|
Report Date : |
29.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
UBS AG |
|
|
|
|
Representative
Office : |
3/F, 2, North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra
(East), Mumbai-400051, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
08.07.2008 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 19102.404 Millions |
|
|
|
|
FCRN No.: |
F03421 |
|
|
|
|
Legal Form : |
Foreign Registry Company |
|
|
|
|
Line of Business
: |
Banking Activities |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 79220000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “UBS AG”, a well established bank incorporated in
Switzerland. It has a good track record. The bank has a good capital base. The net profitability has improved
during 2012. Liquidity position is strong. Trade relations are descent. Business is active. Payment terms are
regular and as per commitment. The bank can be considered good 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
MOOD’S |
|
Rating |
A2 (Long Term Rating) |
|
Rating Explanation |
Upper medium grade and low credit risk. |
|
Date |
21.06.2012 |
|
Rating Agency Name |
MOOD’S |
|
Rating |
C- (Baaz) (Bank Financial Strength Rating) |
|
Rating Explanation |
Typically in default with little prospects of recovery |
|
Date |
21.06.2012 |
|
Rating Agency Name |
FITCH |
|
Rating |
A (Viability Rating) |
|
Rating Explanation |
High fundamental credit quality. |
|
Date |
04.04.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
Management non co-operative
LOCATIONS
|
Registered Office : |
Subject is incorporated in Switzerland whose registered offices are
|
|
|
Tel. No.: |
+41-44-234 11 11 +41-61-288 20 20 |
|
|
Fax No.: |
Not Available |
|
|
E-Mail : |
||
|
Website : |
||
|
|
|
|
|
Representative
Office : |
3/F, 2, North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra
(East), Mumbai-400051, Maharashtra, India
|
|
|
Tel. No.: |
91-22-61556501 / 61556514 |
|
|
Fax No.: |
91-2261556435 |
|
|
E-Mail : |
||
|
|
|
|
|
Branch Office : |
1 Finsbury Avenue, London EC2M 2PP |
|
|
Tel. No.: |
+44-20-7567 8000 |
|
MEMBERS OF THE DIRECTORS
|
Name : |
Ms. Manisha Girotra |
|
Designation : |
Managing Director |
|
Address : |
M21, Greater Kailsh, Delhi-110048 |
|
Date of Birth/Age : |
09.07.1969 |
|
PAN No.: |
AAEPG5908M |
|
|
|
|
Name : |
Ms. Anukruti Sharma |
|
Designation : |
Executive Director |
|
Address : |
B 177, Bapu Nagar Mangal Marg, Jaipur-302015, Rajasthan, India |
|
Date of Birth/Age : |
30.09.1972 |
|
PAN No.: |
AAAPU5851D |
|
|
|
|
Name : |
Mr. Marcel Ospel |
|
Functions in UBS : |
Chairman |
|
Address : |
UBS AG, Bahnhofstrasse 45, CH-8098, Zurich |
|
Nationality : |
Swiss |
|
Year of Initial Appointment : |
2001 |
|
Current Term of Office Runs Until : |
2008 (Proposed for re-election at the 2008 AGM) |
|
|
|
|
Name : |
Mr. Stephan Haeringer |
|
Functions in UBS : |
Executive Vice Chairman / Chairman of the Corporate Responsibility
Committee |
|
Address : |
UBS AG, Bahnhofstrasse 45, CH-8098, Zurich |
|
Nationality : |
Swiss |
|
Year of Initial Appointment : |
2004 |
|
Current Term of Office Runs Until : |
2010 |
|
|
|
|
Name : |
Mr. Ernesto Bertarelli |
|
Functions in UBS : |
Member of the Nominating Committee |
|
Address : |
Bemido SA 2, Chemin Des Mines, CH-1211, Geneva 20 |
|
Nationality : |
Swiss |
|
Year of Initial Appointment : |
2002 |
|
Current Term of Office Runs Until : |
2009 |
|
|
|
|
Name : |
Mr. Gabrielle Kaufmann-Kohler |
|
Functions in UBS : |
Member of the Nominating Committee / member of the corporate
Responsibility Committee |
|
Address : |
Levy Kaufmann-Kohler, 3-5, Rue Du Conseil, General CH-1205, Geneva |
|
Nationality : |
Swiss |
|
Year of Initial Appointment : |
2006 |
|
Current Term of Office Runs Until : |
2009 |
|
|
|
|
Name : |
Mr. Helmut Panke |
|
Functions in UBS : |
Chairman of the Nominating Committee |
|
Address : |
BMW AG, Petuelring 130, D-80788, Munich |
|
Nationality : |
German |
|
Year of Initial Appointment : |
2004 |
|
Current Term of Office Runs Until : |
2010 |
|
|
|
|
Name : |
Mr. Peter Spuhler |
|
Functions in UBS : |
Member of the Compensation Committee |
|
Address : |
Stadler Bussnag AG, Bahnhofplatz, CH-9565, Bussnag |
|
Nationality : |
Swiss |
|
Year of Initial Appointment : |
2004 |
|
Current Term of Office Runs Until : |
2010 |
|
|
|
|
Name : |
Mr. Peter Voser |
|
Functions in UBS : |
Member of the Audit Committee |
|
Address : |
Royal Dutch Shell Plc, 2501 AN NL The Hague |
|
Nationality : |
Swiss |
|
Year of Initial Appointment : |
2005 |
|
Current Term of Office Runs Until : |
2008 (Proposed for re-election at the AGM 2008) |
|
|
|
|
Name : |
Mr. Lawrence A Weinbach |
|
Functions in UBS : |
Chairman of the Audit Committee |
|
Address : |
Yankee Hill Capital Management 300 East, 42nd Street, USA,
New York, NY10017 |
|
Nationality : |
American (US) |
|
Year of Initial Appointment : |
2001 |
|
Current Term of Office Runs Until : |
2008 (Proposed for re-election at the 2008 AGM) |
|
|
|
|
Name : |
Mr. Joerg Wolle |
|
Functions in UBS : |
Member of the Nominating Committee |
|
Address : |
DKSH Holding AG Wiesenstrasse 8, CH-8034, Zurich |
|
Nationality : |
German |
|
Year of Initial Appointment : |
2006 |
|
Current Term of Office Runs Until : |
2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
BUSINESS DETAILS
|
Line of Business : |
Banking Activities |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
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|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountant |
|
Address : |
6th Floor, Express Towers, Nariman Point, Mumbai-400021,
Maharashtra, India |
|
Tel. No.: |
91-22-66579200 |
|
Fax No.: |
91-22-22876401 |
|
|
|
|
Parent/Head
Office and branches of Head Office : |
UBS AG, Switzerland and branches |
|
|
|
|
Subsidiaries of
Parent (Head Office) and entities under common control with whom transactions
have occurred : |
|
CAPITAL STRUCTURE
AS ON 31.03.2012
CAPITAL
|
Particulars |
31.03.2012 (Rs. In
Millions) |
|
Amount of deposits kept with Reserve Bank of
India under Section 11 (2) (b) of the Banking Regulation Act. 1949 |
170.000 |
CAPITAL
|
Particulars |
31.03.2012 (Rs. In
Millions) |
|
Opening Balance |
19102.404 |
|
Additions During the Year |
-- |
|
TOTAL |
19102.404 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET (MUMBAI BRANCH)
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
CAPITAL AND
LIABILITIES |
|
|
|
|
Capital |
19102.404 |
19102.404 |
14582.404 |
|
Reserves and Surplus |
704.704 |
392.304 |
2.623 |
|
Deposits |
6021.760 |
6315.720 |
2040.697 |
|
Borrowings |
17114.926 |
20321.142 |
0.000 |
|
Other Liabilities and Provisions |
25153.939 |
9983.074 |
2295.094 |
|
Total Capital and Liabilities |
68097.733 |
56114.644 |
18920.818 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
Cash and Balances With Reserve Bank of India |
454.298 |
662.445 |
799.822 |
|
Balances with Banks and Money at Call and Short Notice |
1097.704 |
140.696 |
1034.170 |
|
Investments |
35646.819 |
37967.246 |
14029.088 |
|
Advances |
6312.410 |
6850.545 |
250.000 |
|
Fixed Assets |
64.295 |
95.938 |
130.063 |
|
Other Assets |
24522.207 |
10397.774 |
2488.162 |
|
Debit Balance in Profit and Loss Account |
0.000 |
0.000 |
189.513 |
|
Total Assets |
68097.733 |
56114.644 |
18920.818 |
|
Contingent Liabilities |
2385110.460 |
1545510.938 |
445166.116 |
|
Bills for Collection |
-- |
-- |
-- |
PROFIT & LOSS
ACCOUNT (MUMBAI BRANCH)
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Interest Earned |
3656.197 |
1854.075 |
607.237 |
|
|
|
Other Income |
(779.444) |
566.152 |
81.052 |
|
|
|
TOTAL |
2876.753 |
2420.227 |
688.289 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
1025.229 |
1005.357 |
580.492 |
|
|
|
Provisions and Contingencies |
300.255 |
265.233 |
(29.257) |
|
|
|
TOTAL |
1325.484 |
1270.590 |
551.235 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1551.269 |
1149.637 |
137.054 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1238.869 |
570.443 |
126.563 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
312.400 |
579.194 |
10.491 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
234.450 |
(189.513) |
(197.381) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Statutory Reserve |
78.100 |
144.799 |
2.623 |
|
|
|
Transfer to Investment Reserve |
(8.773) |
10.432 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
477.523 |
234.450 |
(189.513) |
|
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 |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
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 |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
|
|
|
|
Bills Payable |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL |
0.000 |
0.000 |
0.000 |
BACKGROUND
The accompanying financial statements for the year ended 31 March 2012 comprise
the accounts of the Mumbai Branch (referred to as ‘the Bank’) of UBS AG which
is incorporated in Switzerland with limited liability.
In February 2008, the Bank’s parent company, UBS AG, received the
approval of the Reserve Bank of India (‘RBI’) for upgrading its Representative
Office into a Bank Branch. Subsequently, with effect from 8th July 2008, the
Representative Office was upgraded to a Bank Branch by filing Form No. 44 with
the Registrar of Companies under section 592 of the Companies Act, 1956. The
Bank commenced its banking business with effect from 14th January 2009 after
obtaining the necessary clearances and approvals from RBI. The Bank was
included in the Second Schedule to the Reserve Bank of India Act, 1934 vide
notification dated 6th February 2009 in the Gazette of India on 21st February
2009
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 55.74 |
|
|
1 |
Rs. 84.17 |
|
Euro |
1 |
Rs. 72.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.