92 and 81.52/54 against the Euro and Pound Sterling respectively.
• Overall, equity markets were volatile in FY
2011-12. The BSE Sensex slumped to 17404.20 points, down 10.5 per cent or 2041
points from the previous year’s close. The Nifty settled down 9.22 per cent to
5295.55 points.
MONETARY DEVELOPMENTS
• As on 31st March 2012, the growth in Aggregate
Deposits of Scheduled Commercial Banks was at 17.4 per cent as against a growth
of 15.9 in the previous year. Demand Deposits growth showed a negative trend
throughout the year but ended higher at Rs. 980
billion on 30th March 2012.
• Credit off-take was sluggish, however, the growth
in the last two months of February and March accounting for 40 per cent of the
total non-food credit during the year resulted in a credit growth of 19.3 per
cent as at end March 2012.
• Monetary policy was strongly anti inflationary
until October 2011. Subsequently, decelerating growth and declining inflation momentum
prompted monetary policy to move to a neutral stance since December 2011. The
Cash Reserve Ratio (CRR) was eased by 125 bps during January-March 2012 to 4.75
per cent to ease liquidity. Reserve Bank hit the pause button and policy rates
were kept neutral after the hike to 8.5 per cent on January 28, 2012 from 7.25
per cent as on May 3, 2011. Statutory Liquidity Ratio was kept at 24 per cent
from December 18, 2010.
• During 2011-12, the Reserve Bank injected primary
liquidity through Open Market Operation (OMO) purchases, aggregating around Rs.
1.3 trillion, and also through CRR cuts infusing around Rs. 0.8 trillion.
BUSINESS OVERVIEW
• Global Business of the Bank has reached a level
of Rs. 2119880.000
Millions as on March 31, 2012 from Rs. 1815300.000 Millions in the previous year,
registering an increase of Rs. 304580.000 Millions or 16.8 per cent.
• Domestic Business of the Bank has increased by Rs. 271630.000
Millions to Rs. 2020820.000
Millions from Rs. 1749190.000
Millions as on March 31, 2011, registering a growth of 15.5 per cent.
RESOURCE MOBILISATION
• Global Deposits of the Bank has crossed the Rs.
1200000.000 Millions mark to Rs. 1208040.000 Millions as on March 31, 2012 from
Rs. 1058040.000 Millions in the previous year, with an accretion of Rs.
150000.000 Millions or 14.2 per cent. Domestic Deposits of the Bank has
increased by Rs. 134400.000 Millions to Rs. 1157720.000 Millions as on March
31, 2012 from Rs.1023320.000 Millions in the previous year, registering a
growth of 13.1 per cent.
• CASA Deposits has reached the level of Rs.
368660.000 Millions as on March 31, 2012 from Rs. 326390.000 Millions in the
previous year, recording a growth of 13.0 per cent.
CREDIT DEPLOYMENT
• Gross Advances of the Bank increased to Rs. 911840.000
Millions as on March 31, 2012 as against Rs. 757260.000 Millions as on March 31, 2011, recording
a growth of 20.4 per cent. Domestic Credit has increased by Rs. 137230.000
Millions (18.9 per cent) to Rs. 863100.000 Millions as on March 31, 2012 as against
Rs. 725870.000
Millions last year.
• Domestic Non-food credit has increased by Rs. 135930.000
Millions (19.1 per cent) to Rs. 846600.000 Millions as on March 31, 2012 as against
Rs. 710670.000
Millions in the previous year.
• Global Credit-Deposit Ratio as on March 31, 2012
stood at 75.5 per cent.
BRANCH NETWORK AND EXPANSION
• The Bank has expanded its branch network by
opening 95 new branches in India taking the tally to 1955 branches as at end
March 2012, comprising 520 Rural, 549 Semi Urban, 500 Urban and 386
Metropolitan branches. The branch network is supplemented by 34 Extension
Counters, 23 Satellite offices, 1 Collection Counter, 66 Rural Banking Service
Centres and 1 Forex Bureau. Besides, the Bank has 3 foreign branches in
Singapore, Colombo and Jaffna.
• Bank has opened 50 Ultra Small Branches (USBs) in
the villages with population above 2000 covered through BC model under
Financial Inclusion.
SEGMENT-WISE PERFORMANCE
PRIORITY SECTOR CREDIT
Priority Sector advances stood at Rs. 300270.000
Millions as on 31.03.2012, constituting 41.5 per cent of Adjusted Net Bank
Credit (ANBC) as on 31st March 2011. The sector registered a growth of 15.6 per
cent or Rs. 40580.000 Millions during FY 2011-12.
AGRICULTURE CREDIT
Agriculture advances stood at Rs. 133540.000
Millions and constituted 18.5 per cent of ANBC as on 31st March 2011. The
sector has registered a growth of 20.9 per cent or Rs. 23060.000
Millions during FY 2011-12 as against 20.8 per cent achieved during FY 2010-11.
AGRICULTURAL DISBURSEMENT
• Under Special Agricultural Credit Plan (SACP)
during 2011-12, the Bank disbursed farm loans amounting to Rs. 127610.000
Millions as against the annual target of Rs. 83000.000 Millions, recording 154
per cent achievement.
• Of the above, Rs. 24320.000 Millions were
disbursed to 522,664 new farmers.
• Rs. 64780.000 Millions has been disbursed to
10,31,774 small/ marginal farmers, which works out to 56 per cent of Direct
Agricultural disbursements against the RBI directive of minimum of 40 per cent.
• The rural and semi urban branches observed
“Intensive Farm Credit Campaign” coinciding with Kharif and Rabi season with
the dual objective of enhancing credit flow to agriculture and strengthening
relationship with the farmers. During such campaign period, the Bank’s branches
have disbursed Agriculture credit to the tune of Rs. 43157.400 Millions
benefitting 618634 farmers.
MICRO FINANCE INITIATIVES
During the year ended March 2012, the Bank has
disbursed Rs. 18820.000 Millions to 72,675 SHGs. Outstanding under SHGs
increased by Rs. 2180.000 Millions to reach Rs. 23430.000 Millions as of March
2012, registering a growth of 10.3 per cent.
MICROSATE BRANCHES
As at end-March 2012, 45 MICROSATE branches
(specialised branches for lending to SHGs) disbursed Rs. 5530.000 Millions
covering 23,932 SHGs. Total outstanding advances as at end March 2012, was at
Rs. 8220.000 Millions covering 60,118 SHGs.
WEAKER SECTION ADVANCES
• Credit outstanding to Weaker Sections stood at
Rs. 75460.000 Millions as at end March 2012, working out to 10.4 per cent of
ANBC as against the stipulated norm of 10 per cent.
• DRI Advances: During FY 2011-12, the Bank
disbursed 13,632 DRI loans amounting to Rs. 150.000 Millions. As on 31.03.2012,
the outstanding level stood at Rs. 250.000 Millions, working out to 0.04 per
cent of total advances, as of march 2011.
• Advances to SC/STs: Outstanding credit to SC/ST
beneficiaries stood at Rs. 22310.000 Millions as on 31.03.2012, working out to
7.4 per cent of Priority Sector advances.
• Lending to Minorities: Advances granted to
Minorities which stood at Rs. 39151.500 Millions as at end-March 2011 increased
by Rs. 6874.600 Millions to reach Rs. 46026.100 Millions as on 31.03.2012,
working out to 15.32 per cent of total Priority Sector Advances, as against the
stipulated norm of 15 per cent.
EDUCATION LOAN SCHEME
• During the year ended March 2012, the Bank
disbursed a sum of Rs. 5940.000 Millions as education loans to 93,215 students.
Exposure to Education loan portfolio increased by Rs. 4710.000 Millions to Rs.
32220.100 Millions as at end- March 2012.
• Interest concession @ 0.50% on the applicable
card rate on fresh education loans sanctioned to girl students is allowed with
effect from 01.07.2009.
• "Central Scheme to provide Interest Subsidy
(CSIS)" during the moratorium period of education loans availed by
students from Economically Weaker Section (with an annual gross parental/family
income not exceeding Rs. 4.50 lakh per year) under IBA education loan scheme,
to pursue technical/professional courses in India is being implemented by the
Bank.
• In order to help students pursuing courses under
Management quota and three year diploma courses, Bank's education loan – a non
IBA Scheme was devised and implemented.
FINANCIAL INCLUSION PLAN (FIP)
• Under FIP, Indian Bank has been allotted 1522
villages with population above 2000. All the 1522 villages with population
above 2000 allocated to the Bank covering 20 States across the country, have
been provided with banking services through various delivery models as below.
• 1425 villages through Smart card based Business
Correspondent (BC) Model
• 52 villages through Brick and mortar branches (7)/
Banking Service Centres (45) and 45 villages through Mobile Branch/Van
• Further, the Bank has been allotted 2003 villages
with more than1000 population under FIP. So far, banking services have been
provided to 100 villages in Tamil Nadu and UT of Puducherry.
• Bank has opened 50 Ultra Small Branches (USBs) in
the villages with population above 2000 covered through BC model under
Financial Inclusion.
• As on 31.03.2012, 597,802 'no frill accounts'
have been opened in the FIP implementing villages with population above 2000.
Of these, 525,881 accounts were opened under Information Communication and
Technology (ICT) based Business Correspondent (BC) model. Smart cards have been
issued to the account holders.
• Even before the implementation of Financial
Inclusion Plan, Indian Bank had started opening No frill accounts way back from
2005. As on 31.03.2012, Bank has opened 31.25 lakh No frill accounts through
various branches across the country (including accounts opened under FIP). OD
and GCC facilities have been sanctioned to 56,297 beneficiaries to the tune of
Rs.130.262 lakh.
• New products for the convenience and benefit of
the customers has been introduced which includes Recurring Deposit, Variable
Recurring Deposit product, SB cum Overdraft facility (OD) and an Overdraft
limit upto Rs.0.010 Million is provided to non-farmers and landless labourers
to meet contingencies.
• In UT of Puducherry, where the Bank is the SLBC
Convenor, 42 villages with population above 2000 and 25 villages with population
2000 and below have been allotted to various Banks under FIP. Banking services
have been extended to all the villages with population above 2000 as well as
with population 2000 and below by the member banks through various delivery
channels. UT of Puducherry has become the first state in the country to provide
banking services to all the villages including villages with population below
2000 under FI.
• The Bank has sponsored three Regional Rural Banks
(RRBs) viz., Saptagiri Grameena Bank, Chittoor; Pallavan Grama Bank, Salem and
Puduvai Bharathiar Grama Bank, Puducherry. As on 31.03.2012, under Financial
Inclusion, all the 240 villages with population above 2000 allotted to the RRBs
have been provided with banking services.
• In Tamil Nadu, the Bank is implementing a pilot
project for disbursement of Pension under Social Security Scheme (SSS) in two
taluks namely, Kattumannarkoil (Cuddalore District) and Manapparai (Trichy
District). Presently, pension payment is made to the beneficiaries in 109 villages
of Kattumannarkoil Taluk, Cuddalore Dist., and 11 villages of Manapparai Taluk,
Trichy Dist., through ICT based smart card enabled Business Correspondent
Model. It is proposed to disburse pension to beneficiaries in all the villages
with population above 2000 in the State of Tamil Nadu from 30th June, 2012.
LEAD BANK SCHEME
The Bank holds SLBC responsibility in UT of
Puducherry and Lead Bank role in 13 districts (10 in Tamil Nadu, 2 in Andhra
Pradesh and 1 in Kerala). The Lead Districts are actively involved in
implementing Financial Inclusion Plan to provide Banking Services in unbanked
villages.
CREDIT FLOW TO SMALL AND MEDIUM ENTERPRISES (SME)
• The Bank’s exposure to Small and Medium
enterprises was at Rs. 101602.900 Millions as on 31.03.2012.
• The Bank has established MSME Central Processing
Units (CPU) at 9 key centers at Chennai, Mumbai, Kolkata, New Delhi, Ahmedabad,
Bangalore, Pune, Coimbatore and Kanchipuram.
• For focused attention and growth of MSME portfolio,
the Bank has operationalised 72 Special SME Branches across various Zones.
• The Bank has approved cluster specific schemes
for Textile Cluster in Bhilwara Region, Ceramic Cluster in Morvi Region,
Leather Cluster in Bhiwandi Region and Fastener Cluster in Chandigarh Region.
THE SEGMENT-WISE EXPOSURE AS ON 31ST MARCH 2012 IS
AS UNDER:
Rs. in Millions
|
PRODUCT |
EXPOSURE |
|
|
|
|
Home Loan |
58780.600 |
|
Automobile |
4046.300 |
|
Personal Loan |
4174.600 |
|
Loan against NSC/KVP/LIC Policy |
462.500 |
|
Mortgage Loan |
2312.300 |
|
Education Loan |
32220.100 |
|
Jewel Loan (NP) |
13799.200 |
|
Others |
15314.700 |
|
TOTAL |
131110.300 |
• The outstanding on Personal Segment Loan works out
to 14.64 per cent of Bank’s gross non-food credit and the y-o-y growth on
personal segment loans was at 12.31 per cent.
• Under Automobile Loan portfolio, the Bank has
registered a growth of 34.64 per cent during the year.
BANCASSURANCE AND MUTUAL FUND BUSINESS
• The Bank has corporate agency tie-up agreement
with United India Insurance Co. Ltd. (UIICO) for non life insurance business
and with HDFC Standard Life insurance Co. for life insurance business.
• The Bank also has tie up arrangements with UTI
AMC, Reliance AMC and SBI Mutual Fund for distributing their Mutual Fund
Products.
• Various Group Insurance Products offered by the
Bank to its customers on optional basis by arrangement with UIICO/LIC/Kotak
Mahindra Old Life Insurance Co. (Kotak)/ MetLife India Insurance are – IB
Jeevan Kalyan and IB Jeevan Varishta (from LIC) IB Yatra Suraksha scheme (from
UIICO) for all customers, IB Griha Jeevan (from LIC), IB Home Suraksha (from
Kotak) to cover the life of Home loan borrowers and IB Jeevan Vidya (from LIC),
IB Vidyarthi Suraksha (from MetLife India Insurance Limited) are offered to
cover the life of education loan student borrowers.
• The Bank has earned a commission income of
Rs.19.26 Millions by way of marketing third party products like life insurance,
non life insurance and mutual fund products during the financial year 2011-12.
OTHER FINANCIAL PRODUCTS
IB SWARNA MUDRA
• IB Swarna Mudra offers gold coins of 24 carat in
various denominations with 999.9 purity and International Assay certification.
The gold coins and bars are available for sale through the network of more than
1600 branches spread across the country.
• Gold coin sales during the current financial year
were at 2046.34 kg with a non-interest income of Rs. 200.000 Millions as against the sale of 1150.926 kg
during the previous financial year with an income of Rs. 125.000
Millions.
CREDIT CARD
• The Bank offers three card variants under Global
Credit Cards - IB Gold, Classic Card under Personal Card Segment and IB Visa
Business Card for Business entities.
• The Bank’s credit card base has increased to
43,449 during FY 2011-12, registering a growth of 13.99 per cent. The total
income from credit card business has improved to Rs. 82.500 lakh during 2011-12 from the previous year’s
level of Rs. 66.600
lakh, recording a growth of 19 per cent.
• The Bharat Card for the Common Man was launched
as part of the Bank’s financial inclusion for the lower income groups.
• The salient features of IB Credit Cards are as
under:
• No joining fee and Annual membership fee
• Interest free credit period for purchases :
Minimum 15 days and Maximum upto 45 days
• Competitive lower interest rates
• Free accident insurance cover available to all
card holders
• Value Added Benefits: Automatic Credit of Reward
points
FOREX BUSINESS
Forex Business Turnover: The Bank has handled forex
business turnover of Rs.308130.000 Millions during the year. Of this, export
and other inward remittances amounted to Rs. 130290.000 Millions, while imports
and other outward remittances amounted to Rs. 177840.000 Millions. During the
year, the total turnover in the interbank forex market amounted to
Rs.4485750.000 Millions. 87 branches of the Bank are authorized to handle forex
business and of these, 79 branches are provided with SWIFT connectivity. The
Bank has Correspondent Arrangements with 188 banks in 69 countries. FCNR/NRE
Deposits: 456 branches are authorized to handle Foreign Currency Non-Resident
(FCNR) Accounts. Non Resident Indian (NRI) Deposits as on March 31, 2012
amounted to Rs. 37970.000 Millions as against Rs. 32670.000 Millions as on
31.03.2011 All freely convertible currencies have been included in the fold of
FCNR deposits from November 2011.
INTERNATIONAL OPERATIONS
The Bank has three foreign branches located at
Singapore, Colombo and Jaffna. Total Deposits and Advances (gross) of the
foreign branches as on 31.03.2012 was Rs. 50320.000 Millions and Rs. 49880.000
Millions respectively. Singapore branch established in 1941 has carved a niche
by offering a variety of banking services using the latest technology and
enjoys enormous goodwill and customer loyalty. The branch is presently
maintaining its business in two accounting units - Domestic Banking Unit (DBU)
for Singapore Dollar business and Asian Currency Unit (ACU) for business in
currencies other than Singapore Dollar. Colombo branch established in the year
1932 has active market presence extending trade finance. The Foreign Currency
Banking Unit (FCBU) Colombo is engaged in offshore banking operations. Jaffna
branch established in 2011 plays a crucial role in the economic development of
Jaffna Region.
TECHNOLOGY INITIATIVES
INFORMATION and COMMUNICATION TECHNOLOGY
• The Bank has exploited the innovations and
advancements in technology for achieving the business objectives and offers a
wide variety of tech savvy products in tune with the customer needs. From April
2011, the Bank has a new tag line as “The Tech-Friendly Bank”.
• The Bank’s IT initiatives aim to provide hassle
free, convenient and safe transaction facilities to further enhance the
customer service and meet customers’ expectations.
CORE BANKING SOLUTION
• The Bank had implemented 100 per cent CBS in 2008
and technology has been positioned as a critical business enabler, pervading
new frontiers and encompassing all aspects of banking activities.
• All the 1955 branches, 34 extension counters and
65 administrative offices in India are on CBS platform. The three overseas
branches at Singapore, Colombo and Jaffna are connected to CBS network.
• 100 per cent CBS implementation has been achieved
in all the 3 RRBs (Pallavan Grama Bank, Pudhuvai Bharathiar Grama Bank and
Saptagiri Grameena Bank) sponsored by the Bank.
• The Bank has adopted a versatile approach for
ensuring uninterrupted connectivity like leased line with ISDN Backup, VSATs,
GPRS etc. Revamping of Bank’s Wide Area Network has been done to connect
branches directly to Multi Protocol Label Switching (MPLS) network in addition
to Zonal Offices who are already on MPLS.
SERVICES AVAILABLE TO CUSTOMERS UNDER
CBS
• Roaming Account Facility – Through Multicity
cheques and ‘Sweep’ facility
• Internet Banking, Mobile Banking, Telebanking
• Cash Management Services
• Inward remittance facility in all CBS branches
through ‘Moneygram’, ‘Xpressmoney’ etc.
• e-payment facility for Central Excise collection,
Customs Duty and Service Tax
• Interbank remittance facility through RTGS,
National Electronic Funds Transfer
• Payment of fees / charges to Registrar of
Companies
• Ind Corp Net Banking (Corporate Internet Banking)
facility to corporate customers
• Bilingual facility in CBS branches
• Multi-utility payment module for payment of Bills
online
• Public Provident Fund accounts and lockers have
been brought under CBS.
• Other Centralised services available - ATM
Service centre, Pension Processing, Deposit Processing, Clearing operations and
Storage of old TBC data.
ATMS
• 1280 ATMs (Including 357 offsite ATMs) are in
operation. The Bank has 85 biometric ATMs for extending 24x7 services to Self
Help Groups (SHGs). More than 89,000 ATMs are available to Bank’s customers
through
sharing arrangements.
• ATM card-base of the Bank is 74.0 lakh including
‘Maestro’ and “Master card” branded cards.
• ATMs have been installed at 59 Railway Stations,
of which ATM with Kiosks installed at 34 Railway Stations.
• ATM operations by Joint Account holders were
first introduced by the Bank.
• Usage of Bank’s ATMs by RRBs sponsored by the
Bank and issuing of ATM cards to their customers enabled.
• Voice interface provided in ATMs for guiding the
users.
• Bank’s Maestro cards can be used in the
Mastercard branded POS terminals internationally. All the Maestro and
Mastercard cards can be used in Bank’s ATMs as well as other Banks’ ATMs for
balance enquiry and cash withdrawal.
• Utility services like booking of railway tickets
through IRCTC, payment of electricity bills have been enabled using the Bank’s
ATM card/Debit card.
• Automatic and free SMS mobile alert message for
all ATM transactions above Rs.5000/- wherever the mobile number of the
cardholder has been registered.
• Platinum Debit Master Card launched with special
features, daily cash withdrawal limit of Rs. 50000/- and Rs. 1.00 lakh for
online transactions per day.
• Senior Citizen Debit Card launched with details
like year of birth, blood group and photo of the senior citizen.
• In compliance with RBI guidelines, the Bank has
implemented 3D Secure Authentication services for both Debit card and Credit
card holders. The Bank has also implemented “Online Alerts” through mobile
phone to the card holders for all ‘Card not present’ transactions of value of
Rs. 5000/- and above.
INTERNET BANKING
• The Bank has introduced self service delivery
channels through Net Banking, which facilitates banking through internet, funds
transfer, tax and utility bills payments, at customers’ convenience. The Net
Banking facility has been provided for both individuals and corporate
customers.
• The Bank has been authorised by ‘AP Online’ for
payment of Electricity Bills, Water Tax, Property Tax, Trade License, LIC
premia etc. using Internet Banking services.
• The Bank is one among the 5 banks identified to
implement MCA21 programme for Ministry of Company Affairs, for collection of
fees for Registrar of companies.
• Customer can also view their Form 26AS (Tax
credit Statement) through Net Banking facility.
• One Time Password (OTP) is being sent through SMS
and e-mail as additional security measure for all Internet
Banking Transactions.
• e-payment interface for commercial taxes
collection for West Bengal, Puducherry, Karnataka, Customs Duty through Ice
Gate, receipt of CST and DVAT for Dept. of Trade and Taxes, Government of
National Capital Territory,
Delhi etc. have been enabled.
• Collection of application fees for various
Universities enabled through Multi utility Payment Module.
• Online Merchant Payment Gateway Interface with
more than 500 merchants/brokers for payment of Bills.
• Enhancement of funds transfer limit under Retail
and Corporate Net Banking Facility: The default funds transfer limit has been
enhanced to Rs. 5.00 lakh for all categories of customers and RTGS facility has
also been enabled through net banking.
MOBILE BANKING
• Mobile Banking provides a unique opportunity for
providing financial and non-financial transactions in a secured way to
customers. Mobile banking services reaches every common man as the services are
available 24 x 7 to access the banking services at his/her convenience.
• Various services offered through Mobile Banking
are:
• Account related enquiries like Balance enquires,
Ministatement, Cheque issued / deposited status enquiries etc.
• Funds transfer services – Intra-bank, Inter-bank
via NEFT and Interbank Mobile payment Service(IMPS)
• Utility Bill Payment with register and payment
facility and insta-pay facility
• Enhanced Mobile banking facility (INDMobile) has
been introduced using Java 2 Micro Edition (J2ME) application which works on a
secured, menu based and user friendly J2ME technology.
• Inter-bank Mobile Payment Services implemented
through National Payment Corporation of India enables customers of Indian Bank
to send or receive remittance from/to customers of other banks through mobile
phone. It is 24 * 7 * 365 service made available when compared to RTGS/NEFT.
• WAP Mobile Banking has also been launched by the
Bank. This variant of Mobile Banking is a comprehensive facility providing
enquiry services; funds transfer and utility bill pay services etc. through
mobile handset. This can be used in any mobile phone having access to internet
and a WAP browser, with no complex technology involved, thereby enabling Mobile
based banking to reach a wider range of customers.
OTHER INITIATIVES
• The Bank has implemented “FinDNA” - software for
Anti Money Laundering (AML) monitoring.
• e treasury i.e., Integrated Treasury operations
combining both the Domestic and Forex Trading on a Common
Software Package, analyses profitability, risk and
costing aspects through different markets. Common Gateway
Server installed at Bank’s Treasury Branch and
connected to INFINET through leased line. This is the common gateway for all
inter-bank, Systemically Important Payment System (SIPS) applications developed
by Reserve Bank of India.
• Treasury Branch can upload the SWIFT MT103
messages for direct credit to customer accounts at various branches without any
time delay.
• New Electronic Accounting System in Excise and
Service Tax (EASIEST) in web platform developed in-house has replaced the
existing Packages at Collecting, Focal and Link level branches.
• The following interbank applications like
Negotiated Dealings Settlement System (NDS), Real Time Gross Settlement Systems
(RTGS), Structured Financial Messaging Solution (SFMS), Centralised Funds
Management System (CFMS), Collateralised Borrowing and Lending Obligations
(CBLO), FX clear for Foreign Exchange operations, National Electronic Funds
Transfer (NEFT), On-line Tax Accounting System (OLTAS) has been implemented in
all designated branches.
• Electronic Clearing Service (ECS both debit and
credit) enabled in all CBS branches.
• Electronic Data Interchange (EDI) has been
implemented with various organisations.
• Cheque Truncation (CTS) Project has been
implemented CTS in NCR Delhi, Chennai, Coimbatore and Bangalore, with in-house
developed software.
• Applications Supported by Blocked Amount (ASBA)
module implemented. Banks participating in the IPO process would be able to
upload the bids of their customers into the electronic book of BSE/NSE. ASBA
facility can be utilised by all categories of investors including Qualified
Institutional Buyers for applying to IPOs coming through the Book Building
route and Rights Issues.
• Use of Bio-metric Authentication for secured
transactions and authentication besides User ID and Password introduced as
second factor authentication in select branches.
• ONLINE CUSTOMER COMPLAINT REDRESSAL provision
launched for Indian Bank customers to register their
complaints and see the status of their complaints
on the bank website. Customer service redressal mechanism has been reinforced
by a new mode of lodging complaints through “SMS” also. Indian Bank customers
having any
ATM withdrawal failure issues can register the
complaint details online through the Bank’s website.
• SMS alert is sent to all account holders when cheque
book is issued to the account, provided the correct mobile number is registered
with the bank.
• SMS is being sent to the beneficiary of the
inward RTGS message with remitter’s name wherever the account holder’s mobile
number is available.
• SMS is also sent to customers every week to the
registered Mobile Number in their CIF informing the Week End Balance (as on
Saturday) in their SB/CA/OD/ CC accounts.
• Remittance facility introduced for the overseas
remitters to transfer money through the branches of UAE Exchange centre.
• Tamilnadu Arasu Cable TV Corporation – Advance
Deposit collection and Subscription Amount collection portal made live through
the Bank’s website and www.arasucable.com website.
• Online PAN validation: The online verification
facility of PAN details is provided by NSDL through electronic linkage and the
system will validate the existence of the PAN number in the CBS data base.
• As per GoI guidelines, NEFT facility has been
extended to all the 3 RRBs sponsored by the Bank by integration with Bank’s
infrastructure i.e., through Indian Bank Gateway.
• On line Loan Application for Home Loan and
Education loans: Facility has been made available for submitting the loan
applications on line, anytime, anywhere. The on line request will be processed
and an in principle approval will be sent to the applicant based on eligibility
and they can approach the branch for submission of regular proposal.
• Audio Visual Web-page: Current events/happenings
about the Bank can be viewed by the Public through the portal provided in our
Bank’s web site.
• Introduction of Demand Drafts payable “At Par” at
all branches - System has been enabled to make payment of DD irrespective of
the drawee branch mentioned in the DD by the branches
• NEFT facility for natives of NEPAL - The
Indo-Nepal Remittance System with modifications is available to popularize the
scheme.
• Bank has been registered with Pension Fund
Regulatory and Development Authority (PFRDA) as Point of Presence (PoP) for
enrolling the citizens in the unorganized sector under ‘Swavalamban’ Scheme of
National Pension System (NPS).
• Bank has completed the pilot project in Chennai
and Mumbai for enrollment of citizens for issue of UID number
by UIDAI.
• 5 coin vending machines were installed and 33
Note Exchange melas were conducted in various places during the year.
• Bank has been accredited by Eastern Railways for
collection and disbursements and has commenced collection of Customs Duties from
February 2012.
AWARDS and ACCOLADES
• Ranked First among PSBs in Strength and
Soundness, Second in Profitability and Efficiency and Third position
in Overall performance for the financial year
2010-11 by Financial Express and Ernst and Young Survey.
• SKOCH Challenger Award 2012 – Banking for
outstanding contribution in providing banking services to the unreached
villages through various financial inclusion initiatives.
• SKOCH Financial Inclusion Award – 2012 for completion
of 100% financial inclusion in UT of Puducherry
• ‘Best Risk Master Award’ under Public Sector Bank
category by FIBAC (FICCI – IBA Conference) for the Year 2011.
• Dun and Bradstreet Banking Awards 2011 for Best
Asset Quality
• CNBC – TV 18 Award for the Best Public Sector
Bank in mid size category for Superior Quality of Assets, Profitability,
Efficiency and Productivity
• Outlook Money Awards 2011 for Best Education Loan
provider
• Golden Peacock Innovative Product/Service Award
for 2011 in recognition of the Bank’s contribution to promotion of Self Help
Groups (SHGs) by way of developing innovative products and services like
Specialised exclusive branches for Microfinance (called MICROSATE), Exclusive
outfits for SHGs (called Micro Credit Kendras), Education Loans (SHG-Vidhya
Shobha) to school going wards of SHG members, Housing loan (SHG-Grihalakshmi)
and Consumer loan (Grameen Mahila Sowbhagya) Scheme to SHG members.
• Adjudged Third among the Public Sector Banks as
the Best Service Brand by Economic Times Brand Equity.
• Listed Among Top 150 Banks for Best RoA by Banker
Magazine.
REVIEWED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH
JUNE, 2012
Rs. in Millions
|
PARTICULAR |
QUARTER
ENDED |
|
|
30.06.2012 |
|
|
REVIEWED
|
|
|
|
|
Interest earned |
33738.020 |
|
Interest /discount on advances/bills |
26097.649 |
|
Income on investment |
7578.569 |
|
Interest on balances with reserve bank of India and other interbank
funds |
61.802 |
|
Others |
0.000 |
|
Other Income |
2227.022 |
|
Total income |
35965.042 |
|
Interest expended
|
22206.474 |
|
Operating
expenses |
5356.223 |
|
Employees cost |
3691.498* |
|
Other operating
expenses |
1664.725 |
|
Total expenditure excluding provision and
contingencies |
27562.697 |
|
Operating profit
before provisions and contingencies |
8402.345 |
|
Provision (other
than tax) and contingencies |
1457.023 |
|
Exceptional items |
0.000 |
|
Profit / loss
from ordinary activities before tax |
6945.322 |
|
Tax expenses |
2327.863 |
|
Net profit from ordinary
activities after tax |
4617.459 |
|
Extraordinary
items (net of tax expense) |
0.000 |
|
Net profit for
the period |
4617.459 |
|
Paid up equity
share capital (face value of each share Rs.10/- each) |
4297.700 |
|
Reserves excluding
revaluation reserves (as per balance sheet of previous accounting year) |
88076.344 |
|
Analytical ratios |
|
|
Percentage of
shares held by government of |
80 |
|
Capital adequacy
ratio (Base I) |
12.29% |
|
Capital adequacy
ratio (Base II) |
12.98% |
|
Earnings per
shares (EPS) |
|
|
Basic and diluted
EPS before extraordinary items (net of tax expenses)for the period for the
year to date and for the previous year |
10.47** |
|
Basic and diluted
EPS after extraordinary items for the period for the year to date and for the
previous year |
10.47** |
|
NPA ratios |
|
|
Gross NPA |
15538.736 |
|
Net NPA |
9630.784 |
|
% of
gross NPA |
1.66 |
|
% of
Net NPA |
1.04 |
|
Return
on assets |
1.27 |
|
|
|
|
Public Shareholding |
|
|
No.
of Shares |
85950000 |
|
% of
Shareholding |
20% |
|
|
|
|
Promoters and Promoter Group
Shareholding |
|
|
a) Pledged/Encumbered |
|
|
-
Number of Shares |
Nil |
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
Nil |
|
-
Percentage of Shares (as a % of the Total Share capital of the Bank) |
Nil |
|
|
|
|
b) Non Encumbered |
|
|
-
Number of Shares |
343820000 |
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
100% |
|
-
Percentage of Shares (as a % of the Total Share capital of the Bank) |
80% |
|
NOTE: * Net of Rs.175.900 Millions recouped from staff welfare fund pertaining
to previous years * * Not annualized |
|
PRESS RELEASE:
INDIAN
BANK NET PROFIT UP 34 PER CENT POSTS ROBUST RECOVERIES IN NPA
Indian Bank posted a net profit of Rs. 4620.000 Millions in
Q1 of FY13 as compared to Rs.3450.000 Millions and Rs. 4070.000 Millions
in Q4 and Q1 of FY 2012 respectively. Cash recoveries of Rs.1520.000 Millions
and up gradation of NPA accounts of Rs. 2560.000 Millions resulted in Gross NPA% going
down to 1.66 per cent from 2.03 per cent as at end March 2012. Similarly, the
Net NPAs% have also declined to 1.04 per cent from 1.33 per cent as of March
2012.
Given below are the salient highlights of the
performance for quarter ended June 2012.
Performance Highlights for Quarter ended June 2012
Business
·
Total Business of the Bank rose to Rs. 2208880.000 Millions
as compared to Rs. 1929340.000 Millions in June 2011, registering a y-o-y
growth of 14.5%.
·
Deposits as at the end of June 2012 amounted to Rs.
1270120.000 Millions as compared to Rs. 1104250.000 Millions in June 2011,
recording a growth of 15.0% on y-o-y basis.
·
CASA Deposits (Domestic) improved to Rs.
368710.000 Millions in June 2012 from Rs.334410.000 Millions in June 2011,
recording a growth of 10.3%.
·
Advances at Rs. 938760.000
Millions as on 30.06.2012 grew by 13.8% (y-o-y) as against Rs.825100.000
Millions as on 30.06.2011.
·
Credit Deposit Ratio was at 73.9% as
against 74.7% in June 2011.
·
Net Profit for Q1 FY13 amounted to Rs. 4620.000
Millions as compared to Rs. 3450.000 Millions in Q4 FY 2012, registering a
growth of 33.7% sequentially. In Q1 FY12, Net Profit was at Rs. 4070.000
Millions.
·
Operating profit increased to Rs. 8400.000 Millions in Q1
FY13 as compared to Rs. 7810.000 Millions in Q1 FY12, registering 7.6% growth.
INCOME AND EXPENSES
·
Total Income increased by Rs.
5660.000 Millions to Rs. 35970.000 Millions, led by y-o-y growth of 21.3% in
Interest Income.
·
Net Interest Income
rose
by 12.0% on y-o-y basis to reach Rs. 11530.000 Millions in Q1 FY13.
·
Total Expenses increased by Rs. 5070.000 Millions to Rs.
27560.000 Millions as at the end of June 2012.
KEY RATIOS
·
Cost to Income Ratio was steady at
38.9%.
·
Net Interest Margin (NIM) was at 3.3% as at
Q1 FY 13 from 3.16% and 3.43% in Q4 and Q1 of FY 2012 respectively.
·
Return on Average
Assets stood at 1.27% as compared to 0.99% and 1.31% in Q4 and Q1 of FY 2012
respectively.
·
Net worth improved to Rs. 100990.000 Millions from Rs.
96370.000 Millions and Rs. 87330.000 Millions in Q4 and Q1 of FY 2012
respectively.
·
Earnings per Share increased to
Rs.41.88 (annualized) as compared to Rs. 31.07 and Rs.36.80 (annualized) for
the quarters ended March 2012 and June 2011 respectively.
·
Book Value per Share was higher at Rs.
225.68 as at end-June 2012 from Rs. 214.94 as on end-March 2012 and Rs. 193.91
in end-June 2011.
·
Capital Adequacy Ratio (Basel II) was at 12.98%
(Tier-I Capital: 10.72%; Tier-II Capital: 2.26%) for end-June 2012 as compared
to 13.47% and 13.03% for the quarters ended March 2012 and June 2011
respectively.
BRANCH NETWORK
·
As on June 30, 2012, the Bank’s distribution
network increased by 7 branches to 1953 branches comprising 521 Rural, 553 Semi
Urban, 499 Urban and 380 Metropolitan branches, besides 33 Extension Counters,
23 Satellite Offices and 61 Rural Banking Service Centres. These are
complemented by 1287 ATMs, which include 359 offsite ATMs and 86 Biometric ATMs
for extending 24x7 services to Self Help Groups.
·
Bank has also opened 1418 Ultra Small Branches
(USBs) in villages with population above 2000 covered through BC model under
Financial Inclusion.
·
Bank has 3 foreign branches at Singapore and
Colombo and Jaffna in Sri Lanka.
ASSET QUALITY
·
Bank recorded a robust recovery of Rs.1520.000
Millions. Gross NPA to Gross Advances ratio declined to 1.66% from 2.03%
as at end-March 2012.
·
Net NPA to Net Advances ratio decreased to 1.04%
from 1.33% in March 2012.
·
Provision Coverage Ratio was at 75.08% as
against RBI’s stipulation of 70%.
PRIORITY SECTOR
·
Priority Sector advances grew by Rs.
40540.000 Millions or 15.0% y-o-y to reach Rs. 311520.000 Millions.
·
Agriculture advances registered 22.0%
y-o-y growth at Rs. 141970.000 Millions.
·
Special Agricultural Credit Plan: Against the annual
target of Rs. 102500.000 Millions for the year 2012-13, disbursals were made
amounting to Rs. 31240.000 Millions, recording 30.5% achievement during the
quarter ended June 2012.
·
During the
quarter, 1.33 lakh new farmers were financed to the tune of Rs. 6560.000
Millions.
·
Finance to Small and Marginal Farmers: During the
quarter, 2.45 lakh farmers have been financed to the tune of Rs. 13120.000
Millions, which works out to 43% of direct agricultural disbursements as
against RBI’s directive of 40%.
FINANCIAL INCLUSION (FI)
·
All the 1523 villages allotted to the Bank under the
Financial Inclusion Plan (FIP) have been provided with banking services through
various delivery models like Smart card based Business Correspondent (BC)
Model, Brick and mortar branches, Banking Service Centres and Mobile
Branch/Van.
·
Besides, the Bank has proposed to cover all the
villages with population 1600 – 2000 through ICT based smart card enabled BC
Model and 42 villages have been provided with banking services through BC Model
so far.
·
As on 30.06.2012, 8.37 lakh ‘No Frill’ accounts
have been opened in the FIP implementing villages with population above 2000.
·
Even before implementation of FIP, the Bank had
started opening ‘No frill’ accounts way back from 2005. As on 30.06.2012, Bank
has opened 34.07 lakh ‘No frill’ accounts through various branches across the
country including accounts opened under FIP. OD and GCC facilities have been
sanctioned to 56,429 beneficiaries to the tune of Rs. 130.600 lakh.
IMPLEMENTATION OF
SOCIAL SECURITY SCHEME FOR PAYMENT OF PENSION
·
The Bank is implementing the Pilot project for
disbursement of Pension under Social Security Scheme (SSS) in two Taluks,
namely Kattumannarkoil (Cuddalore District) and Manapparai (Trichy District) in
Tamil Nadu through ICT based smart card enabled Business Correspondent Model.
ONE BANK ACCOUNT
PER FAMILY
·
Bank has organised campaigns in the villages with
population above 2000 covered under Financial Inclusion for ensuring that
atleast one Bank account is provided to every household in the village. Of the
12.58 lakh households in 1523 villages covered under FIP, accounts have been
opened to 10.47 lakh households.
·
Besides, Kharif season campaigns were also
organized for extending Kisan Credit Card facilities to farmers and
Overdraft/General Credit Card facilities to the non-farming households in the
villages covered under Financial Inclusion Plan
OPENING OF
ACCOUNTS TO MIGRANT LABOURERS AND STREET VENDORS/HAWKERS
·
The Bank has initiated a special drive in urban and metro
areas for opening accounts of migrant labour and street vendors/hawkers who are
working within 500 meters of the branches in Urban and Metro areas. As on
30.06.2012, accounts have been opened for 5378 migrant labourers and street
vendors by the urban and metro branches.
MICROFINANCE
·
During the quarter, loans amounting to Rs. 4150.000
Millions were disbursed to 16,565 SHGs. Outstanding under Micro finance (SHGs)
has increased by Rs. 610.000 Millions to Rs.24040.000 Millions.
·
The Bank has 45 Microsate branches (specialised
branches for lending to SHGs) as of June 2012. These branches have disbursed
Rs. 1790.000 Millions covering 7,968 SHGs during the quarter. Exposure of these
branches amounted to Rs. 8290.000 Millions covering 59,356 SHGs as at end-June
2012.
·
Cumulative number of SHGs linked upto June 2012 is
5.02 lakh groups.
EDUCATION LOAN
·
Exposure under education loans increased by Rs.
1460.000 Millions to reach Rs. 34270.000 Millions as on June 30th 2012. During
the quarter, Rs. 1610.000 Millions was disbursed to 28,793 students.
·
Bank has implemented "Web based on-line
education loan application system" to facilitate early disposal of
applications.
·
Interest concession @ 0.5% on the applicable card
rate on fresh education loans sanctioned to girl students is being allowed with
effect from 01.07.2009.
·
"Central Scheme to provide Interest Subsidy
(CSIS)" during the moratorium period of education loans availed by
students from economically weaker sections (with an annual gross
parental/family income not exceeding Rs. 4.50 lakh per year) under IBA
education loan scheme to pursue Technical/Professional courses in India is
being implemented by the Bank.
·
In order to help students pursuing courses under
Management quota and three-year diploma courses, the Bank has introduced an
Education loan – Non IBA Scheme.
SMALL and MEDIUM ENTERPRISES
MSME portfolio of the Bank grew
by 11.8 per cent to Rs. 107760.000 Millions as at end-June 2012.
·
For focused attention of MSME portfolio, 73 SME
specialized branches have been operational zed to provide single window
services to MSME borrowers across the country.
·
Bank has also established MSME CPUs at 9 key
centers at Chennai, Mumbai, Kolkata, New Delhi, Ahmedabad, Bangalore, Pune,
Coimbatore and Kancheepuram.
·
Bank has approved cluster specific schemes for
Textile Cluster in Bhilwara Region, Ceramic Cluster in Morvi Region, Leather
Cluster in Bhiwandi Region and Fastener Cluster in Chandigarh Region, Rig
cluster in Tiruchengode Region and Rice Mill cluster in Nellore Region.
·
MoU arrangement with BAJAJ and TVS for financing
their 3 wheelers to augment Micro Enterprises credit.
I.T. AND OTHER
INITIATIVES
·
Number of ATMs has increased to 1287 as on
30.06.2012 (including 359 offsite ATMs and 86 Biometric ATMs for extending 24x7
services to Self Help Groups (SHGs).
·
Bank’s customers can access more than 99,000 ATMs
across the country under the sharing arrangement.
·
ATM card base has increased to 76.79 lakh from
60.96 lakh as on 30.06.2011
·
Cash-in ATM opened at e-banking lounge at Alwarpet
branch.
·
Electronic Term Deposit Account (e-tda) opening
through net banking - customers having net banking facility can open term
deposit accounts (FD/STD/RIP/RD/VRD) electronically by instant debit to the
accounts through net banking. An electronic receipt/acknowledgement is provided
giving the details of the deposit opened to the customer.
·
Merchant Payment Integration through e-billing
solution (EBS) - Integrated with E-Billing Solutions Pvt. Ltd. for online
merchant transactions / utility payments through net banking facility covering
2775 billers / merchants.
·
Collection of Andhra Pradesh State VAT/CST,
Professional Taxes (PT) for Government of Maharashtra, Centralised Orissa
VAT/CST payment, TN Regional Transport Department-Payment through e-payment
module launched.
·
Bank is in the process of launching e-LC (Letter of
Credit) shortly.
AWARDS IN THE RECENT PAST
·
SKOCH Challenger Award 2012 - Banking for
outstanding contribution in providing banking services to the unreached
villages through various Financial Inclusion initiatives.
·
SKOCH Financial Inclusion Award-2012 for completion
of 100% Financial Inclusion in UT of Puducherry.
·
Dun and Bradstreet Banking Award 2011 for Best
Asset Quality.
·
''Best Risk Master Award'' for Public Sector Bank
Category from FIBAC at the FICCI- IBA conference.
·
Listed among Top 150 Banks for Best RoA as per
Banker Magazine.
·
Adjudged Third among the Public Sector Banks as the
Best Service Brand by Economic Times Brand Equity.
·
CNBC - TV 18 Award for the Best Public Sector Bank in
mid size category for superior quality of assets, profitability, efficiency and
productivity.
·
Outlook Money Awards 2011 for best Education Loan
provider.
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.53.99 |
|
|
1 |
Rs.83.72 |
|
Euro |
1 |
Rs.72.09 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
76 |
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.