MIRA INFORM REPORT
|
Report Date : |
23.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
SYNDICATE BANK |
|
|
|
|
Registered
Office : |
Plot No.17 to 24, Vithalrao Nagar, Madhapur, Hyderabad-500081, Andhra
Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Year of
Establishment : |
1925 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 6019.500 Millions |
|
|
|
|
Legal Form : |
Subject is a Government of India Bank. The Bank’s Shares are traded on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is providing wide range of Banking and Financial Services. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
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 : |
USD 361600000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an old and well established bank having a good track record.
Financially the bank seems to be strong liquidity position is good. It has
adequate assets quality and capitalization. The rating also takes into consideration the majority stake of
government. Trade relations are reported to be trustworthy. Business is
active. Payments are reported to be regular and as per commitment. In view of strong holdings the bank can be considered for normal
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A4+ (Lower Tier II Bonds) |
|
Rating Explanation |
Having high degree of safety regarding timely servicing of financial
obligation. It carry very low credit risk. |
|
Date |
November 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Plot No.17 to 24, Vithalrao Nagar, Madhapur, Hyderabad-500081, Andhra
Pradesh, India |
|
Tel. No.: |
91-40-44655000 / 44655116 |
|
Fax No.: |
91-40-23420814 |
|
Website : |
|
|
|
|
|
Head Office : |
Door No. 16/355 and 16/365A, Manipal - 576
104, Udupi District, Karnataka, India |
|
Tel. No.: |
91-820-2571181
to 2571196 (16 lines) |
|
|
|
|
Corporate Office : |
II Cross, Gandhi Nagar, Bangalore 560 009,
Karnataka, India |
|
Tel. No.: |
91-80
– 22267545 / 22267548 / 22266889 / 22266256 / 22265959 |
|
|
|
|
Treasury
& International Banking Department : |
Maker
Towers ‘F’, 3rd Floor, Cuffe Parade, Colaba Mumbai – 400005, Maharashtra,
India |
|
Tel. No.: |
91-22-2218 1552 / 022-2218 1780 |
|
Fax No.: |
91-22-2218 1622 / 2216 1537 / 2215 1596 |
|
E-Mail : |
|
|
|
|
|
Funds
and Investment Management Division : |
Maker
Towers ‘E’, 2nd Floor, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra,
India |
|
Tel. No.: |
91-22-2215 4265 /2215 4136 |
|
Fax No.: |
91-22-22154133 |
|
|
|
|
|
|
|
Regional Offices : |
Located At ·
Ahmedabad ·
Bangalore ·
Anantapur ·
Belgaum ·
Bhopal ·
Chandigarh ·
Coimbatore ·
Delhi ·
Ernakulam ·
Faridabad ·
Ghaziabad ·
Hubli ·
Hyderabad ·
Jaipur ·
Kannur ·
Meerut ·
Mumbai ·
Mysore ·
Udupi ·
Vijayawada ·
Thiruvananthapuram ·
Pune ·
Patna ·
Nagpur |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. M G Sanghvi |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Ravi Chatterjee |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. M Anjaneya Prasad |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. H Pradeep Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A S Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Narendra L Dave |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dinkar S Punja |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dilip Kumar Saxena |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jagdish Raj Shrimali |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ramesh L Adige |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. AR Nagappan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bhupinder Singh Suri |
|
Designation : |
Director |
KEY EXECUTIVES
|
General Managers : |
Mr. Vinay Rajan Rao Mr. T Murlidharan Mr. U Ganesh Kamath Mr. Sudarshan Kumar Abroi Mr. P K Chandrashekar Herle Mr. R Venkataraman Mr. P M Vasanthrajan Mr. P K Saxena Mr. S K Dhingra Mr. K P Murlidharan Mr. H N Vishweshwar Mr. George M Kurian Mr. HAri Kapoor Mr. T Viswanathan Nair Mr. S Balakrishnan Mr. Anil Kumar Argal Mr. M K Jain Mr. I N R Bhat Mr. Santosh Kamath |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
Central Government / State Government(s) |
398285671 |
66.17 |
|
|
Sub Total |
398285671 |
66.17 |
|
|
(2) Foreign |
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
398285671 |
66.17 |
|
|
|
|
|
|
|
(1) Institutions |
|
|
|
|
Mutual Funds / UTI |
3011262 |
0.5 |
|
|
|
1204945 |
0.2 |
|
|
Insurance Companies |
91601030 |
15.22 |
|
|
Foreign Institutional Investors |
38017596 |
6.32 |
|
|
Qualified Foreign Investor |
375000 |
0.06 |
|
|
|
134209833 |
22.3 |
|
|
(2)
Non-Institutions |
|
|
|
|
Bodies Corporate |
11725471 |
1.95 |
|
|
Individuals |
|
|
|
|
|
52309051 |
8.69 |
|
|
Individual shareholders holding nominal
share capital in excess of Rs. 0.100 Million |
3894850 |
0.65 |
|
|
|
1525079 |
0.25 |
|
|
|
947296 |
0.16 |
|
|
Trusts |
140190 |
0.02 |
|
|
Clearing Members |
437593 |
0.07 |
|
|
|
69454451 |
11.54 |
|
|
Total Public
shareholding (B) |
203664284 |
33.83 |
|
|
Total (A)+(B) |
601949955 |
100 |
|
|
|
0 |
0 |
|
|
(1) Promoter and
Promoter Group |
0 |
0 |
|
|
(2) Public |
0 |
0 |
|
|
Sub Total |
0 |
0 |
|
|
Total
(A)+(B)+(C) |
601949955 |
0 |
BUSINESS DETAILS
|
Line of Business : |
Subject is providing wide range of Banking and Financial Services. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
Bankers : |
Not Available |
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|
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|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jain and Associates Chartered Accountant |
|
|
|
|
Name : |
Prakash Chandra Jain and Company Chartered Accountant |
|
|
|
|
Name : |
S Sonny Associates Chartered Accountant |
|
|
|
|
Name : |
R Vender Gupta and Associates Chartered Accountant |
|
|
|
|
Name : |
Thakur, Vaidyanath Aiyar and Company Chartered Accountant |
|
|
|
|
Name : |
Chandiok and Guliani Chartered Accountant |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Associates : |
|
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 |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
Opening Balance |
|
Rs. 5732.857
Millions |
|
|
Additions During the Year |
|
Rs. 286.643 Millions |
|
|
|
|
Rs. 6019.500
Millions |
|
[2,86,64,284 (5,13,17,389)
Equity Shares of Rs. 10/- each issued during the year. Total number of Shares
held by Central Government is 39,82,85,671 (39,82,85,671)] |
|||
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
CAPITAL &
LIABILITIES |
|
|
|
|
Capital |
6019.500 |
5732.857 |
5219.683 |
|
Reserves and Surplus |
84392.035 |
64775.547 |
51050.813 |
|
Deposits |
1579410.568 |
1355960.809 |
1170257.947 |
|
Borrowings |
105899.063 |
95276.432 |
121726.876 |
|
Other Liabilities and Provisions |
48959.509 |
43642.231 |
42254.168 |
|
TOTAL |
1824680.675 |
1565387.876 |
1390509.487 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
Cash and Balances with Reserve Bank of India |
88086.277 |
104431.163 |
71891.235 |
|
Balances with Banks and Money at Call and Short Notice |
50756.406 |
15225.343 |
55447.294 |
|
Investments |
408150.608 |
350676.156 |
330109.288 |
|
Advances |
1236201.774 |
1067819.202 |
904063.595 |
|
Fixed Assets |
13515.905 |
6927.284 |
7014.334 |
|
Other Assets |
27969.705 |
20308.728 |
21983.741 |
|
TOTAL |
1824680.675 |
1565387.876 |
1390509.487 |
|
Contingent Liabilities |
555951.494 |
523977.030 |
527473.256 |
|
Bills for Collection |
31269.172 |
22367.610 |
20977.040 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Interest Earned |
152683.521 |
114508.589 |
100471.762 |
|
|
|
Other Income |
10758.797 |
9151.170 |
11674.600 |
|
|
|
TOTAL |
163442.318 |
123659.759 |
112146.362 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Interest Expended |
101833.173 |
70680.961 |
73073.663 |
|
|
|
Operating Expenses |
28141.178 |
25481.020 |
20335.709 |
|
|
|
Provision and Contingencies |
20334.024 |
17018.322 |
10603.809 |
|
|
|
TOTAL |
150308.375 |
113180.303 |
104013.181 |
|
|
|
|
|
|
|
|
|
PROFIT / LOSS |
13133.943 |
10479.456 |
8133.181 |
|
|
|
|
|
|
|
|
|
|
TOTAL |
13133.943 |
10479.456 |
8133.181 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer
to Staturory Reserves |
3283.486 |
2619.864 |
2033.295 |
|
|
|
Revenue
Reserves |
5189.135 |
4294.330 |
2446.259 |
|
|
|
Capital
Reserves |
32.837 |
0.000 |
777.843 |
|
|
|
General
Reserve |
0.000 |
0.000 |
49.802 |
|
|
|
Special Reserves
u/s 36(1) (viii) of Income Tax Act |
1970.000 |
1100.000 |
1000.000 |
|
|
|
Proposed Final Dividend |
2658.485 |
2465.262 |
1825.982 |
|
|
TOTAL |
13133.943 |
10479.456 |
8133.181 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
22.89 |
20.03 |
15.58 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Interest
Earned |
42425.000 |
42761.600 |
42205.900 |
43814.300 |
|
Income
On Investments |
8074.100 |
7803.300 |
8126.600 |
8307.500 |
|
Interest
On Balances With Rbi Other Inter Bank Funds |
618.700 |
646.800 |
749.800 |
854.900 |
|
Interest
/ Discount On Advances / Bills |
33235.500 |
34027.800 |
33329.500 |
34651.900 |
|
Others |
496.700 |
283.700 |
0.000 |
0.000 |
|
Other
Income |
2355.600 |
2701.700 |
2693.100 |
3993.200 |
|
Total
Income |
44780.600 |
45463.300 |
44899.000 |
47807.500 |
|
Interest
Expended |
29233.700 |
28853.60 |
28208.000 |
30371.000 |
|
Operating
Expenses |
7136.600 |
8177.700 |
8048.800 |
8425.200 |
|
Total
Expenditure |
7136.600 |
8177.700 |
8048.800 |
8425.200 |
|
Operating
Profit Before Provisions and Contingencies |
8410.300 |
8432.000 |
8642.200 |
9011.300 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Provisions
and contingencies |
5128.000 |
4796.100 |
5299.800 |
3637.900 |
|
Profit
Before Tax |
3282.300 |
3635.900 |
3342.400 |
5373.400 |
|
Tax |
(1119.900) |
(997.800) |
(1742.500) |
(550.000) |
|
Profit
After Tax |
4402.200 |
4633.700 |
5084.900 |
5923.400 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior
period items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net
Profit |
44022.000 |
46337.000 |
5084.900 |
59234.000 |
LOCAL AGENCY FURTHER INFORMATION
|
CASE DETAILS BENCH - BOMBAY
|
||||||||||||||||||||||||||||||||||
|
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 |
Yes |
|
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 |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
MANAGEMENT DISCUSSION AND ANALYSIS
MACRO ECONOMIC SCENARIO
GLOBAL PERSPECTIVE
The year just gone
by had witnessed tremendous pressure due to prevailing fiscal and financial
uncertainties around the world as well as decelerating growth in major emerging
and developing countries. The emergence of Sovereign debt crisis in the euro area
posed critical challenges before many countries in stabilizing the issues
relating to public debt. Despite, significant measures and relief packages
undertaken from several fronts to rescue the troubled euro zone, the crisis
does not yet seem to be over and still remain as the key risk to global
financial stability. The euro zone’s ‘firewall’ against contagion risk need to
be further strengthened
Risk to global
growth further accentuated due to a combination of various other factors viz.
weakened US housing sector, slump in commodity prices in emerging market
economy and a sudden reversal in their inward capital flows, elevated
inflationary pressure in developing economies, dampening business and consumer
confidence etc. which has proved to be more vulnerable to global growth
forecast.
The global GDP
grew by 3.8 per cent in 2011, a sharp drop from 5.2 per cent registered during
the year 2010. World Bank has predicted global GDP growth to 2.5 per cent in
2012 and 3.1 per cent in 2013 as against its earlier projection of 3.6 per cent
for each year in June 2011. The euro area may contract 0.3 per cent, compared
with previous estimates of 1.8 per cent gain. The US growth outlook was also
cut to 2.2 per cent from 2.29 per cent.
DOMESTIC
PERSPECTIVE
The spillover
effect of Greek sovereign debt crisis, escalating global oil prices and
volatile capital flows have put pressure on domestic recovery leading to lower
than expected GDP growth of the country. The impact has further been
exacerbated by decelerated growth in mining, manufacturing and construction
industries.
As per the revised
estimate of CSO, country’s GDP is estimated to grow by 6.5 per cent during
2011-12 as compared to the growth of 8.4 per cent in 2010-11. Agriculture,
industry and services sector grew by 2.8 per cent, 3.4 per cent and 8.9 per
cent respectively as compared to 7.0 per cent, 7.2 per cent and 9.3 per cent
recorded in FY 2010-11.
Money supply grew
by 13.1 per cent to Rs. 73475300.000
Millions as at March 23, 2012 as compared to a growth of 16.1 per cent
registered during the corresponding previous year. Flow of credit to commercial
sector stood at Rs. 49502800.000
Millions as at March 23, 2012 registering a growth of 16.8 per cent as against
a growth of 21.3 per cent recorded during the corresponding previous year
The cumulative
Index of Industrial Production (IIP) grew by 3.5 per cent during Apr-Feb’12 as
compared to 8.1per cent in the corresponding period a year ago. Core sector
that saw sharp drops in the growth include natural gas production which has
registered a contracted growth of 8.8 per cent compared to its growth at 12.3
per cent during the same period of the previous fiscal.
The average WPI
inflation during 2011-12 stood at 8.79 per cent as compared to 9.56 per cent
recorded in 2010-11. The buildup of inflation since March 2011 to March 2012
stood at 6.89 per cent as against 9.68 per cent in the corresponding period
last year.
BANKING SCENARIO
The Scheduled
Commercial Banks (SCBs) aggregate deposits grew y-o-y by 17.4 per cent from
Rs. 52047030.000 Millions as at March
25, 2011 to Rs. 61124800.000 Millions as at March 30, 2012 as against a growth
of 15.9 per cent in the corresponding period of previous year. Term deposits of
SCBs increased by 17.7 per cent whereas demand deposits grew by 15.8 per cent
during the period. The Reserve Bank of India has projected a growth of 16 per
cent in SCBs’ deposits in FY2012-13.
On the Contrary,
SCBs credit grew by 19.5 per cent from Rs. 39386590.000 Millions as at March
25, 2011 to Rs. 47047900.000 Millions as
at March 30, 2012 as compared to a growth of 21.5 per cent recorded during
corresponding previous period. Food credit grew by 24.1 per cent and Non-Food
credit registered an increase of 19.4 per cent during the period. Non-food credit
was projected to grow at present rate of 17 per cent in 2012-13.
Scheduled
Commercial Banks Investment in Government and other approved securities stood
at Rs. 17449600.000 Millions as at March 30, 2012 as against Rs. 15000390.000
Millions as at March 25, 2011, registering a y-o-y growth of 16.3 per cent.
EXTERNAL SECTOR
The country’s
merchandise exports reached USD 303.7 billion in 2011-12, a rise of 21 per cent
over USD 251.1 billion in 2010-11, while imports stood at USD 488.6 billion,
rising 32.1 per cent compared with USD 369.8 billion in the previous financial
year resulted in a record trade deficit of USD 184.9 billion in 2011-12 as
against trade deficit of USD 118.7 billion in 2010-11.
The major items in
import list were Petroleum products, gold and silver. Petroleum products grew
by 46.9 per cent to USD 155.6 billion whereas imports of gold and silver valued
at USD 61.5 billion registering an increase of 44.4 per cent over the previous
year.
The swelling of
trade deficit to record levels was primarily attributed to a huge surge in the
imports of petroleum products and gold. India’s Current Account Deficit (CAD)
stood at 4 per cent of GDP in 2011-12 exceeding the forecast of 3.6 per cent by
the Prime Minister's Economic Advisory Council.
Foreign direct
Investment inflows into the country during April-February 2012 stood at USD
28.40 billion as against USD 18.35 billion during the corresponding previous
year. The sector which received large FDI inflows during the year includes
services, pharmaceuticals, construction and telecom.
India’s foreign
exchange reserves declined by 3 per cent from USD 303.5 billion as at March 25,
2011 to USD 294.4 billion as at March 30, 2012. Foreign Currency Assets
declined from USD 273.7 billion as at March 25, 2011 to USD 260.1 billion as at
March 30, 2012.
The rupee
depreciated by 11.90 per cent against US dollar, 9.56 per cent against Pound
Sterling, 11.0 per cent against Japanese Yen and 5.58 per cent against Euro in
the month of March 2012 over March 2011.
RETAIL BANKING
Bank has
introduced new scheme under educational loans “Synd Super Vidya” to cater to
the needs of meritorious students getting admission into the prestigious
institutes like IITs, IIMs, NIITs, etc., with financial support upto Rs. 2.000
Millions without any collateral security and at reduced rate of interest. To
achieve qualitative growth under select branded products viz. SyndNivas,
SyndVidya, Synd SuperVidya, SyndSwarna, SyndVahan, SyndPigmy, SyndRent,
SyndSmall Credit, SyndUdyog, SyndVyapar, SyndLaghu Udyami, SyndNivas Plus and
SyndSaral, Bank has adopted a focused lending approach coupled with strong
marketing initiatives.
The growth in
retail credit was 9.10 per cent during 2011-12 over the previous year. Bank’s
total outstanding domestic retail loans and advances amounted to Rs. 247245.900
Millions as at March 31, 2012 constituting 22.28 per cent of the total
outstanding gross domestic advances.
Main thrust areas
under Retail Banking during the year 2011-12 were Housing Loans, Education
Loans, Vehicle Loans, Personal Loans, Gold Loans and Loans against rent
receivables.
SYNDNIVAS
SyndNivas scheme
is made more attractive with reduction of rate of interest and enhancing the maximum
repayment period up to 25 years. Leverage under LTV is enhanced to 80% and 90%
for loans of Rs. 2.000 Millions and above and below Rs. 2.000 Millions
respectively. In order to garner business of defence personnel, Bank has
promulgated special scheme for AGIF, AWHO and ANHB. Their tie-up will
definitely prove fruitful in future.
Outstanding
advances under Housing Loan (direct) stood at Rs. 84235.400 Millions as at March 31, 2012 with
a clientele base of 171290.
Outstanding
advances under Housing Loans – Priority sector stood at Rs. 74372.500 Millions
as at the end of March 2012 and Non-Priority sector stood at Rs. 9862.900
Millions.
Centralized Processing Centres for processing Housing Loans have been
extended to 6 more centres during the year and presently CPCs are made
available in 18 Centres and will be replicated in other identified centres also
to bring about a drastic transformation in the loan delivery process. Under
this arrangement, the proposals are processed quickly by skilled officers, thus
improving the quality of assets and delivery of credit at ease. The focus is
mainly on following the approved builder route for financing the buyers of
flats in approved projects. A system has been put in place for conducting due
diligence on builders and projects. The Bank has introduced an optional
insurance scheme for Housing Loan borrowers for covering the life of borrower
during the loan period.
SYNDNIVAS PLUS
This is a
pre-approved top-up loan product for SyndNivas borrowers with prompt repayment
track for 2 years from the date of availment and helps to meet their personal
needs.
Outstanding
advances under SyndNivas Plus stood at Rs.
663.000 Millions as at the end of March 2012.
SYNDVIDYA
During the fiscal
year 2011-12, Education Loan portfolio witnessed a quantum jump from Rs.
19028.500 Millions as at March 31, 2011 to Rs. 22697.600 Millions as at March
31, 2012 registering a growth of 19.28 per cent.
Special concession
in rate of interest is extended to the extent of 0.50% to all students belonging
to SC/ST category and further concession of 0.25% for girl students belonging
to SC/ST category.
Bank is charging
simple interest during the Repayment holiday/ Moratorium period on Education
loans.
SYNDSWARNA
Outstanding
balance under SyndSwarna loans against jewellery / gold reached Rs. 32066.500
Millions as at 31.03.2012 as against Rs. 19345.500 Millions as at 31.03.2011,
registering an increase of 65.76 per cent. Their scheme is one of the best in
the Industry with easy terms and low interest at BR+1.25%. The timely extension
of liberalized guidelines in tune with Gold loan market conditions has helped
to register such high rate of growth. Bank has also popularized the scheme by
providing overdraft facility against gold ornaments. Bank has taken steps to
establish gold loan Shoppes at important centres to provide gold loans in a
focused way.
TREASURY AND
INTERNATIONAL OPERATIONS
TREASURY
The domestic
investments of the bank were at Rs. 406414.600 Millions as at 31.03.2012 as against
Rs. 349542.700 Millions as at 31.03.2011. Total income from investment
portfolio (excluding trading profits) increased from Rs. 22651.300 Millions in
2010-11 to Rs. 27881.600 Millions in 2011-12. Bank’s investment in SLR
securities amounted to Rs. 365535.400 Millions, which formed 89.94 per cent of
Bank’s aggregate investments as on 31.03.2012
INTERNATIONAL
DIVISION
International
Division, Mumbai is the only “Category A” office of the Bank. The Bank’s
centralized dealing room at International Division, Mumbai is supported by one
Link Dealing centre at New Delhi. The Bank is one of the first to undertake
WEB-BASED trading with Overseas counter party Banks by using state-of-theart
WEB PLATFORMS. The Bank is having 87 designated Branches (Category B) to handle
full-fledged FX transactions and 375 nominated branches to handle the FCNR
BUSINESS of the Bank. NRE/ONR deposits are accepted at all branches of the
Bank.
The Bank is
offering only plain vanilla derivatives and no complex derivative products are
offered by the Bank.
The Bank has
become Trading-cum-Clearing Member on three exchanges, i.e., MCX-SX, NSE and
USE for undertaking trading in Currency Futures.
The total Forex
Turnover of the Bank during the year stood at Rs. 4934067.800 Millions as compared
to Rs. 4330998.200 Millions for the previous financial year. The Inter-Bank
turnover of the Bank stood at Rs.
4430097.500 Millions as at March 2012 as compared to Rs. 3747360.900 Millions for the previous year.
EXPORT FINANCE
Export Credit outstanding
stood at Rs. 21444.000 Millions as at March 31, 2012, as against Rs. 19438.000
Millions as at March 31, 2011. The coverage under the SyndExport Gold Card
Scheme, a unique scheme for eligible exporters offering concessional and
preferential terms, was broadened to include more number of exporters. Rupee
export credit was offered at very competitive interest rates within the ceiling
prescribed by RBI. The Interest
Subvention Scheme, as designed by Reserve Bank of India, has been made
available by the Bank to its customers in certain specified sectors, thus
passing on the benefits of concessional interest.
EXCHANGE COMPANIES
The Bank is
successfully managing two Exchange Companies one each at Qatar and Sultanate of
Oman. Besides having rupee drawing arrangements with 8 exchange houses the bank
also has speed remittance arrangements with 9 Exchange Houses for improved and
cost-effective funds transfer to India from Gulf countries.
OVERSEAS
OPERATIONS
Bank’s only
overseas presence is in UNITED KINGDOM at LONDON. The Branch is active in money
market operations, besides treasury and forex dealing operations. The Branch
also focuses on syndications and ECBs. With Indian Corporates going global,
Branch finds new opportunities of business.
The total business
of the branch stands at GBP 3697.586 Million as at March 31, 2012 as against
GBP 3078.698 Million as at March 31, 2011.
ASSET QUALITY AND
MANAGEMENT OF NPAS
The Bank accorded
top most priority for management of Non Performing Assets (NPAs), maximizing
cash recovery of NPAs and upgrading the existing NPAs.
Bank took up
resolving high value Non Performing Assets by meeting large borrowers and
settling under One Time Settlement Scheme at Corporate Office level. Bank has
introduced / extended special OTS schemes for considering proposals of farmers
eligible under Agricultural Tractor loans, small NPA accounts under doubtful
and loss assets category with book balance of Rs. 0.100 Million and below as at
March 2011 and of Micro and Small Enterprises borrowers.
A total number of
3495 Synd Adalats were conducted at regional/cluster level and 15874 OTS cases
were settled.
Provisions of the
Securitisation and Reconstruction of Financial Assets and Enforcement of
Security Interest (SARFAESI) Act – 2002 were effectively utilized. Bank was
able to register a recovery of Rs.
6911.700 Millions during the year 2011-12 by issuing notices and taking
possession/auctioning of properties.
Special intensive
recovery drive, and Synd Vasuli Abhiyan -108, a NPA Recovery campaign was
conducted successfully during the year for maximizing recovery through active
participation of staff members.
The recovery in
NPAs amounted to Rs. 11372.000 Millions comprising Rs. 8380.300 Millions
recovery towards principal Rs. 2968.600 Millions towards uncharged interest and
Rs. 23.100 Millions towards bad debts written off accounts. In all, Bank could
make cash recovery of NPAs of Rs. 14347.500 Millions during the year.
The gross NPA
level and gross NPA ratio as of 31.03.2012 is Rs. 31827.000 Millions and 2.53
per cent respectively. The Bank has maintained sufficient cushion towards
provision requirement to cover up the unexpected defaults. The provision
coverage ratio at 80.06 per cent as at 31.03.2012 is well above the RBI
stipulation of 70% coverage ratio.
SYNDICATE KISAN
CREDIT CARD SCHEME (SKCC)
The Bank has
issued 3.48 lakh SKCC cards during the year 2011-12. The cumulative number of
Syndicate Kisan Credit Cards issued so far, excluding the renewals, is 12.73
lakh with a total credit limit of Rs. 73910.000 Millions. The existing
Syndicate Kisan Credit Card Scheme was revisited and the following value
additions were introduced.
- To take care of increase in scale of finance
and enhancement in credit requirement of the farmers, staggered limits
were incorporated.
- Debt Swap facility has been simplified and
eligibility limit has been increased to Rs. 0.100 Million to cover more
number of farmers and enable them to come out of the clutches of private
money lenders.
Under Syndicate
Kisan Samrudhi Credit Card Scheme, the Bank has issued 749 cards with a credit
limit of Rs. 49.800 Millions during the
year, which provides hassle free investment credit in addition to need based
short-term credit.
GOVERNMENT
SPONSORED SCHEMES
The Bank continued
to participate in implementing poverty alleviation and employment generation
schemes sponsored by the Government in full scale. Special emphasis was laid on
coverage of SC/ST, women and minority beneficiaries under these schemes. The
total amount disbursed under these schemes viz. PMEGP, SGSY and SJSRY is Rs.
434.500 Millions benefitting 3814 families during the year. Special thrust was
given to extend financial support to SC/ST/OBC and minorities, while
implementing the Govt. sponsored schemes.
CREDIT LINKAGE OF SELF HELP GROUPS/JOINT LIABILITY
GROUPS
29066 new Self
Help Groups (SHGs) were credit linked with a credit support of Rs. 6369.000
Millions during the year 2011-12. The Bank had 102340 credit linked SHGs with a
credit exposure of Rs.12213.300 Millions as at 31.03.2012. In addition, 809
Joint Liability Groups (JLGs) were credit linked with a credit support of Rs.
82.500 Millions. During the year, the Bank secured the state level award from
NABARD for highest average lending to SHGs among the Banks in Karnataka.
The Bank is
participating in Janashree Bima Yojana of LIC of India to extend insurance
cover to all the women members of SHGs credit linked to Bank wherein the
premium is subsidized by GOI. Further, the scheme has an add-on benefit under
Shiksha Sahayog Yojana wherein two children of the insured member of SHG are
provided with scholarship at no additional cost.
HARNESSING SOLAR
ENERGY
The Bank has been
actively involved in promoting solar energy and implementing the schemes for
financing Solar Water Heating Systems and Solar Lighting Systems. The Bank is
presently implementing the scheme to extend finance to Solar Home Lighting
Systems and Solar Water Heating Systems with subsidy assistance from MNRE
(Ministry of New and Renewable Energy) under Jawaharlal Nehru National Solar
Mission (JNNSM). During the year, the Bank has financed Rs. 10.400 Millions for
399 units of Solar Home Lighting Systems and Rs. 2.63 crore for 656 units of Solar Water
Heating Systems.
REGIONAL RURAL
BANKS
There are 5
Regional Rural Banks sponsored by their Bank, covering 32 districts in 5
states, with a network of 1578 branches. RRBs sponsored by the Bank are in the
top league among all 82 RRBs of the country, in respect of key business
parameters. Total business of RRBs sponsored by the Bank stood at Rs.
383070.000 Millions, registering an annual growth of 16.75 per cent during the
year.
The total deposits
and advances of the RRBs reached a level of Rs. 205940.000 Millions and Rs.
177130.000 Millions, with an annual growth of 11.57 per cent and 22.69 per
cent, respectively. The total Priority Sector Advances stood at Rs. 151620.000
Millions constituting 87.76 per cent of total advances as at 31.03.2012.
Agricultural advances reached a level of Rs. 114180.000 Millions forming 64 per
cent of total advances. In all, the RRBs have issued 11.97 lakh Kisan Credit
Cards to farmers with an outstanding credit of Rs. 58120.000 Millions. The RRBs
have earned a net profit of Rs. 4520.000 Millions for the year 2011-12.
As per the
suggestions of the working group constituted by RBI on Technology up-gradation
of RRBs, the RRBs sponsored by their bank have moved towards implementation of
CBS. System generated NPA for accounts having balance of Rs. 0.500 Million and
above is implemented in all RRBs sponsored by us.
During the year,
Karnataka Vikas Grameena Bank received the state level awards from NABARD for
involvement of highest number of Branches in SHG Bank Linkage and for linking
highest number of JLGs in Karnataka State.
SYNDICATE RURAL
DEVELOPMENT TRUST (SRDT)
Syndicate Rural
Development Trust (SRDT) was established in the year 2000 to promote rural
development and rural entrepreneurship among the rural poor, especially women.
During the year one more Institute was opened and with that the Bank has
established 16 SyndRural Self Employment Training Institutes (Synd RSETIs) in 5
States and 1 Union Territory for imparting training to rural poor. These
institutes have conducted 323 training programmes during the year 2011-12, benefitting
9739 persons, of whom 6585 were women and 3100 were from SC/ST category. Total
candidates trained since inception is 82116. The settlement rate is 67 per
cent.
RURAL DEVELOPMENT AND SELF EMPLOYMENT TRAINING
INSTITUTE (RUDSETI)
Bank has co-sponsored
26 Rural Development and Self Employment Training Institutes (RUDSETIs) across
the country. These institutes have trained 21881 candidates during the year
2011-12. Out of these trained candidates 16564 were women and 4154 were from
SC/ST category. Total candidates trained since inception is 284733. The
settlement rate is 71 per cent.
Their RUDSETI
model has been accepted by Govt. of India, Ministry of Rural Development, as a
role model to be replicated in each district of the country. A monitoring cell
of National Academy of RUDSETIs was established at Bengaluru during the year.
LEAD BANK SCHEME
The Bank has Lead
Bank responsibilities in 27 districts inclusive of UT of Lakshadweep across the
country. During the year, the Bank took up the responsibilities of Lead Bank in
two new districts – Bhimnagar and Panchsheel Nagar in the state of Uttar
Pradesh. Lead District Offices of the Bank in 25 lead districts have conducted
the District Level Review Committee (DLRC) meetings and District Consultative
Committee (DCC) meetings regularly. The credit planning process was completed
and District Credit Plan (DCP) 2012-13 was launched as per time schedule
envisaged by RBI. The Bank is also the convener of State Level Bankers’
Committee (SLBC) in Karnataka and the Union Territory of Lakshadweep and
satisfactorily discharged the responsibilities cast on it as the convener of
State Level Bankers’ Committee. The SLBC for Karnataka and UTLBC for
Lakshadweep are implementing the recommendations of the High Level Committee to
review the Lead Bank Scheme.
FINANCIAL
INCLUSION (FI)
Under FI
Programme, their bank has covered 1553 Villages having population of over 2000
by March 31, 2012 in excess of target given to the bank. The Bank has already
opened 334 branches in FI villages and engaged 1219 BC Agents and thus they
have covered 1553 villages, exceeding the allotted villages with banking
outlets well ahead of the stipulated date
The Bank has
adopted both Smart Card Technology and Voice based Mobile Technology for
implementing ICT based solution for implementation of FI.
Their Bank has
opened 8.89 lakh No Frill Accounts in FI villages and has extended 191187 KCCs,
37352 GCCs and issued 170834 smart cards to No Frill Account customers.
All the 5 RRBs
have opened banking outlets in the 1606 allotted FI villages with over 2000
population by opening 178 branches, engaging 1428 BCs and also by covering 30
villages through mobile vans.
All 35 Nodal
Officers of the Regional Offices and all Base Branch Managers implementing FI
Porgramme have been trained on various aspects of implementation of FI. All BC
Agents have been sensitized on the products and services available from the
Bank for enabling them to take up enrolment of customers and mobilize business.
In addition to this, 1023 BC Agents have been exposed to intensive training
through IIBF accredited Training Institutions.
The scheme of
Ultra Small branches has been introduced to facilitate increased banking
transactions amongst customers of villages covered under financial inclusion.
They have opened 14 such branches as at 31.03.2012.
The Bank has
entered into an arrangement with M/s SBI Life Insurance company to offer
comprehensive life insurance for a sum of Rs.
25000/- at a nominal premium covering natural and accidental death risk
with inbuilt terminal illness benefit for all the No Frill Account holders
under FI.
A number of
initiatives have been taken to fast track implementation of FI and important
among them are:
ü Bank has launched
a new product viz SB-cum-OD for extending overdraft upto a limit of Rs. 0.010
Milion to all rural landless families for meeting their requirements of
consumption based on need with a provision to pay interest at SB Rate for the
credit balance maintained in the account.
ü Another product
for extending credit facility of Rs.
0.020 Million to the BC Agents to purchase Micro ATM Kit has also been
launched.
ü Bank has selected
6 villages to take up various developmental activities under ‘Corporate Social
Responsibility’ to make them ‘Model’ villages under Meaningful and Holistic
Financial Inclusion (MHFI) concept. Activities taken up under this programme
includes training and capacity building, solar lighting, infrastructural
development, health and hygiene etc.
ü As part of promoting
financial literacy, Bank has donated a Mobile Publicity Van to JJFLCC Trust to
take up awareness programmes in villages. In addition a customized Mobile
Publicity Van has also been engaged to spread the message of FI by performing
puppet and magic shows in identified villages in Mewat District, brochures,
pamphlets have been brought out in vernacular languages, graffiti displayed at
prominent places in the villages, Yakshagana programmes organized with FI theme
in selected villages, ‘Comic’ books depicting the various products and services
available from the Bank have been published and distributed to the villages.
ü 24 FLCCs and 21
FIRCs have been established in the Lead Districts of the Bank.
ü 193 Gram Sabhas
have been organized in the villages to mobilize customers and open No Frill
Accounts
ü Bank has
introduced a scheme for offering incentives to the BC Agents to motivate them
in contributing to the business development of the Bank and also recovery
ü In order to
strengthen the monitoring arrangement, Bank has come out with guidelines on
appointment of retired Bank Officers as
BC Supervisors to supervise a cluster of 10-12 BCs
ü 96 SyndFI Quiz has
been organized in High Schools and Junior Colleges located in FI villages to
promote financial literacy amongst school children
ü As part of
technology initiative, Bank has already completed Proof of Concept (POC) for
enabling interoperability of FI transactions through the HHMs of the BC agents
across the Banks
ü Bank is a
Registrar for UIDAI for Aadhaar enrolment and has commenced Aadhaar enrolments
in UP and Haryana and has completed enrolments close to a lakh
MEWAT-ROLE MODEL
FOR FINANCIAL INCLUSION
The Bank is the
Lead Bank in Mewat District of Haryana State and Mewat has been selected by DFS,
MOF, GOI, for pilot study on implementation of FI.
Under the
leadership of Syndicate Bank, a number of initiatives were taken in the
District for FI implementation, such as, streamlining the procedures for
extending KCC and GCC so as to cover 100% eligible households, strengthening
monitoring system in implementation of FI by deputing specific officers to
visit FI villages on fixed day and time in a week, opening Banking outlets in
all the villages with over 2000 population, testing POC for enabling interoperability
of FI transaction through HHMs of BC Agents across the Banks, training and
sensitization of staff on e-payment, commencement of Aadhaar enrolment,
adopting innovative forms of promoting financial literacy such as puppet show,
magic show, etc., adopting the concept of Anchor NGO to facilitate formation
and credit linkage of SHG, etc.
Banks in the
District have formed 4353 SHGs and credit linked 4253 SHGs. In Mewat District,
Bank has issued Debit Cards as well as Smart Cards to enable people to operate
through ATMs, Micro ATMs and POS in the District. To inculcate card culture for
transaction, Bank has provided EDC POS Machines to merchant establishments. 60
Farmers Clubs have been formed by the Bank along with GGB, sponsored by
Syndicate Bank in the District and the Bank has also opened one Financial
Literacy and Credit Counselling Centre in the District
The Ministry of
Finance, Government of India, has complemented the Bank for the initiatives
taken and the excellent progress made in implementation of FI in Mewat
District.
ADVANCES TO MICRO, SMALL AND MEDIUM ENTERPRISE
(MSME) SECTOR
In tune with the
guidelines issued by the Government of India and RBI, the Bank has taken steps
for increased flow of credit to MSME sector. Total Advances to MSME sector
stood at Rs. 148659.600 Millions as at March 31, 2012, against Rs. 133826.000
Millions as at March 31, 2011, registering a growth of 11.08 per cent during
the year. Advances to Micro and Small Enterprises reached a level of Rs.
134917.300 Millions as at March 31, 2012, registering a growth of 11.97 per
cent. The total outstanding advances to Micro Enterprises constitute 61.74 per
cent of advances to Micro and Small Enterprises Sector exceeds stipulated
target of 55 per cent to be achieved by March 2012 and 60 per cent to be
achieved by March 2013. Total number of accounts under Micro Enterprises
increased from 459884 as on March 2011 to 513206 as on March 2012 registering
growth of 11.59 per cent during the year.
During the year,
all existing MSE products are revisited and a new scheme “SyndMSE” with reduced
rate of interest, margin and liberalized terms and conditions to promote the
growth of Micro and Small Enterprises was launched. Further to encourage Micro
Enterprises, rebate in interest rate for prompt repayment was introduced. MOUs
signed with reputed Commercial Vehicle Manufacturers viz. Tata Motors, TVS
Motors and Bajaj Auto Limited for financing commercial vehicles under Micro and
Small Enterprises. New Board approved policy for Restructure / Rehabilitation
of potentially viable MSME unit is launched to take up timely rehabilitation
measures for potentially viable sick units.
CREDIT GUARANTEE TRUST FUND FOR MICRO AND SMALL
ENTERPRISES (CGMSE)
CGMSE scheme was
introduced by the Govt. of India and SIDBI, to guarantee collateral free credit
facilities sanctioned to Micro and Small Enterprises (MSEs). The bank is a
member lending institution (MLI) implementing the scheme. As per RBI
guidelines, it is mandatory to grant collateral free loans to MSEs upto Rs.
1.000 Million and cover all eligible loans under CGMSE. Bank has also
implemented CGTMSE guidelines to extend Collateral free loans without third
party guarantee to Micro and Small Enterprises up to Rs. 10.000 Millions and
cover all eligible accounts under CGMSE.
The Collateral
free loans without third party guarantee granted to Micro and Small Enterprises
and covered under CGMSE scheme increased from 12971 as at March 2011 to 21402
as at March 2012 registering a growth of 65 per cent.
CARD BUSINESS
CREDIT CARD
PRODUCT
The Bank in
association with VISA International, offers Gold and Classic Credit Cards,
which can be used at ATMs, Point of- Sale terminals, Internet, IVR and for Mail
Orders. The cards are valid globally and can be used throughout the world. The
Bank has issued 80125 Credit Cards up to 31.03.2012
DEBIT CARD PRODUCT
- The Bank launched its Global Debit-cum-ATM
Card on 29.03.2003 in association with VISA and the same is issued through
all branches of the Bank.
- During the year the Bank has launched Maestro
Debit card in association with MasterCard on 22.06.2011 with the
additional authentication of POS transactions through PIN known to the
cardholder
NEW SCHEMES
INTRODUCED
During 2011-12,
two new innovative schemes Viz. a) Synd Rice Mills b) SyndJaikisan were
introduced and SyndKisan Sathi scheme further simplified
a) Synd Rice Mills: A special scheme was
introduced during the year to meet the working capital and investment credit
requirements of Rice Mills for processing paddy following the policy guidelines
of RBI on lending to Priority Sector.
b) SyndJaikisan: This hassle free credit
scheme appreciated by farmers for meeting their investment credit needs for
contingent and non-schematic / unspecified farming purposes was revived and
re-introduced. The present scheme aims at meeting the credit requirements up to
Rs. 0.500 Million for such purposes giving due recognition to the proven track
record of farmers with the Bank
c) SyndKisan Sathi: The existing SyndKisan Sathi Scheme has been simplified and
eligible limit has been increased to Rs.
0.100 Million to enable more and more farmers to come out of the
clutches
AUDITED FINANCIAL
RESULTS FOR THE YEAR ENDED 31ST MARCH 2013
(Rs. in millions)
|
Particular |
Quarter Ended |
Year Ended |
|
|
|
31.03.2013 (Audited) |
31.12.2012 (Reviewed) |
31.03.2013 (Audited) |
|
Interest Earned |
43814.300 |
42205.900 |
171206.800 |
|
Other Income |
3993.200 |
2693.100 |
11743.600 |
|
Net Sales/Income
from Operations |
47807.500 |
44899.000 |
182950.400 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
Interest Expended |
30371.000 |
28208.000 |
116666.300 |
|
Employee Benefits Expenses |
5787.000 |
5503.900 |
21792.100 |
|
Other Operating Expenses |
2638.200 |
2544.900 |
9996.200 |
|
Total |
38796.200 |
36256.800 |
148454.600 |
|
|
|
|
|
|
Profit After Interest but before Exceptional Items (5-6) |
9011.300 |
8642.200 |
34495.800 |
|
|
|
|
|
|
Provision and Contingencies |
3637.900 |
5299.800 |
18861.800 |
|
|
|
|
|
|
Profit from Ordinary Activities before Tax (7+8) |
5373.400 |
3342.400 |
15634.000 |
|
|
|
|
|
|
Tax Expense |
(550.000) |
(1742.500) |
(4410.200) |
|
|
|
|
|
|
Net Profit from Ordinary Activities after Tax (9-10) |
5923.400 |
5084.900 |
20044.200 |
|
|
|
|
|
|
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
Net Profit for the period (11-12) |
5923.400 |
5084.900 |
20044.200 |
|
|
|
|
|
|
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
6019.500 |
6019.500 |
6019.500 |
|
|
|
|
|
|
Reserves Excluding Revaluation Reserve |
89636.400 |
74337.900 |
89636.400 |
|
|
|
|
|
|
Analytical
Ratios |
|
|
|
|
Percentage of Shares held by Government of India |
66.17% |
66.17% |
66.17% |
|
Capital Adequacy Ratio |
|
|
|
|
Basel I |
11.12% |
10.29% |
11.12% |
|
Basel II |
12.59% |
11.38% |
12.59% |
|
|
|
|
|
|
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
9.84 |
8.45 |
33.30 |
|
b) Basic and diluted EPS after extraordinary items |
9.84 |
8.45 |
33.30 |
|
|
|
|
|
|
NPA Rations |
|
|
|
|
Gross NPA |
29785.000 |
31599.500 |
29785.000 |
|
Net NPA |
11247.700 |
11411.100 |
11247.700 |
|
% of Gross NPA |
1.99% |
2.31% |
1.99% |
|
% of Net NPA |
0.76% |
0.85% |
0.76% |
|
Return on Assets % (Annualized) |
1.19% |
1.10% |
1.07% |
|
|
|
|
|
|
Public
Shareholding |
|
|
|
|
-Number of Shares |
203664284 |
203664284 |
203664284 |
|
- Percentage of Shareholding |
33.83% |
33.83% |
33.83% |
|
|
|
|
|
|
Promoters
and Promoter Group Shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Share Capital of
the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
- Number of Shares |
398285671 |
398285671 |
398285671 |
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100.00% |
100.00% |
100.00% |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
66.17% |
66.17% |
66.17% |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. in Millions)
|
Sl. No. |
|
Particulars |
Quarter Ended |
Year Ended |
|
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
||
|
|
(Audited) |
(Reviewed) |
(Audited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate / Wholesale Banking Operations |
28850.000 |
24100.000 |
100680.000 |
|
|
|
Retail Banking Operations |
8280.000 |
10800.000 |
41650.000 |
|
|
|
Treasury Operations |
9580.000 |
9230.000 |
36490.000 |
|
|
|
Other Banking Operations |
1100.000 |
770.000 |
4130.000 |
|
|
|
|
|
|
|
|
|
|
Net Sales / Income From
Operations |
47810.000 |
44900.000 |
182950.000 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate / Wholesale Banking Operations |
4110.000 |
4990.000 |
18630.000 |
|
|
|
Retail Banking Operations |
820.000 |
2380.000 |
7710.000 |
|
|
|
Treasury Operations |
3930.000 |
1120.000 |
6830.000 |
|
|
|
Other Banking Operations |
150.000 |
150.000 |
1320.000 |
|
|
|
|
|
|
|
|
|
|
Operating Profit |
9010.000 |
8640.000 |
34490.000 |
|
|
|
|
|
|
|
|
|
|
Less : Other Unallocable Expenses |
3640.000 |
5310.000 |
18860.000 |
|
|
|
|
|
|
|
|
|
|
Profit Before Tax |
5370.000 |
3330.000 |
15630.000 |
|
|
|
|
|
|
|
|
|
|
Income Tax (Net) |
(550.000) |
(1750.000) |
(4410.000) |
|
|
|
|
|
|
|
|
|
|
Net Profit |
5920.000 |
5080.000 |
20040.000 |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate / Wholesale Banking Operations |
49680.000 |
54950.000 |
49680.000 |
|
|
|
Retail Banking Operations |
20550.000 |
24710.000 |
20550.000 |
|
|
|
Treasury Operations |
19150.000 |
8510.000 |
19150.000 |
|
|
|
Other Banking Operations |
1690.000 |
1870.000 |
1690.000 |
|
|
|
Unallocated Assets |
14340.000 |
14300.000 |
14340.000 |
|
|
|
|
|
|
|
|
|
|
Total |
105410.000 |
104340.000 |
105410.000 |
|
|
|
|
|
|
|
|
|
|
Geographic Segment |
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Domestic Operations |
46240.000 |
43250.000 |
176670.000 |
|
|
|
Foreign Operations |
1570.000 |
1650.000 |
6280.000 |
|
|
|
Total |
47810.000 |
44900.000 |
182950.000 |
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Domestic Operations |
1910580.000 |
1743400.000 |
1910580.000 |
|
|
|
Foreign Operations |
240640.000 |
193500.000 |
240640.000 |
|
|
|
Total |
2151220.000 |
1936900.000 |
2151220.000 |
SUMMARIZED BALANCE
SHEET
(Rs. In Millions)
|
SOURCES OF FUNDS |
31.03.2013 Audited |
|
CAPITAL &
LIABILITIES |
|
|
Capital |
6020.000 |
|
Reserves and Surplus |
99390.000 |
|
Deposits |
1853560.000 |
|
Borrowings |
128140.000 |
|
Other Liabilities and Provisions |
64110.000 |
|
TOTAL |
2151220.000 |
|
|
|
|
ASSETS |
|
|
Cash and Balances with Reserve Bank of India |
80950.000 |
|
Balances with Banks and Money at Call and Short Notice |
84890.000 |
|
Investments |
456480.000 |
|
Advances |
1475690.000 |
|
Fixed Assets |
14340.000 |
|
Other Assets |
38870.000 |
|
TOTAL |
2151220.000 |
|
Contingent Liabilities |
|
|
Bills for Collection |
|
NOTE
- The above
audited financial results were reviewed by the Audit Committee of the Bank
approved by the Board of Directors of the Bank at the meeting held on May
02, 2013.
- There is no
material change in the Accounting Policies adopted during the year ended
March 31, 2013 as compared to those followed in the annual financial
statements for the year ended March 31, 2012.
- Financial
results for the period ended March 31, 2013 have been arrived at after
considering provisions for Standard Assets, Non Performing Advances and
Depreciation / Provision on Investments as per Reserve Bank of India
guidelines. Provision for Income Tax (net of DTA / DTL) and other
necessary and usual provisions have been made on actual basis.
- Considering
the future profitability and taxable position of the Bank in subsequent
years, the bank management has recognized MAT credit entitlement of Rs.
5735.900 Millions (during the quarter Rs. 1140.200 Millions) as other
assets by crediting to profit and loss, since in the opinion of the bank
management based on Tax Consultants Opinion, MAT credit can be utilized
during specified period as per the provisions of the Income Tax Act 1961.
- The NPA
Provision coverage ration Stands at 83.41% as on 31.03.2013 as against
80.06% as on 31.03.2012.
- In accordance
with the RBI guidelines, the Bank has amortised 1/5th (Rs.
1453.800 Millions) of the enhanced liability of Rs. 7269.000 Millions in
each of the years since 2010-11, in respect of second pension option and
enhancement of ceiling of gratuity. Accordingly, the Bank has charged Rs.
1453.800 Millions for the period ended on March 31, 2013 to profit and
loss account and the balance amount of Rs. 2907.600 Millions will be
absorbed in future years.
- During the
year, the Bank has mobilized subordinated debt of Rs. 10000.000 Million
for Tier II Capital.
- Board of
Directors of the Bank has recommended a dividend of 67% (Rs. 6.70 per
share) of the year 2012-13. (38% for the previous year).
- Total number
of shareholder complaints pending at the beginning of the Quarter was 17,
complaints received during the quarter was 755, resolved during the
quarter was 764 and the complaints pending at the end of the quarter was
8.
WEBSITE DETAILS
NEWS
SYNDICATE BANK HAS POTENTIAL TO TEST RS 144:
KULKARNI
Shardul Kulkarni of Angel Broking told CNBC-TV18, "Amongst all the other
banks, Syndicate Bank has given a very strong breakout. It is a clear
flag breakout on the charts. We expect the stock to achieve the potential
target of around Rs 142-144. So, I would look at trading on the upside in case
of Syndicate Bank. Rs 131 would be the stop loss on the lower side."
The
share closed at Rs 134.65, up Rs 1.80, or 1.35 percent. It touched an intraday
high of Rs 137.60 and an intraday low of Rs 132.10. There were pending sell
orders of 805 shares, with no buyers available.
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 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. 55.52 |
|
|
1 |
Rs. 84.09 |
|
Euro |
1 |
Rs. 71.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
72 |
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.