MIRA INFORM REPORT
|
Report Date : |
13.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
CENTRAL BANK OF INDIA LIMITED |
|
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Registered
Office : |
16th Floor, Chandermukhi, Nariman Point, Mumbai - 400021, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
21.12.1911 |
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Com. Reg. No.: |
11-000337 |
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Capital
Investment / Paid-up Capital : |
Rs. 26615.769 Millions |
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CIN No.: [Company Identification
No.] |
U99999MH1911PTC000337 |
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|
Legal Form : |
Nationalised Bank |
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Line of Business
: |
Subject is engaged in all kinds of Banking Business. |
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No. of Employees
: |
37113 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is wholly owned by the government of India until July 2007,
after the Bank initial public offering, GOI’s ownership decline to 80.2%. As
on June 30, 2012, GOI’s shareholding was 79.15%. It is a well established and reputed bank in India having good track
record. It is among the top 10 bank in India. As per the government record the status of the Bank seems to be
dormant. However, Mr. A.K. Das secretary confirm that the Bank is active. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The bank can be considered for business dealings at usual trade terms
and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
CGR3+ |
|
Rating Explanation |
This rating indicate its financial stakeholders has adequate level of
assurance on the quality of corporate governance. |
|
Date |
May, 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
|
Name : |
Mr. A.K. Das |
|
Designation : |
Secretary |
|
Contact No.: |
91- 22-66387818 |
|
Date : |
11.09.2013 |
LOCATIONS
|
Registered / Corporate Office : |
16th Floor, Chandermukhi, Nariman Point, Mumbai- 400021,
Maharashtra, India |
|
Tel. No.: |
91- 22-66387818 / 66387777 / 66387828 |
|
Fax No.: |
91- 22-22835198 |
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E-Mail : |
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Website : |
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Zonal Offices: |
Located: ·
Agra ·
Ahmedabad ·
Bhopal ·
Chandigarh ·
Chennai ·
Guwahati ·
Hyderabad ·
Kolkata ·
Lucknow ·
Mumbai Metro Zonal Office ·
Muzaffarpur ·
Nagpur ·
New Delhi ·
Patna ·
Pune ·
Raipur |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. M.V. Tanksale |
|
Designation : |
Director |
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|
Name : |
Mr. Malay Mukherjee |
|
Designation : |
Director |
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|
Name : |
Mr. R.K. Goyal |
|
Designation : |
Director |
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|
Name : |
Mr. Alok Tandon |
|
Designation : |
Director |
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|
Name : |
Mr. Salim Gangadharan |
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Designation : |
Director |
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|
Name : |
Mr. Guman Singh |
|
Designation : |
Director |
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|
Name : |
Mr. N. Balakrishnan |
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Designation : |
Director |
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Name : |
Mr. M.P. Shorawala |
|
Designation : |
Director |
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|
Name : |
Mr. Krishan Sethi |
|
Designation : |
Director |
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|
Name : |
Mr. S. D. Rode |
|
Designation : |
Director |
|
Date of Appointment : |
02.04.2013 |
KEY EXECUTIVES
|
Name : |
Mr. A.K. Das |
|
Designation : |
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2013
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
891096964 |
85.31 |
|
|
891096964 |
85.31 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
891096964 |
85.31 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2992 |
0.00 |
|
|
74972003 |
7.18 |
|
|
5334239 |
0.51 |
|
|
15912071 |
1.52 |
|
|
96221305 |
9.21 |
|
|
|
|
|
|
7006334 |
0.67 |
|
|
|
|
|
|
37793600 |
3.62 |
|
|
10186100 |
0.98 |
|
|
2272651 |
0.22 |
|
|
739646 |
0.07 |
|
|
1318184 |
0.13 |
|
|
160 |
0.00 |
|
|
113839 |
0.01 |
|
|
100822 |
0.01 |
|
|
57258685 |
5.48 |
|
Total Public shareholding (B) |
153479990 |
14.69 |
|
Total (A)+(B) |
1044576954 |
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) |
1044576954 |
0.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Name of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
President of India |
89,10,96,964 |
85.31 |
|
Total |
89,10,96,964 |
85.31 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Name of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
Life Insurance Corporation of India |
73420914 |
7.03 |
|
Total |
73420914 |
7.03 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public” and
holding more than 5% of the total number of shares of the company
|
Name of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
Life Insurance Corporation of India |
73420914 |
7.03 |
|
Total |
73420914 |
7.03 |
Details of Locked-in Shares
|
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as % of |
|
President of India |
89,10,96,964 |
85.31 |
|
Total |
89,10,96,964 |
85.31 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in all kinds of Banking Business. |
GENERAL INFORMATION
|
No. of Employees : |
37113 (Approximately) |
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Bankers : |
Reserve Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
|
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|
Name : |
K.S. Aiyar and Company Chartered Accountants |
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|
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|
Name : |
D. Rangaswamy and Company Chartered Accountants |
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|
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|
Name : |
Ghiya and Company Chartered Accountants |
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|
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|
Name : |
Samsand and Associates Chartered Accountants |
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|
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|
Name : |
Kumar Chopra and Associates Chartered Accountants |
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|
Name : |
P.K. Subramaniam and Company Chartered Accountants |
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Subsidiaries : |
· Cent Bank Home Finance Limited · Cent Bank Financial and Custodial Services Limited |
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|
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Associates : |
(I) Regional Rural Banks i) Central Madhya Pradesh Gramin Bank, ii) Surguja Kshetriya Gramin Bank, Ambikapur ii) Uttar Bihar Gramin Bank, Muzzaffarpur iv) Vidharbha Konkan Gramin Bank, v) Ballia Etawah Gramin Bank, Ballia vi) Hadoti Kshetriya Gramin Bank, Kota vii) Uttarbanga Kshetriya Gramin Bank, Cooch Behar (II) Indo – Zambia Bank Limited |
CAPITAL STRUCTURE
As on 31.03.2013
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 |
|
|
|
|
|
|
1044576954 |
Equity Shares |
Rs.10/- each |
Rs.10445.769 Millions |
|
1617000000 |
Perpetual non-cumulative Preference Share capital |
Rs.10/- each |
Rs.16170.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.26615.769
Millions |
Note:
Includes 89,10,96,964 equity shares of Rs. 10/- each held by Central Government)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
CAPITAL & LIABILITIES |
|
|
|
|
Capital |
26615.769 |
23531.154 |
20211.415 |
|
Share Application Money |
-- |
-- |
20256.836 |
|
Reserves and Surplus |
126512.743 |
100984.104 |
68265.778 |
|
Deposits |
2260383.148 |
1961733.268 |
1793560.153 |
|
Borrowings |
183055.117 |
129195.961 |
128879.794 |
|
Other Liabilities and Provisions |
84728.713 |
82552.905 |
66399.293 |
|
TOTAL |
2681295.490 |
2297997.392 |
2097573.269 |
|
ASSETS |
|
|
|
|
Cash and Balances with Reserve Bank of India |
135601.667 |
131141.772 |
140819.916 |
|
Balances with Banks and Money at Call and Short Notice |
5320.449 |
10124.236 |
12008.097 |
|
Investments |
726037.937 |
592432.651 |
545044.883 |
|
Advances |
1719358.433 |
1475128.503 |
1297254.066 |
|
Fixed Assets |
26847.546 |
24739.090 |
24253.862 |
|
Other Assets |
68129.458 |
64431.140 |
78192.445 |
|
TOTAL |
2681295.490 |
2297997.392 |
2097573.269 |
|
Contingent Liabilities |
595190339 |
593913.114 |
433511.073 |
|
Bills for Collection |
60955707 |
56771.907 |
35760.905 |
PROFIT & LOSS
ACCOUNT
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I. INCOME |
|
|
|
|
Interest Earned |
218606.505 |
191494.994 |
152205.661 |
|
Other Income |
16673.296 |
13953.016 |
12650.414 |
|
TOTAL |
235279.801 |
205448.010 |
164856.075 |
|
II. EXPENDITURE |
|
|
|
|
Interest Expended |
161230.808 |
139808.592 |
139808.592 |
|
Operating Expenses |
42323.273 |
37489.952 |
39989.883 |
|
Provisions and Contingencies |
21576.125 |
22819.075 |
13389.804 |
|
TOTAL |
225130.206 |
200117.619 |
152331.974 |
|
III. PROFIT/ LOSS |
|
|
|
|
Net Profit for the year |
10149.595 |
5330.391 |
12524.101 |
|
Profit brought forward |
14.789 |
14.789 |
11.287 |
|
TOTAL |
10164.384 |
5345.180 |
12535.388 |
|
IV. APPROPRIATIONS |
|
|
|
|
Transfer to : |
|
|
|
|
Statutory Reserve |
2537.399 |
1332.598 |
3148.525 |
|
Investment Reserve |
375.216 |
439.466 |
-- |
|
Special Reserve u/s 36(1)(viii) |
-- |
-- |
1000.000 |
|
Staff Welfare Fund |
404.700 |
150.000 |
150.000 |
|
Revenue Reserve |
2000.000 |
205.630 |
5277.293 |
|
Reserve for Interest on JPY Swap Coupon |
20.000 |
-- |
11.155 |
|
Proposed Dividend - Preference Capital |
1504.993 |
1285.921 |
1148.706 |
|
Proposed Dividend - Equity Capital |
2611.442 |
1472.231 |
1374.051 |
|
Dividend Tax |
694.855 |
444.545 |
410.869 |
|
Balance Carried Over to Balance Sheet |
15.779 |
14.789 |
14.789 |
|
TOTAL |
10164.384 |
5345.180 |
12535.388 |
|
EPS
(Basic and Diluted) (Rs.) |
11.24 |
5.95 |
22.04 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st Quarter |
|
Interest Earned |
|
|
58455.700 |
|
Income On Investments |
|
|
12577.200 |
|
Interest On Balances With Rbi Other Inter Bank Funds |
|
|
98.600 |
|
Interest / Discount On Advances / Bills |
|
|
45759.300 |
|
Others |
|
|
20.600 |
|
Other Income |
|
|
5978.800 |
|
Total Income |
|
|
64434.500 |
|
Interest Expended |
|
|
43075.500 |
|
Operating Expenses |
|
|
11353.300 |
|
Total Expenditure |
|
|
11353.300 |
|
Operating Profit Before Provisions and Contingencies |
|
|
10005.700 |
|
Exceptional Items |
|
|
0.000 |
|
Provisions and contingencies |
|
|
9832.600 |
|
Profit Before Tax |
|
|
173.100 |
|
Tax |
|
|
(46.200) |
|
Profit After Tax |
|
|
219.300 |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
CURRENT MATURITIES OF
LONG TERM DEBTS : NOT AVAILABLE
INDEX OF CHARGES : NO
CHARGES EXIST FOR COMPANY
LITIGATION
DETAILS
CASE DETAILS
BENCH:-BOMBAY
|
Presentation Date:- 02/03/2013 |
||||||||||||
|
Stamp No.:- |
CAOST/6987/2013 |
Filing Date:- |
02/03/2013 |
Reg. No.:- |
CAW/1475/2013 |
Reg. Date:- |
29/06/2013 |
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|
Main Matter |
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|
Stamp No.:- |
CAOST/4759/2012 |
Reg No.:- |
CAO/100/2012 |
|||||||||
|
Petitioner:- |
JANATA MENS WEAR AND ANR- |
Respondent:- |
CENTRAL BANK OF INDIA AND ORS- |
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|
Petn.Adv.:- |
MATHEW J.NEDUMPARA AND S.M. FAISAL WARSI |
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District:- |
MUMBAI |
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Bench:- |
DIVISION |
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Status:- |
Pre-Admission |
Category:- |
FOR RESTORATION |
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Next Date:- |
04/10/2013 |
Stage:- |
FOR ORDERS [CIVIL SIDE MATTERS] |
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|
Coram:- |
HON'BLE SHRI JUSTICE DR. D.Y. CHANDRACHUD HON'BLE SHRI JUSTICE M.S. SONAK |
|||||||||||
|
Last Date:- |
06/09/2013 |
Stage:- |
FOR ORDERS [CIVIL SIDE MATTERS] |
|||||||||
|
Coram:- |
HON'BLE SHRI JUSTICE DR. D.Y.
CHANDRACHUD HON'BLE SHRI JUSTICE M.S. SONAK |
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|
Act :- |
Securitisation and Reconstruction of Finiancial Assets Act |
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PERFORMANCE
HIGHLIGHTS
Total Business of the
Bank increased by Rs.553740.000 millions to Rs.4022720.000 millions from Rs.
3468980.000 millions in previous year, registering y-o-y growth of 15.96 per
cent.
Total Deposits
increased by Rs.298650.000 millions to Rs.2260380.000 millions, registering y-o-y
growth of 15.22 per cent.
Gross Advance of
the Bank grew by Rs.255090.000 millions to Rs.1762340.000 millions, registering
y-o-y growth of 16.92 per cent.
Operating Profit
increased to Rs.31730.000 millions from Rs.28150.000 millions in FY 2011-12,
registering y-o-y growth of 12.72 per cent.
Net Profit stood
at Rs.10150.000 millions in 2012-13 as against Rs.5330.000 millions in FY
2011-12, registering y-o-y of 90.43 per cent.
Capital Adequacy
Ratio (as per Basel-II) stood at 11.49 per cent as against 12.40 per cent in
previous year. Net worth increased to Rs.134431.200 millions from Rs.105504.400
millions.
Gross NPA of the
Bank increased by Rs.11830.000 millions to Rs.84560.000 millions from
Rs.72730.000 millions in previous year. In percentage term Gross NPA reduced to
4.80 per cent in FY 2012-13 from 4.83 per cent in last year.
Net NPA increased
to Rs.49880.000 millions from Rs.45570.000 millions in previous year. Net NPA
percentage decreased to 2.90 per cent from 3.10 per cent in previous year.
Provision Coverage
Ratio (PCR) increased to 47.75 per cent from 40.62 per cent in March 2012.
Net Interest
Margin (NIM) reduced to 2.65 per cent from 2.78 per cent in FY 2011-12.
Average Business
per Employee increased to Rs.97.300 millions from Rs.86.200 millions in
previous year.
Net Profit per
Employee increased to Rs.0.283 million from Rs.0.151 million in March 2012.
Return on Assets
(ROA) improved to 0.44 per cent from 0.26 per cent in March 2012.
Credit to Priority
Sector increased to Rs.512520.000 millions from Rs.402590.000 millions in
previous year, recording y-o-y growth of 27.31 per cent.
Agriculture
Advance of the Bank increased to Rs.246600.000 millions from Rs.188480.000
millions in FY 2011-12 registering y-o-y growth of 30.84 per cent.
Under the micro
credit and other (credit upto Rs.50,000 per borrower), Bank has extended credit
of Rs.2330.000 millions.
Advances to Micro
and Small Enterprises (MSE) increased to Rs.172890.000 millions during the year
under review from 131610.000 millions in
previous year.
During the year
13957 new Self Help Groups (SHGs) were formed, out of which 12397 SHGs have
been creditlinked.
Under the
Government Sponsored Programmes, Bank has provided assistance to 15047 SGSY
beneficiaries, 11384 SJSRY beneficiaries and 1302 PMEGP borrowers during the
year 2012-13.
Bank has extended
loan of Rs.155210.000 millions to the borrowers belonging to the weaker section
of the society.
Education Loan
grew by 19.01 per cent during the year and the total loan reached to
Rs.25670.000 millions.
Bank has
established 46 Rural Self Employment and Training Institute (RSETI) across
India.
At the beginning
of the year, the Bank had 7 sponsored Regional Rural Banks (RRBs) covering 57
Districts in 7 states with a network of 1806 Branches, out of which 2 RRBs were
merged with other RRBs and 2 RRBs sponsored by other Banks merged with their
Central Madhya Pradesh Gramin Bank. As on 31.03.2013, they had 5 RRBs spread
over 54 districts in 5 states with network of 1799 branches.
Bank was allotted
3728 villages with population above 2000. Bank has covered all these villages
with 116 Branches and 3612 BC Agents. Bank has opened all its 3612 Ultra Small
Branches.
The corporate
credit of the Bank increased to Rs.1203280.000 millions from Rs.989600.000
millions in previous year registering y-o-y growth of 21.59%.
The retail credit
grew by 31.30% from Rs.169150.000 millions in FY 2011-12 to Rs.222090.000
millions in FY 2012-13.
“Cent Combo” – A Combination of
Home Loan and Vehicle Loan at attractive Rates and at affordable EMIs and
Hassle Free Loan Sanction Process was introduced with lowest EMI of Rs. 896/-
per Lakh for Home Loans upto 30 years and lowest EMI of Rs. 1673/- per Lakh for
Vehicle Loans upto 84 months. The scheme has been designed keeping the
corporate sector employees in view.
During the year
2012-13, Bank has earned commission of Rs.152.300 millions in life insurance
and Rs.90.200 millions in non-life
insurance
business.
All 77 Regions
have been declared as BIMA Region and 835 branches as BIMA Banks by LIC.
As on 31st March
2013, Bank has a network of 4294 branches across the country. During the year
283 branches have been opened, which includes 13 extension counters converted
to full-fledged branches.
Bank has installed
2529 ATMs till 31st March 2013.
Under the
organizational re-structuring process, Bank has delegated more powers to the
Regional Managers to
ensure decision
making faster and Zonal Managers will work as Business Facilitator for Regional
Offices for achieving Corporate Goals.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC SCENARIO
GLOBAL
DEVELOPMENTS
The International
Monetary Fund (IMF) has estimated the growth of world output at 3.2% in 2012
and has forecasted the world output growth to be at 3.3% for 2013 and to reach
4.0% by 2014 on account of expected sharper recovery in the US. The growth in
Emerging and Developing Economies (EDEs) has been estimated to grow by 5.1% in
2012 and is projected to reach 5.3% in 2013 and 5.7% in 2014, respectively.
Steady monetary
easing in the face of fiscal austerity measures in advanced economies boosted
global investor
sentiments since
Q4 of 2012. International financial markets posted significant gains,
especially in Japan following
its recent policy
stimulus and in the US on the back of improved economic data.
The IMF’s Global
Financial Stability Report of April 2013 has mentioned that global financial
market conditions have improved in the past six months due to monetary stimulus
and liquidity support. The improvement in global financial conditions is
supportive of global growth prospects for 2013.
DOMESTIC ECONOMY
GROSS DOMESTIC
PRODUCT (GDP) GROWTH
During the year
2012-13 both domestic and global factors impacted Indian economy’s growth. The economy
faced multiple challenges like high inflation, rising fiscal deficit and
widening Current Account Deficit (CAD).
As per the Advance
Estimates of the Central Statistical Organisation (CSO) India’s GDP growth is estimated
to be at 5% in FY 2012-13 as compared to 6.2% growth registered in 2011-12. The
moderation in growth was seen across all the three major sectors; agriculture,
industrial and services.
The growth in
agriculture and allied activities grew by 1.8% in 2012-13, compared to 2.8 % in
2011-12. The delayed monsoon impacted kharif production though rabi prospects
seems to be better. As per the latest estimates, the food grain production is
estimated at 250 million tones in 2012-13.
For 2012-13,
growth in the index of industrial production (IIP) slowed to 1% from 2.9% in
the 2011-12 due to low
performance of
capital goods sector.
The services sector (excluding construction sector) is likely to grow by
6.5% in 2012-13 against 8.5% last fiscal.
INFLATION
Headline
inflation, as measured by the wholesale price index (WPI), moderated to an
average of 7.3 % in 2012-
13 from 8.9 % in
2011-12.
The food inflation
which has a weightage of around 24% in the WPI remained high through the year
on account of the delayed monsoon and the increase in the minimum support price
(MSP) for paddy. Fuel inflation averaged in double during the year due to
upward revision in administered prices and step wise increase in diesel prices.
The retail
inflation measured by CPI averaged 10.2% during 2012-13 largely driven by food
inflation.
EXTERNAL SECTOR
On external front,
the merchandise exports in 2012-13 have declined by 2% amounting to US $301
billion much below the indicative target of US $350 billion. Imports on the
other hand increased marginally by 0.44% amounting to $491 billion, during the
fiscal.
This has resulted
into widening of trade deficit and current account deficit (CAD). The CAD as a
percentage of GDP stood at 5.4% for April-December 2012-13 as against 4.1% in the
same period of 2011-12 owing to significant increase in imports (of oil and
gold) at a time when exports remained subdued.
In the current
fiscal year, the exchange rate of the rupee against US$ has witnessed high
volatility. Overall, the rupee fell sharply against US$ during the year 2012-13
as compared to the previous year. Subdued investment climate, high current
account deficit and declining prospects of capital flows, have kept the rupee
under continued
pressure.
Foreign direct investment
(FDI) flows into India stood at US$ 22.2 billion during April-December 2012,
which is
22.1% lower than
US$ 28.5 billion during April-December 2011.
MONETARY
DEVELOPMENTS
The RBI’s monetary
policy stance during the year reflected a calibrated approach to balance growth
and inflation dynamics. During 2012-13, the RBI reduced the repo rates 3 times
by 100 bps.
The overall
liquidity position during the year remained under deficit mode. The average
daily injection of liquidity through liquidity adjustment facility (LAF) window
during 2012-13 was about Rs 816780.000 millions, which was higher than the
previous year’s average of Rs 786860.000 millions.
In order to ease
liquidity conditions, the RBI reduced the CRR of SCBs by 75 bps from 4.75% to
4.00% and the Statutory Liquidity Ratio (SLR) by 100 bps from 24% to 23% during
the year. The broad money (M3) saw a marginal increase of 13.3% for FY-2012-13
from 13.2% in FY-2011-12.
DEVELOPMENTS IN
BANKING INDUSTRY
The aggregate
deposits registered a growth of 13.5 % for FY 2012-13 as compare to 13.4% in
FY-2011-12.The credit growth decelerated to 14.1% for FY-2012-13 as compare to
17% in FY-2011-12. The credit growth has decelerated mainly due to the sluggish
investment demand and slowdown in the credit-intensive manufacturing sectors.
The RBI has
recently released final guidelines for the opening of new banks in India. At
present the margins of the banking sector are under pressure due to challenges
like increasing capital requirements, higher provisioning expenses and rising
wage bill. The entry of new banks will further put pressure on the margin of
Banks. Further, the banks will be facing the challenge on account of raising
additional capital under the Basel III framework with higher and modified nature
of capital requirements.
PERFORMANCE OF THE
BANK
BUSINESS
As on 31st March
2013, the total business of the Bank was Rs.4022720.000 millions, registering a
growth of 15.96 per cent from the previous year figure of Rs.3468980.000
millions. The operating profit reached to Rs.31730.000 millions from previous
year figure of Rs.28150.000 millions, marking a growth of 12.72 per cent. The
Bank has posted net profit of Rs.10150.000 millions in 2012-13 as against
Rs.5330.000 millions in previous year.
RESOURCE
MOBILISATION
The total deposits
as on March 31, 2013 stood at Rs.2260380.000 millions, registering a growth
rate of 15.22 per cent over previous year. Savings Bank Deposits increased to
Rs.590900.000 millions in 2012-13 from Rs.525950.000 millions in last year.
Current Deposits increased to Rs.144910.000 millions in 2012-13 from
Rs.126800.000 millions in 2012-13. The Share of CASA deposits to total deposits
was 32.55 per cent. Term Deposits increased to Rs.1524570.000 millions in
2012-13 with y-o-y growth of 16.47 per cent from Rs.1308980.000 millions in
2011-12 whereas Core Term Deposits grew by 42.25 per cent to Rs.973720.000
millions in 2012-13 from Rs.684510.000 millions in 2011-12.
Various new
products and initiatives were introduced to increase the Deposits of the Bank.
Details thereof are as under:
NEW PRODUCTS
New premium
variant of Savings account, “CENT PREMIUM” has been introduced alongwith new
welcome kit for their premium customers.
Premium variants
of Current account “CENT SILVER”, “CENT GOLD” and “CENT DIAMOND” have been
introduced.
A new cheque book
design is being introduced to identify the premium variant customers.
New variant of
Flexi RDS scheme “CENT SWA SHAKTI” introduced for sustained growth in core
deposit. RDS scheme has been repackaged by introducing variant “CENT LAKHPATI”
to attract their rural and semi urban clientele.
A short term
deposit scheme “CENT 101” was introduced to tap short term deposit. Mopped
Rs.15000.000 Millions in one
month before discontinuing the Scheme.
NEW INITIATIVES
Various CASA
Campaigns and Contests organized through out the year resulting into average
no. of opening of new saving accounts increasing to 3.62 accounts per branch
per day from 2.54 accounts per branch per day.
“CUSTOMER DELIGHT”
programme launched for Cent Premium customers by handing them a flower bouquet
on their birth days.
ON THE ANVIL
Rewards Point
Programme is being introduced in SAVINGS account to improve their ON LINE
banking transactions.
ON LINE opening of
savings account is being introduced to attract more and more net savvy
customers.
FRFD (Floating Rate Fixed Deposit) is being introduced shortly.
INITIATIVES TAKEN TO ACCELERATE FLOW OF CREDIT TO AGRICULTURAL:
Special Rural
Credit campaigns:
Calendar of Credit
camps was conveyed to the Regions and Branches. In each month minimum one Mega
Credit
camp was organized
by all the Rural and Semi Urban Branches.
Special credit
camp on 09.08.2012, the Birthday of their Founder Sir Sorabaji Pochkanwala was
also organized by these Branches.
During these
credit camps total 90034 New beneficiaries to the extent of Rs.8667.300
millions loan has been sanctioned and disbursed.
New Products
Launched:
Scheme for
Purchase of Estates Growing Traditional plantation Crops.
Cent Kisan Tatkal
scheme for Farmers.
Area Specific
Schemes Introduced:
Financing against
Harvesting and transportation expenses to contractors of sugarcane industries
of Maharashtra.
Scheme for financing
to commercial dairy Product under tie-up with Amul in the state of Gujarat.
Strategy for
increasing advance against Warehouse Receipt:
MoU has been
executed with Collateral Managers viz., Star Agri-warehousing and Collateral
Management Limited (STARAGRI), NBHC, NCML and NCDEX for financing to farmers
against warehouse receipt issued by them.
Special targets
have been allotted to Regions for financing against warehouse receipts.
MoU with Central
Warehousing Corporation, Maharashtra State Warehousing Corporation and National
Collateral Management Services Limited for financing against their Warehouse
Receipts is being finalized.
On specific
recommendation of Regions further concessions in interest and Charges are being
allowed on case to case basis.
Incentive Scheme for Staff at Branch, Region, Zone and at Central office
for Best performance in agricultural growth has been formulated to motivate the
staff.
Additional
Manpower Support:
Process for
recruitment of 400 Agriculture Finance Officers (AFOs) was initiated in FY
2012-13 out which 368 officers reported to the Bank. Requirement of 650 AFOs
has been assessed and process initiated during the current FY 2013-14.
Provided
Motorcycle to their Rural and Semi urban branches to mobilize new business.
Web
Portal/Intranet Portal/Class Module
An Agri banking
portal was started in the Bank’s Website incorporating all their Agriculture
lending Schemes.
Centralized Loan
Appraisal Sanction and Supervision (CLASS) module has been made live for five
agricultural products for smooth and fast disposal of Loan cases.
All the Schemes have been updated and issued in the form of Master
Circulars on 01.01.2013.
SELF HELP GROUPS
During the year
13957 groups were formed under the scheme by the Bank. Out of which 12397
groups have been creditlinked. Since inception of the scheme the Bank has
formed 166147 SHGs out of which 107364 groups are credit-linked with
outstanding balance of Rs.8635.100 millions at the end of the year. Out of the
credit-linked groups, 88267 are women SHGs with total sanctioned limits of
Rs.6819.100 millions which comes to 82.21% of total credit linked groups. Even
in those districts which face left wing extremism, the bank could form 2875
SHGs and extend credit linkage to 617 SHGS.
PERFORMANCE UNDER
LEAD BANK
They have the Lead
Bank responsibility in 48 districts spreading in seven States viz. Madhya
Pradesh(18), Bihar(10), Maharashtra(7), Uttar Pradesh(5), West Bengal(3),
Rajasthan(3) and Chattishgarh(2). More than 50% and about 25% of their total
branches are located in these States and Lead Districts respectively.
For effective
implementation of Lead Bank Scheme, the office of Lead District Managers has
been sufficiently
equipped and
empowered with right kind of staffing supplement and infrastructure like
independent/good premises, vehicle, computers/laptops (with skype installed)
and printers, telephone, internet connections, e-mail id, mobile, fax,
establishing websites.
To make the
public/masses aware of various products of bank, they have displayed some
products relating to Kisan Credit Card, Central Artisan Credit Card,
Swabhiman/Aadhar etc. relevant to the rural masses on the vehicle provided to
LDMs.
The overall
achievement under Annual Credit Plan by their branches is 84% comparing to the
achievement of 81% by all banks in Lead Districts. There is improvement in
Market Share from 12.23% (Mar-12) to 14.74%(Mar-13) comparing to branch share
of 13.45%(Mar-13). Similarly, there is improvement in CD Ratio in Lead District
from 42% to 46%. The CD Ratio of all banks has improved from 49% to 50%.
They also hold
periodic Review Conference of LDMs at Central Office level to review the
performance under various areas of functioning.
They have started implementing
a Special Incentive/Reward Scheme on Annual Performance basis, to reward the
performing Lead
District Managers every year by way of presenting trophy and cash incentive.
Their bank has
taken an unique initiative to conduct outreach visit programme in all 48 lead
districts on single day by General Managers/Zonal Managers from Central Office
and Zonal Office with a view to have close interaction with field functionaries
and to have through assessment of Priority Sector/Financial Inclusion activities
in the area.
They have selected
one village in each Lead District for inclusive growth through empowerment,
training skill development of youth and credit linkages. All developmental
activities like complete implementation of Financial Literacy/Financial
Inclusion Programmes, Training unemployed rural youth in RSETIs, Formation of
SHG/Farmers Club/JLG, Lending activities have been implemented to bring
complete socio-economic change. This is being replicated in other selected
villages also in lead districts.
FINANCIAL
INCLUSION (FI)
Bank was allotted
3728 villages with population above 2000. Bank has covered all these villages
with 116 Branches and 3612 BC Agents.
1. Bank has opened
all its 3612 Ultra Small Branches attached to1482 Base Branches.
2. Out of 1482
Base Branches, laptops with connectivity have been provided in 800 Base
Branches
3. In addition to
the above, Bank on its own came forward and covered 4956 additional villages.
Total 8684 unbanked villages are covered by the Bank.
4. They have
opened 7 Urban Financial Inclusion centres in NCR region.
5. Transactions in
FI Accounts have increased to 17.11 lac in FY 2012-13 from 3.88 lac in FY
2011-12 while the number of cards issued have increased to 15.52 lac in FY
2012-13 from 11.94 Lac in FY 2011-12 in allotted villages with population more
than 2000 , thus registering y-o-y growth of 341% and 30% respectively.
6. Bank has opened
73.64 lacs Basic Saving Bank Deposit Account (BSBDA) accounts. Total balance in
these accounts is 3326.200 millions put together Branch and BC Outlets
7. All their FI
accounts have been migrated to Bank’s CBS.
They have devised
all the five basic financial products stipulated by RBI for FI customers viz.
Cent Bachat khata, Cent Vikas khata, Cent Smart Kisan Credit Card, Cent Smart
General Credit Card, Cent Variable Recurring Deposit Scheme
Their Bank has
been twice awarded the prestigious SKOCH Gold Award during the FY 2012-13.
First award for “INNOVATIVE URBAN FINANCIAL INCLUSION IMPLEMENTATION MODEL” on
18 September 2012. Second award for “REACHING LAST MILE” on the Financial
Inclusion Day 5 January 2013.
Direct Benefit
Transfer
Their Amravati
district has been first to effect the Direct Benefit Transfer including the
payments under the below
schemes on 1.1.2013
itself.
1. Bal Shram
Kamgar Yojna
2. Indira Gandhi
Matritva Suraksha Yojna
235187 lacs
accounts are seeded with Aadhaar in the Bank
In 43 districts
identified as pilot districts for DBT, 139435 accounts are seeded with Aadhaar.
Out of 43 districts, the Bank is lead Bank in 2 districts viz. Amravati and
Hoshangabad
In 78 districts
identified for the second phase of DBT, 27270 accounts are seeded with Aadhaar.
Out of 78 districts Bank is lead Bank in 6 districts viz. Etawah, Jalgaon,
Kota, Coochbehar, Koriya and Jabalpur
Financial
Inclusion (FI) Initiatives
In an innovative
way, Corporate office GMs and DGMs made Outreach Visit in Bank’s 48 Lead
Districts simultaneously on 8 and 9 September 2012. (On the basis of this,
Department of Financial Services-Ministry of Finance, Government of India
issued guidelines to other Public Sector Banks to undertake such type of
Outreach visits.)
Aadhaar Payment
Bridge System (APBS): Their Bank is APBS enabled. Direct Benefit Transfer
will run mainly on APBS platform.
Aadhaar Enabled
Payment System (AEPS): Two FI vendors have successfully implemented AEPS.
Kiosk based FI
Model: A process for implementation of Kiosk FI Model is initiated by the Bank
during 2012-13. This will provide their rural customer with services like Funds
Transer, Balance enquiry, Mini Statement, APBS, AEPS etc. The services will be
initially provide through 50 Common Service Centres (CSC). This model would
enable the Bank to weed out non functional BCs.
INTERNATIONAL
DIVISION
Foreign Exchange
Business of the Bank is carried out through 112 Authorized Dealer Branches
spread across the country. For operational efficiency, Bank has a centralized
Dealing Room at Mumbai for attainment of better funds management and
operational convenience.
During the current
Financial Year, the Export Credit portfolio of the Bank increased from
Rs.42620.000 millions as on 31.03.2012 to Rs.52580.000 millions as on
31.03.2013. Their Export Credit turnover for FY-2012-13 was Rs165000.000
millions as against Rs. 124000.000 millions in previous FY.
Total Turnover
under foreign exchange business stood at Rs. 367580.000 millions in FY 2012-13
as against Rs. 336500.000 millions in FY 2011-12.
Bank has opened
specialized NRI Branches in Anand, Margao, Hyderabad and Bhuj to cater
exclusively to the NRI clients.
Bank has installed
e-learning and decision making software “Instant NRI” and “Instant LC++” on its
intranet for use across branches.
Bank launched Gold
Bullion sale and Gold metal loan scheme on 09.08.2012 from Capital market
Service branch,
Mumbai.
In the Financial
Year Bank has established representative office at Nairobi, Republic of Kenya
on 22.02.2013. Approval of Reserve Bank of India for establishing
representative office at Hongkong has been received and the
same will be
operational by July 2013.
Bank also proposes
to open branches in DIFC Dubai and Bharain in FY-2013-14.Bank further proposes
to set up a Joint Venture Bank along with Punjab National Bank in Mozambique.
OPERATIONS
Customer Relationship
Management (CRM)
Call Centre has
started Customer Relationship Management (CRM) which provides following
information of the customer at one place :-
All personal
information related to customer such as address, DOB, PAN detail, contact
number, mail ID.
The details of
facility such as Net banking, Credit Card, Debit Card etc. availed by the
customer.
Details of all
accounts such as SB/ CD/ OD/ Term Loan/Fixed Deposit and RD maintained by the
customer.
Last five
transactions, Cheque status and request of “STOP PAYMENT” of cheques.
Bank has
introduced following new concepts during this financial year for improving
Customer Services.
Deposit of cash in
the account at Non-Home Branch made Free.
No service charge
for NEFT up to Rs. 0.100 million.
Details of
inoperative / unclaimed account displayed on Bank’s Web site.
A pensioner can
submit Life certificate at any branch of the Bank. On line feeding facility of
Life Certificate is availableto all branches.
The detail of the
monthly pension paid to individual pensioners, which the pensioners would
desire, is available in a secure domain for immediate retrieval at Branch level
for the usage by the pensioner account holder.
SUBSIDIARIES AND JOINT VENTURES
CENTBANK HOME
FINANCE LIMITED
During the year
2012-13, Cent Bank Home Finance Ltd (CBHFL) has inducted 2 senior Housing
Finance and Banking Professionals as Independent Directors to contribute for
the growth of the organization and also company’s commitment to Corporate
Governance.
The company has
also initiated process to attract best available talent from the open market to
hire senior executives.
The company also
proposes to raise equity by way of rights issue which has been duly approved in
extraordinary general meeting held on 23rd May, 2012 to support its
business plan for expansion. Rights issue of the company which has been
subscribed by its major promoters viz. Central Bank of India and National
Housing Bank.
During the year the
Total Business of the company improved from Rs. 3386.400 millions in March,
2012 to Rs.6292.000 millions as on March, 2013, growth of 85.80 %.
The loan
outstanding increased from Rs.2903.000 Millions as on March 2012 to Rs.4016.000
Millions as on March 2013
Deposits from
public and institutions have increased from Rs.483.400 Millions as on March
2012 to Rs. 2276.000 Millions as on March 2013.
The Net Profit of
the Company stood at Rs.100.600 Millions as at March 2013, as against the level
of Rs.57.200 Millions as of March 2012. The reason for increase in profit is
due to increase in interest income on account of fresh lending to individuals
as well as to builders during the current year. Further, company has during the
year vigorously followed for recovery and reduction of Non-performing assets.
The increase in profit is also on account of reversal of provision on NPA which
was added back to the profit.
The Company has
consistently improved its Net Own Fund by adding Profit to the Reserves. Net
worth has gone up from Rs.574.400 Millions in March 2012 to Rs.640.100 Millions
in March 2013.
The company has
also started computerization of existing branches during the year and pilot
project at Mumbai branch has been successfully implemented in March 2013.
CENTBANK FINANCIAL
SERVICES
Centbank Financial
Services Limited is essentially providing ancillary Corporate Financial
Services. During 2012-13, CFSL has significantly diversified its business
profile to make CFSLa full-service investment bank. CFSL services include:
Project Appraisal
and Loan Syndication.
Capital Market
Transactions (both equity and debt).
Corporate Advisory
Services including M&As and Debt Restructuring, Project Advisory,
Securitisation, Risk Management, Business Valuations, Private Equity and TEV
Report.
Trusteeship
Services including debenture/security Trustee, Executor trustee, Managing
Charitable Trusts.
The company earned
a Net Profit of Rs.78.800 millions as of March 2013 against Net Profit of
Rs.100.100 millions in the previous year, and recommended a Dividend of
Rs.200/- per share on the face value of Rs.1000/- per share (which is the same
as paid for the year 2011-12), which aggregates to Rs.10.000 millions on a paid
up capital of Rs.50.000 millions.
During the year
2012-13, the Company has opened two representative offices at New Delhi and
Chennai. The company also plans to open representative office at Bangalore in
the near future.
Two Independent
Directors have been appointed during 2012-13 to strengthen the Board.
The company has
syndicated over Rs.100000.000 millions since 2009 while the amount syndicated
during 2012-13 is over Rs.27000.000 millions while the income from syndication in
2012-13 is Rs.103.100 millions vis-à-vis Rs.99.100 millions during previous
year.
Net Profit for the
year 2012-13 is low for the following reasons:
During 2011-12,
the Company has earned an income of Rs.28.500 millions towards advisory of
Right Issue of a large corporate client whereas no such income could be
realised in 2012-13 as the market conditions are not favourable. Secondly, as
per revised SEBI guidelines the investors are allowed to make direct investment
in Mutual Fund. Hence, the company has received negligible income from
marketing of Mutual Fund Products, whereby the income on this score has fallen
by Rs.18.296 millions during 2012-13.
INDO-ZAMBIA BANK
LIMITED
The Bank’s Joint
Venture in Zambia is promoted jointly by Government of Zambia and three India
Banks viz. Central Bank of India, Bank of Baroda and Bank of India. While each
of the 3 Indian Banks hold 20% equity, Govt. of Republic of Zambia holds the
balance 40% equity.
The Bank has been
performing well in all parameters and is presently the sixth largest bank in
Zambia with a total business mix of Rs 21240.000 millions.
With the change in
accounting year from March to December, the Bank’s net profit for the nine
month period was Rs. 250.300 millions. As against their total investment of Rs.
6.000 millions, the total dividends earned by their Bank during the last four
years alone has been in excess of Rs. 44.000 millions.
REGIONAL RURAL
BANKs (RRBs)
At the beginning
of the year, the Bank had 7 sponsored Regional Rural Banks (RRBs) covering 57
Districts in 7 states with a network of 1806 Branches, out of which 2 RRBs were
merged with other RRBs and 2 RRBs sponsored by other Banks merged with their
Central Madhya Pradesh Gramin Bank. As on 31.03.2013, they had 5 RRBs spread
over 54 districts in 5 states with network of 1799 branches.
ACHIEVEMENTS
During the year
Bank has added 847 ATMs to reach 2,529 ATMS.
E-transaction
increased from 13.37% to 30% of total transactions during the year.
Debit Card base doubled
from 21 lacs to 42 lacs during the year.
During the year
Internet banking customer base increased from 1.81 lacs to 6.02 lacs
registering an impressive growth of 233%.
Direct Benefits
Transfer successfully implemented in 6 districts.
Bank stood 2nd in
mobilizing insurance premium amongst all Bancassurance partners of LIC with
Y-o-Y growth of 32%. Bank has canvassed 1,49,668 policies with premium of Rs.
2380.000 millions.
Under general
insurance business, Bank has mobilized 1,89,956 policies with premium
collection of Rs.830.000 millions with Y-o-Y growth of 38%.
Bank has launched
new cards viz. World Credit Card, Indian Dental Association Co-branded Credit
Card and Big Cinema Credit Card.
AWARDS AND ACCOLADES
“Golden Peacock hr
Excellence Award-2012” for best hr p ractices.
“Best hr
strategies and innovation in employee retention strategies” conferred by
Greentech Foundation.
“Outstanding
Leadership Award” at the Institute of Public Enterprise Banking Financial
Services and Insurance, Hyderabad.
Bank has been
awarded with two prestigious Skoch Gold awards during 2012-13:
i. Innovative
Urban Financial Inclusion
ii. Reaching Last
Mile
“Certificate of
Excellence” in establishing of “rseti” (Rural Self Employment Training
Institute” across the country during 2011-12.
“Outlook Money
Award 2012” for runner up in best housing and education loan provider.
Bank has been
recommended 4th best psu bank in India under “Brand Equity- Top 100” most
trusted brand. Zee Brand Excellence Award in BFSI.
Ranking of their
Bank has improved by 61 notches, moving up from 390 in 2011 to 329 in 2012 in
the list of “Top 500 Banking Brands 2012”.
Their Big Cinema
Credit Card won best entry award in co–branded cards category at the recent
Master Card innovation awards at Kovallam, Kerala.
Bank has received
two prestigious awards for innovation: “finovative 2012” awards for missed call
alerts and customized statement product through internet banking.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
I. (a) Claims against the Bank not acknowledged as Debts |
635.671 |
1556.441 |
|
(b) Disputed income tax demands under appeals, revisions, etc |
9126.021 |
14245.860 |
|
II. Liability for partly paid Investments |
-- |
-- |
|
III. Liability on account of outstanding forward exchange contracts |
357696.828 |
416474.984 |
|
IV. Guarantees given on behalf of constituents |
|
|
|
|
100796.865 |
76150.102 |
|
b) Outside India |
|
|
|
V. Acceptances, Endorsements and Other Obligations |
126372.490 |
85062.529 |
|
VI. Other item for which the bank is contingently liable |
562.464 |
423.198 |
|
Total |
595190.339 |
593913.114 |
PRESS RELEASE
TIE-UP WITH CENTRAL BANK OF INDIA (MAY 26 2004)
Joint Press Release on The Occasion of Signing of Mou Between Central Bank of India and New India Assurance Company Limited
The
New India Assurance Company Limited, India's largest Non-Life General Insurance
Company and The Central Bank of India, one of the leading Nationalised
commercial Banks of the country, have today signed MOU paving way for a
Bancassurance tie-up between the two organisations. Under this arrangement,
Central Bank of India will now distribute the non-life Insurance Products of
The New India Assurance through its Branch network spread all over India. As
per the Memorandum of Understanding, Central Bank of India will become the
Corporate Agent of New India Assurance after completing the formalities
prescribed by IRDA.
Central
Bank of India is one of the largest Public Sector Banks in the country having
network of 3130 branches spread over 27 States and Union Territories, of these
1622 branches have been computerized covering 88% of the total business. 417
branches of the Banks are in Metro Centres while 1295 branches are in Urban and
Semi-urban Centres and 1418 branches are located in Rural Centres. The Bank has
manpower of around 39000 with 25 million customer base.
During
the financial year ended 31st March, 2004, the total business of Central Bank
of India has crossed Rs. 800000.000 millions and achieved a Net Profit of Rs.
6180.000 millions. There has been an all round growth in Bank since the
introduction of C4C Concept "Centralites" for Customers". Under
C4C concept, the Bank has also started cross-selling insurance products, under
a tie-up with Life Insurance Corporation of India.
New India, with a Gross Domestic Premium Income of Rs. 40400.000 millions and worldwide premium income of nearly Rs. 50000.000 millions, for the financial year 2003-04 is the undisputed leader in the Indian General Insurance market. The Company has been reaffirmed 'A' (Excellent) rating for the 5th consecutive year by A.M. Best (Europe). For New India, the tie up with Central Bank of India, one of the leading commercial banks of the country with a branch network of 3130 branches spread all over the country comes as a major boost in increasing its reach. Bancassurance as a distribution channel is assuming increasing importance for both life and non-life insurers. The MOU on behalf of New India was signed by Mr. R. Beri, Chairman-cum-Managing Director and on behalf of Central Bank of India, by Dr. Dalbir Singh, Chairman and Managing Director, in the presence of the top functionaries of both the organizations
CENTRAL BANK OF INDIA : SIGNED MOU WITH GODREJ PROPERTIES LIMITED FOR
MUTUAL BUSINESS PROMOTION
Central Bank of India signed MoU with Godrej Properties Limited for mutual business promotion
Central Bank of India, a leading Public Sector Bank has entered into a tie up arrangement with Godrej Properties Limited for providing hassle free home loans at special rates in Mumbai. The tie up has been done with an objective to increase the Home Loan portfolio and to give a boost to the affordable housing sector. With a network of 4000 plus Branches across India, Central Bank of India has been proactively providing finance for purchasing of dream home to its valued customers.
Photo Narration:
Seen in the photo exchanging MoU Dr. Ram S Sangapure, General Manager, Retail Banking, Central Bank of India (Right), Mr. Girish Shah, Vice President, Marketing and Sales, Godrej Properties Limited (Left) in the august presence of Shri Mohan V Tanksale, Chairman and Managing Director, Central Bank of India and Shri R K Goyal, Executive Director, Central Bank of India. All the Chief General Managers, General Managers (Functional Department Heads), Field General Manager and other senior executives were also present on the occasion.
M and M enters into preferred financier tie-up with Central Bank of India
Standing Left to Right: - Mr. Arun Malhotra, Chief Sales and Customer Care Officer, Automotive Division, Mahindra and Mahindra Limited, Mr. Malay Mukherjee, Executive Director, Central Bank of India, Mr. Mohan V. Tanksale, Chairman and Managing Director, Central Bank of India, Mr. R. K. Goyal, Executive Director, Central Bank of India and Mr. Narinder Singh, General Manager Retail Banking, Central Bank of India.
Mumbai, 15 July 2013,: Mahindra and Mahindra Limited (M&M Limited), India’s leading SUV manufacturer, has entered into a Preferred Financier tie-up with Central Bank of India. The Memorandum of Understanding (MoU) will enable Mahindra customers from various strata of society to benefit from tailor made schemes of Central Bank, viz. Cent Sahyog, Cent Vehicle and SRTO Schemes for purchase of three wheelers, cars and commercial vehicles of Mahindra and Mahindra Limited The MoU was signed by Mr. Arun Malhotra, Chief Sales and Customer Care Officer, Automotive Division, Mahindra and Mahindra Limited and Mr. Narinder Singh, General Manager - Retail Banking, Central Bank of India in the presence of Mr. Mohan .V. Tanksale, Chairman and Managing Director, Central Bank of India, Mr. Malay Mukherjee, Executive Director, Central Bank of India, Mr. R. K. Goyal, Executive Director, Central Bank of India and Mr. Naveen Bathla, D.G.M, Channel Finance and D.B.D, Automotive Division, Mahindra and Mahindra Limited.
The tie-up will enable both M&M Limited and Central Bank of India to leverage on the inherent strengths of each others’ vast network of over 250 dealers and 4300 branches respectively across India.
Speaking on the occasion, Mr. Mohan V. Tanksale, Chairman and Managing Director, Central Bank of India said, “Central Bank of India is continuously expanding its operations in commercial and passenger vehicle financing, duly suiting to the needs of all segments of customers through its various tailor made loan products.” He further said that this tie up will benefit mutually both the organizations by helping them extend better services to customers.
Mr. Narender Singh, General Manager, Central Bank of India, after signing the MoU said that this arrangement will be promoted for the benefit of customers at the most competitive interest rates.
Speaking on the tie-up, Mr. Arun Malhotra, Chief Sales and Customer Care Officer, Automotive Division, Mahindra and Mahindra Limited. said, “At Mahindra, we always look at options to provide the best schemes to our customers and give them the power of choice. This strategic tie-up is a step in the same direction. Central Bank of India offers innovative products and services at affordable rates. With highly competitive schemes for car loans, three wheeler loans and commercial vehicle loans, we are hopeful of a good response from our dealers and customers.”
About Mahindra
The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.
A USD 16.2 billion multinational group based in Mumbai, India, Mahindra employs more than 155,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries.
In 2012, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. In 2013, the Mahindra Group received the Financial Times ‘Boldness in Business’ Award in the ‘Emerging Markets’ category.
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.63.67 |
|
|
1 |
Rs.100.71 |
|
Euro |
1 |
Rs.84.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
60 |
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.