MIRA INFORM REPORT
|
Report Date : |
01.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
HDFC BANK LIMITED |
|
|
|
|
Registered
Office : |
HDFC Bank House,
Senapati Bapat Marg, Lower Parel, West, Mumbai – 400013, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
30.08.1994 |
|
|
|
|
Com. Reg. No.: |
11-080618 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4758.838 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65920MH1994PLC080618 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH03189E /
MUMH08037B/ MUMH07347E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH2702H |
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|
|
Legal Form : |
It is a Public Limited
Liability Bank. The banks shares are
listed on the Stock Exchanges. |
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|
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Line of Business
: |
Subject is
engaged in providing a range of banking and financial services including
commercial banking and treasury operations. |
|
|
|
|
No. of Employees
: |
55752
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (76) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
Maximum Credit Limit : |
USD 1448560000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Exists |
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|
|
|
Comments : |
Subject is an established and a highly successful commercial bank in
the private sector having fine track. Financial position of the bank is good. Fundamentals are strong and
healthy. Trade relations are fair. Business is active. Payment terms are
regular and as per commitment. 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.
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended September
2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9
billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and
moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Perpetual Tier I Bonds Aggregating Rs.1.200
Billion = AAA |
|
Rating Explanation |
Have highest degree of safety and carry
lowest credit risk |
|
Date |
28.01.2014 |
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 DENIED
Management Non-Cooperative. (Tel No.: 91-22-66521000)
LOCATIONS
|
Registered Office : |
HDFC Bank House,
Senapati Bapat Marg, Lower Parel, Mumbai – 400013, |
|
Tel. No.: |
91-22-66521000/ 24901896 |
|
Fax No.: |
91-22-24960737/ 24960696 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Branches : |
Western Zone
North Zone
South Zone
East Zone |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. C. M. Vasudev |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mrs. Renu Karnad |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ashim Samanta (upto 18.11.2012) |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Pandit Palande |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Partho Datta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bobby Parikh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. N. Roy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Keki Mistry |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vijay Merchant (appointed on 14.03.2013) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Aditya Puri |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Harish Engineer |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Paresh Sukthankar |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Dongre |
|
Designation : |
Executive Vice President (Legal) and Company
Secretary |
|
|
|
|
Senior Management Team : |
Mr. A Parthasarthy Mr. Abhay Aima Mr. Anil Jaggia Mr. Anil Nath Mr. Bhavesh Zaveri Mr. Jimmy Tata Mr. Kaizad Bharucha Mr. Navin Puri Mr. Rahul Bhagat Mr. Rajender Sehgal Mr. Sashi Jagdishan Mr. V Chakrapani |
SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
543216100 |
27.33 |
|
|
543216100 |
27.33 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
543216100 |
27.33 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
103114184 |
5.19 |
|
|
2011548 |
0.10 |
|
|
796063 |
0.04 |
|
|
116261401 |
5.85 |
|
|
836211901 |
42.07 |
|
|
1058395097 |
53.25 |
|
|
|
|
|
|
180460797 |
9.08 |
|
|
|
|
|
|
153558399 |
7.73 |
|
|
43495454 |
2.19 |
|
|
50 |
0.00 |
|
|
8462991 |
0.43 |
|
|
7616483 |
0.38 |
|
|
10075 |
0.00 |
|
|
835128 |
0.04 |
|
|
1305 |
0.00 |
|
|
385977691 |
19.42 |
|
Total Public shareholding (B) |
1444372788 |
72.67 |
|
Total (A)+(B) |
1987588888 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
407004657 |
0.00 |
|
|
407004657 |
0.00 |
|
Total (A)+(B)+(C) |
2394593545 |
100.00 |
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Promoter and Promoter Group
|
Name
of the Shareholder |
No. of Shares |
Percentage
of Holding |
|
Housing Development Finance Corporation Limited |
39,32,11,100 |
16.42 |
|
HDFC Investments Limited |
15,00,00,000 |
6.26 |
|
HDFC Holdings Limited |
5,000 |
0.00 |
|
Total |
54,32,16,100 |
22.69 |
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 the Shareholder |
No.
of Shares |
Percentage
of Holding |
|
Life Insurance Corporation of India |
111926283 |
4.67 |
|
Europacific Growth Fund |
67227675 |
2.81 |
|
ABU Dhabi Investment Authority - Gulab |
50078728 |
2.09 |
|
ICICI Prudential Life Insurance Company Limited |
43600189 |
1.82 |
|
DB International (ASIA) Limited |
37634545 |
1.57 |
|
Government of Singapore |
35448764 |
1.48 |
|
Total |
345916184 |
14.45 |
Details
of Depository Receipts (DRs)
|
Name
of the Shareholder |
No. of Outstanding DRs |
No. of Shares Underlying |
Percentage
of Holding |
|
ADR |
131853004 |
39,55,59,012 |
16.52 |
|
GDR |
5722823 |
1,14,45,645 |
0.48 |
|
Total |
137575827 |
40,70,04,657 |
17.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged
in providing a range of banking and financial services including commercial
banking and treasury operations. |
GENERAL INFORMATION
|
No. of Employees : |
55752 (Approximately) |
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Bankers : |
Reserve Bank of India |
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|
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|
Facilities : |
(* Includes upper Tier II debt of Rs.5428.500 millions (previous year : Rs.5087.500 millions) Secured borrowings included in I and II above : Rs. Nil
(previous year : Rs. Nil) |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors |
|
|
Name : |
BSR and Company Chartered Accountants |
|
|
|
|
Promoter : |
Housing Development Finance Corporation Limited |
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|
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|
Enterprises under common control of the promoter: |
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|
|
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Subsidiaries: |
|
|
|
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Associates: |
|
|
|
|
|
Welfare trust of
the Bank: |
HDB Employees Welfare Trust |
CAPITAL STRUCTURE
After 31.03.2013
Authorised Capital : Rs.5500.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.4795.655
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2750000000 |
Equity Shares |
Rs.2/- each |
Rs.5500.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2379419030 |
Equity Shares |
Rs.2/- each |
Rs.4758.838 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
CAPITAL AND
LIABILITIES |
|
|
|
|
|
|
|
|
|
Capital |
4758.838 |
4693.377 |
4652.257 |
|
Reserves and surplus |
357382.646 |
294550.358 |
249111.291 |
|
Employees’ stock options
(grants) outstanding |
0.000 |
3.020 |
29.135 |
|
Deposits |
2962469.846 |
2467064.459 |
2085864.054 |
|
Borrowings |
330065.972 |
238465.086 |
143940.610 |
|
Other liabilities and
provisions |
348641.671 |
374318.690 |
289928.565 |
|
|
|
|
|
|
TOTAL |
4003318.973 |
3379094.990 |
2773525.912 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and balances with Reserve Bank of
India |
146273.990 |
149910.945 |
251008.158 |
|
Balances with banks and money at call and
short notice |
126527.699 |
59466.318 |
45680.191 |
|
Investments |
1116135.953 |
974829.094 |
709293.656 |
|
Advances |
2397206.432 |
1954200.292 |
1599826.654 |
|
Fixed assets |
27030.813 |
23471.940 |
21706.480 |
|
Other assets |
190144.086 |
217216.401 |
146010.773 |
|
|
|
|
|
|
TOTAL
|
4003318.973 |
3379094.990 |
2773525.912 |
|
|
|
|
|
|
Contingent liabilities |
7201224.293 |
8652928.262 |
5751224.839 |
|
Bills for collection |
261039.630 |
186924.956 |
134284.924 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
3103.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
350648.736 |
278741.928 |
199282.122 |
|
|
|
Other Income |
68526.226 |
57836.255 |
43351.527 |
|
|
|
TOTAL |
419174.962 |
336578.183 |
242633.649 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Interest expended |
192537.521 |
149895.780 |
93850.839 |
|
|
|
Operating expenses |
112361.165 |
92776.403 |
71529.141 |
|
|
|
Provisions and contingencies |
47013.428 |
42235.093 |
37989.660 |
|
|
|
TOTAL |
351912.114 |
284907.276 |
203369.640 |
|
|
|
|
|
|
|
|
|
PROFIT |
|
|
|
|
|
|
|
Net profit for the year |
67262.848 |
51670.907 |
39264.009 |
|
|
|
Balance in Profit and Loss account brought forward |
83996.470 |
61742.416 |
45327.948 |
|
|
|
TOTAL |
151259.318 |
113413.323 |
84591.957 |
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Statutory Reserve |
16815.712 |
12917.726 |
9816.002 |
|
|
|
Proposed dividend |
13090.810 |
10090.760 |
7676.224 |
|
|
|
Tax (including cess) on dividend |
2224.783 |
1636.973 |
1245.275 |
|
|
|
Dividend (including tax / cess thereon) pertaining to
previous year paid during the year |
44.748 |
21.240 |
26.484 |
|
|
|
Transfer to General Reserve |
6726.285 |
5167.091 |
3926.401 |
|
|
|
Transfer to Capital Reserve |
858.498 |
0.000 |
3.568 |
|
|
|
Transfer to / (from) Investment Reserve Account |
176.636 |
(416.937 |
155.587 |
|
|
|
Balance carried over to Balance Sheet |
111321.846 |
83669.470 |
61742.416 |
|
|
|
TOTAL
|
151259.318 |
113413.323 |
84591.957 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
28.49 |
22.11 |
17.00 |
|
|
|
Diluted |
28.18 |
21.91 |
16.81 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Interest Earned |
9,6629.600 |
10,0933.400 |
10,5906.800 |
|
Income On Investments |
2,2178.200 |
2,2917.300 |
2,3094.000 |
|
Interest On Balances
With Rbi Other Inter Bank Funds |
1102.700 |
841.500 |
851.500 |
|
Interest / Discount On
Advances / Bills |
7,3247.400 |
7,6921.100 |
8,1830.600 |
|
Others |
101.300 |
253.500 |
130.700 |
|
Other Income |
1,9256.000 |
1,8443.500 |
2,1482.700 |
|
Total Income |
11,5885.600 |
11,9376.900 |
12,7389.500 |
|
Interest Expended |
5,2442.600 |
5,6168.100 |
5,9559.100 |
|
Operating Expenses |
3,0381.900 |
2,9342.100 |
2,8950.700 |
|
Total Expenditure |
3,0381.900 |
2,9342.100 |
2,8950.700 |
|
Operating Profit Before
Provisions and Contingencies |
3,3061.100 |
3,3866.700 |
3,8879.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Provisions and
contingencies |
5271.200 |
3859.300 |
3888.400 |
|
Profit Before Tax |
2,7789.900 |
3,0007.400 |
3,4991.300 |
|
Tax |
9351.300 |
1,0184.200 |
1,1734.300 |
|
Profit After Tax |
1,8438.600 |
1,9823.200 |
2,3257.000 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
4652.257 |
4693.377 |
4758.838 |
|
Reserves & Surplus |
249111.291 |
294550.358 |
357382.646 |
|
Net
worth |
253763.548 |
299243.735 |
362141.484 |
|
|
|
|
|
|
Borrowings |
143940.610 |
238465.086 |
330065.972 |
|
Total
borrowings |
143940.610 |
238465.086 |
330065.972 |
|
Debt/Equity
ratio |
0.567 |
0.797 |
0.911 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
199,282.122 |
278,741.928 |
350,648.736 |
|
|
|
39.873 |
25.797 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
199,282.122 |
278,741.928 |
350,648.736 |
|
Profit |
39,264.009 |
51,670.907 |
67,262.848 |
|
|
19.70% |
18.54% |
19.18% |
LOCAL AGENCY FURTHER INFORMATION
NOTE: CURRENT
MATURITY OF LONG TERM BORROWINGS DETAIL NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
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 |
Yes |
|
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 |
LITIGATIONS DETAILS:
|
CASE DETAILS BENCH: BOMBAY
|
BACKGROUND:
Subject
(‘HDFC Bank’ or ‘the Bank’), incorporated in Mumbai, India is a publicly held
banking company engaged in providing a range of banking and financial services
including commercial banking and treasury operations. The Bank is governed by
the Banking Regulation Act, 1949. The Bank has overseas branch operations in
Bahrain and Hong Kong.
MANAGEMENT’S
DISCUSSIONS AND ANALYSIS
MACRO-ECONOMIC
AND INDUSTRY DEVELOPMENTS
It
was a challenging year for the Indian economy with lingering concerns over global
growth prospects and financial stability weighing on external demand and
international funding. Further, local headwinds such as firm inflation, rising
interest rates and policy impediments to investment only exacerbated the impact
of a shaky global environment on domestic growth. Headline GDP growth as a
result is likely to have fallen to 5.0% in FY13 from 6.2% a year ago and 9.3%
in FY11.While there was some course correction by way of policy responses both
from the government and the central bank their impact will be visible only with
a lag. In particular, the government has embraced a path of fiscal
consolidation that kept the fiscal deficit target for FY13 below the initial
level of 5.1% of GDP and it is likely that the fiscal deficit could drift lower
to 4.8% of GDP in FY14.The RBI on the other hand fell back on measured policy
easing in FY13 that could gain momentum amidst the prospect of falling
inflation amidst weak global commodity prices and subdued domestic demand. That
said, macro-stability risks from a large current account deficit which is
likely to have reached a record 5.1% of GDP in FY13 and placed the rupee under
extreme depreciation pressure could curtail the extent of this easing. On
balance, the prospect of some monetary easing going ahead, a normal monsoon and
some traction in government capital expenditure could pave the way for a
revival in GDP growth to 5.8%-6% in FY14 and could keep India a significant
out-performer in the global context.
MISSION,
BUSINESS STRATEGY AND APPROACH TO BUSINESS
The
Bank’s mission is to be a ‘World Class Indian Bank’, benchmarking itself
against international standards and best practices in terms of product
offerings, technology, service levels, risk management, audit and compliance.
The objective is to continue building sound customer franchises across distinct
businesses so as to be a preferred provider of banking services for its target
retail and wholesale customer segments, and to achieve a healthy growth in
profitability, consistent with the Bank’s risk appetite.
From
inception, the Bank’s business philosophy has been based on four core values:
Operational Excellence, Customer Focus, Product Leadership and People. During
the year, they have added Sustainability as the fifth core value. Based on
these cornerstones, it is their aim to build an Indian Bank that meets the
financial needs, and provides services of a high quality to its customers
across the country.
The
Bank is committed to do this while ensuring the highest levels of ethical
standards, professional integrity, corporate governance and regulatory
compliance. The Bank understands and respects its fiduciary role and
responsibility to all stakeholders and strives to meet their expectations. The
cardinal principles of independence, accountability, responsibility,
transparency, fair and timely disclosures, etc. serve as the basis of their
approach to corporate governance. The Bank believes that diversity and
independence of the Board, transparent disclosures, shareholder communication
and effective regulatory compliance are necessary for creating and sustaining
shareholder value. The Bank has infused these principles into all its
activities.
The
Bank also has a well-documented Code of Ethics / Conduct Policy which defines
the high business responsibility and ethical standards to be adhered to while
conducting the business of the Bank and mandates compliance with legal and
regulatory requirements. Every employee, including senior management has to
affirm annually that they will abide by the conduct rules.
Consistent
with the mission and approach, the Bank’s business strategy emphasizes the
following:
- Develop innovative products and services that
attract its target customers and address inefficiencies in the Indian
financial sector;
- Increase its market share in India’s expanding
banking and financial services industry by following a disciplined growth
strategy focusing on balancing quality and volume growth while delivering
high quality customer service;
- Leverage its technology platform and open
scalable systems to deliver more products to more customers and to control
operating costs;
- Maintain high risk standards for asset quality
through disciplined credit risk management;
- Continue to develop products and services that
reduce its cost of funds;
- Focus on healthy earnings growth and low
volatility; and integrate their activities in community development,
social responsibility and environmental responsibility with their business
practices and operations
FINANCIAL
INCLUSION
Over
the last few years, the Bank has been working on a number of initiatives to
promote Financial Inclusion across identified sections of rural and semi urban,
under-banked and un-banked consumers. These initiatives target segments of the
population that have limited or no access to the formal banking system by
building a robust and sustainable model that provides relevant services and
viable timely credit that ultimately results in economically uplifting its
customers and substitutes borrowings at usurious rates.
The
Bank’s initiatives in the rural or deeper geography dovetails into its
financial inclusion plans and also complements its Corporate Social
Responsibility initiative where the endeavor has been to provide banking
services which are viable both for the customer and the Bank.
The
Bank’s financial inclusion initiatives have been integrated across its various
businesses, and product groups. As of March 31, 2013 the Bank had brought over
6.4 million households who were hitherto excluded from basic banking services,
into the banking fold.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 |
31.03.2012 |
|
Claims against the bank not acknowledged as debts - taxation |
9349.100 |
13567.900 |
|
Claims against the bank not acknowledged as debts - others |
3975.400 |
2876.193 |
|
Liability on account of outstanding forward exchange contracts |
4467860.687 |
5648764.494 |
|
Liability on account of outstanding derivative contracts |
2292213.027 |
2626390.521 |
|
Guarantees given on behalf of constituents : |
|
|
|
- In India |
162354.571 |
133170.215 |
|
- Outside India |
3993.576 |
436.144 |
|
Acceptances, endorsements and other obligations |
220595.426 |
209182.124 |
|
Other items for which the bank is contingently liable |
40882.506 |
18540.671 |
|
Total |
7201224.293 |
8652928.262 |
FINANCIAL
RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2013
(Rs. In Millions)
|
S. n. |
Particulars |
Quarter Ended |
Quarter Ended |
Nine Months Ended |
|
|
|
( Unaudited) |
(Unaudited) |
( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
|
|
|
|
1. |
Interest Earned
(a)+(b)+(c)+(d) |
105906.800 |
100933.400 |
303469.800 |
|
|
a)
Interest / discount on advances / bills |
81830.600 |
76921.100 |
231999.100 |
|
|
b)
Income on Investments |
23094.000 |
22917.300 |
68189.500 |
|
|
c)
Interest on balances with Reserve Bank of India
and other interbank fund |
851.500 |
841.500 |
2795.700 |
|
|
d) Others |
130.700 |
253.500 |
485.500 |
|
2. |
Other Income |
21482.700 |
18443.500 |
59182.200 |
|
3. |
Total Income |
127389.500 |
119376.900 |
362652.000 |
|
4. |
Interest Expended |
59559.10000 |
56168.100 |
168169.800 |
|
5. |
Operating Expenses |
28950.700 |
29342.100 |
88674.700 |
|
|
i) Employees cost |
9729.700 |
10356.900 |
31177.400 |
|
|
ii) Other operating expenses |
19221.000 |
18985.200 |
57497.300 |
|
6. |
Total Expenditure (excluding Provisions and
Contingencies) |
88509.800 |
85510.200 |
256844.500 |
|
7. |
Operating Profit before Provisions and
Contingencies |
38879.700 |
33866.700 |
105807.500 |
|
8. |
Provisions (other than tax) and Contingencies |
3888.400 |
3859.300 |
13018.900 |
|
9. |
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
10. |
Profit / (Loss) from Ordinary Activities
before tax |
34991.300 |
30007.400 |
92788.600 |
|
11. |
Tax Expense |
11734.300 |
10184.200 |
31269.800 |
|
12. |
Net Profit / (Loss) from Ordinary
Activities after tax |
23257.000 |
19823.200 |
61518.800 |
|
13. |
Extraordinary items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
14. |
Net Profit / (Loss) for the period |
23257.000 |
19823.200 |
61518.800 |
|
15. |
Paid up equity share capital (Face Value of Rs.2/- each) |
4789.200 |
4782.500 |
4789.200 |
|
16. |
Reserves excluding revaluation reserves |
|
|
|
|
17. |
Analytical Ratios |
|
|
|
|
|
(i) Percentage
of shares held by Government of India |
Nil |
Nil |
Nil |
|
|
(ii) Capital
Adequacy Ratio |
NA |
NA |
NA |
|
|
(a) Basel
II |
14.7% |
14.6% |
14.7% |
|
|
(b) Basel
III |
|
|
|
|
|
(iii)
Earnings per share |
|
|
|
|
|
a)
Basic EPS before and after
extraordinary items (net of tax expense) not annualized |
9.80 |
8.30 |
25.80 |
|
|
b) Diluted EPS before
and after extraordinary items (net of tax expense) - not annualized |
9.70 |
8.20 |
25.60 |
|
|
(iv) NPA Ratios |
|
|
|
|
|
a)
Gross NPAs |
301784 |
294171 |
301784 |
|
|
b)
Net NPAs |
79734 |
76721 |
79734 |
|
|
c)
% of Gross NPAs to Gross Advances |
1.0% |
1.1% |
1.0% |
|
|
d)
% of Net NPAs to Net Advances |
0.3% |
0.3% |
0.3% |
|
|
v) Return on assets (average) - not
annualized Non Promoters Shareholding |
0.5% |
0.5% |
0.5% |
|
18. |
Non Promoters Shareholding |
|
|
|
|
|
(a) Public Shareholding |
|
|
|
|
|
No. of shares |
1444372788 |
1444372788 |
1444372788 |
|
|
Percentage of Shareholding |
60.3% |
60.3% |
60.3% |
|
|
(b) Shares underlying Depository Receipts
(ADS and GDR) - No. of shares |
|
|
|
|
|
-
Percentage of Shareholding |
407004657 |
407004657 |
407004657 |
|
|
- Promoters
and Promoter Group Shareholding |
17.0% |
17.0% |
17.0% |
|
19. |
a) Pledged / Encumbered |
|
|
|
|
|
- No.
of shares |
- |
- |
- |
|
|
-
Percentage of Shares (as a % of
the total shareholding of promoterand promoter group) |
- |
- |
- |
|
|
-
Percentage of Shares (as a % of
the total share capital of the Company) (b) Non - encumbered |
- |
- |
- |
|
|
-
b) Non- Encumbered |
|
|
|
|
|
- No.
of shares |
543216100 |
543216100 |
543216100 |
|
|
-
Percentage of Shares (as a % of the
total shareholding of promoterand promoter group) |
100.00 % |
100.00 % |
100.00 % |
|
|
-
Percentage of Shares (as a % of
the total share capital of the Company) (b) Non - encumbered |
22.70% |
22.70% |
22.70% |
* Except for disclosure regarding 'Non Promoters
Shareholding' and 'Promoters and Promoter Group Shareholding' which are
unaudited.
Segment
information in accordance with the Accounting Standard on Segment Reporting (AS
17) of the operating segments of the Bank is as under:
|
S. n. |
Particulars |
Quarter Ended |
Quarter Ended |
Nine Months Ended |
|
|
|
( Unaudited) |
(Unaudited) |
( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1 |
Segment Revenue |
|
|
|
|
a) |
Treasury |
30153.000 |
30472.600 |
91192.700 |
|
b) |
Retail
Banking |
106500.600 |
97427.400 |
299236.300 |
|
c) |
Wholesale
Banking |
51784.200 |
48838.200 |
145640.600 |
|
d) |
Other
Banking Operations |
13292.400 |
12501.500 |
35810.700 |
|
e) |
Unallocated |
0.000 |
0.000 |
25.800 |
|
|
Total |
201730.200 |
189239.700 |
571906.100 |
|
|
Less: Inter Segment Revenue |
74340.700 |
69862.800 |
209254.100 |
|
|
Income from Operations |
127389.500 |
119376.900 |
362652.000 |
|
2 |
Segment Results |
|
|
|
|
a) |
Treasury |
800.600 |
(1032.200) |
2866.500 |
|
b) |
Retail
Banking |
15129.700 |
13720.100 |
41064.800 |
|
c) |
Wholesale
Banking |
15493.400 |
16852.000 |
44397.400 |
|
d) |
Other
Banking Operations |
6115.000 |
4114.800 |
14442.600 |
|
e) |
Unallocated |
(2547.400) |
(3647.300) |
(9982.700) |
|
|
Total Profit Before
Tax |
34991.300 |
30007.400 |
92788.600 |
|
3 |
Capital Employed |
|
|
|
|
a) |
Treasury |
1043656.200 |
955139.000 |
1043656.200 |
|
b) |
Retail
Banking |
(1151807.000) |
(1049589.300) |
(1151807.000) |
|
c) |
Wholesale
Banking |
571166.200 |
544578.700 |
571166.200 |
|
d) |
Other
Banking Operations |
111396.100 |
98879.800 |
111396.100 |
|
e) |
Unallocated |
(145498.100) |
(144156.500) |
(145498.100) |
|
|
Total |
428913.400 |
404851.700 |
428913.400 |
Business
Segments have been identified and reported taking into account the target
customer profile, the nature of products and services, the differing risks and
returns, the organisation structure, the internal business reporting system and
the guidelines prescribed by RBI.
1. Statement of Assets and Liabilities as on December 31,
2013 is given below.
|
Particulars |
As at 31.12.2013 |
|
CAPITAL AND
LIABILITIES |
Unaudited |
|
Capital |
4789.200 |
|
Reserves
and Surplus |
424124.200 |
|
Deposits |
3492151.600 |
|
Borrowings |
438484.500 |
|
Other
Liabilities and Provisions |
321772.200 |
|
Total |
4681321.700 |
|
ASSETS |
|
|
Cash
and Balances with Reserve Bank of India |
212513.800 |
|
Balances
with Banks and Money at Call and Short notice |
139392.600 |
|
Investments |
1106164.800 |
|
Advances |
2967416.100 |
|
Fixed
Assets |
29385.500 |
|
Other
Assets |
226448.900 |
|
Total |
4681321.700 |
2.
The
above results have been approved by the Board of Directors at its meeting held
on January 17, 2014.
3.
The
results for the quarter and nine months ended December 31, 2013 have been
subject to a "Limited Review" by the Statutory Auditors of the Bank.
An unqualified report has been issued by them thereon.
4.
The
Bank has followed the same significant accounting policies in the preparation
of the interim financial statements as those followed in the annual financial
statements for the year ended March 31, 2013.
5.
Commission
paid to sales agents and subventions / fees received from dealers and
manufacturers for originating retail asset products were reclassified under
Operating Expenses and under Other Income respectively, effective year ended
March 31, 2013. The net commission paid was hitherto reduced from Interest
Income. Figures for the quarter and nine months ended December 31, 2012 have
accordingly been regrouped / reclassified. The above change in classification
has no impact on the profit of the Bank.
6.
Recoveries
from written off accounts and direct charge offs were reclassified under Other
Income and under Operating Expenses respectively, effective year ended March
31, 2013. These were hitherto included in the specific loan loss charge under
Provisions and Contingencies. Figures for the quarter and nine months ended
December 31, 2012 have accordingly been regrouped / reclassified. The above
change in classification has no impact on the profit of the Bank.
7.
In
accordance with the RBI circular DBOD.No.BP.BC.88/21.06.201/2012-13 dated March
28, 2013, banks are required to disclose capital adequacy ratio computed under
Basel III capital regulations from the quarter ended June 30, 2013.
Accordingly, details for previous periods are not applicable.
8.
In
accordance with RBI circular DBOD.No.BP.BC.2/21.06.201/2013-14 dated July 1,
2013, banks are required to make Pillar 3 disclosures under Basle III capital
regulations.
9.
During
the quarter and nine months ended December 31, 2013, the Bank allotted 3345385
and 15174515 shares pursuant to the exercise of stock options by certain
employees.
10. Other income relates
to income from non-fund based banking activities including commission, fees,
earnings from foreign exchange and derivative transactions, profit and loss
(including revaluation) from investments and recoveries from accounts written
off.
11. As at December 31,
2013, the total number of branches (including extension counters) and ATM
network stood at 3336 branches and 11473 ATMs respectively.
12. Information on
investor complaints pursuant to Clause 41 of the listing agreement for the
quarter ended December 31, 2013: Opening: Nil; Additions: 706; Disposals: 706; Closing position : Nil.
13. Figures of the previous
periods have been regrouped / reclassified wherever necessary to conform to
current period's classification.
14. Rs.10 lac = Rs.1
million
Rs.10 million = Rs.1
crore
INDEX OF CHARGE:
|
Sr .No |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90383900
|
31/01/2004
|
480,000.00
|
HDFC
Bank Limited |
Sandoz
House, Mumbai, Maharashtra, India |
- |
|
2 |
90383899
|
26/11/2002
|
1,039,000.00
|
HDFC
Bank Limited |
Sandoz
House, Mumbai, Maharashtra, India |
- |
|
3 |
90383897
|
05/10/2001
|
25,000,000.00
|
CITI
BANK N.A. |
30
M.G. Road, Bangalore, Karnataka, India |
- |
|
4 |
90383636
|
11/04/2001
|
285,000.00
|
The
Vysya Bank Limited |
HUNSUR
BRANCH, HUNSUR, Karnataka, INDIA |
- |
|
5 |
90383635
|
12/01/2000
|
2,500,000.00
|
ABU
Ohrs Commercial Bank Limited |
INFANTRY
ROAD, BANGALORE, Karnataka, INDIA |
- |
|
6 |
90383884
|
31/08/2001
* |
1,500,000.00
|
Canara
Bank |
Bangalore,
Bangalore, Karnataka, India |
- |
|
7 |
90389650
|
28/09/1999
|
916,325.00
|
Oriental
Bank Of Commerce |
M.G.
Road, Mumbai, Maharashtra, India |
- |
|
8 |
90383883
|
16/09/1999
|
3,000,000.00
|
Karnataka
State Industrial Investment and Development Corporate |
Bangalore,
Bangalore, Karnataka, India |
- |
|
9 |
90153591
|
13/04/1999
|
25,700,000.00
|
Indian
Renewable Energy Development Agency Limited |
1st
Floor; India Habitat Centre, Lodhi Road, New |
- |
|
10 |
90383881
|
09/04/2003
* |
9,500,000.00
|
BANK
OF INDIA |
Ballard
Estate, Mumbai, Maharashtra, India |
- |
* Date of modification charge
FIXED ASSETS:
- VSATs
- ATMs
- Office equipments
- Computers
- Motor cars
- Software and System development
expenditure
- Assets at residences of
executives of the Bank
PRESS RELEASE:
HDFC
BANK LAUNCHES E-PAYMENT FACILITY FOR IIM LUCKNOW
Online gateway
instant and secure payment of fees for students
Lucknow (Uttar Pradesh), February 18, 2014: HDFC Bank today launched an
online payment gateway for IIM Lucknow. This facility will enable students to
pay their fees online in a quick and convenient manner, using any Mastercard /
Visa debit card or credit card.
All students enrolled in the post-graduate programme (PGP) from the
Lucknow and Noida campuses of IIM Lucknow, will be able to use the e-payment
gateway immediately in the first phase of the initiative. From the upcoming
academic year the facility will be available to all students of the
institution, including the executive programmes.
This initiative will ensure that students have an instant, hassle-free
way to pay their fees online. Currently, close to 1000 students each year make
quarterly payments to IIM Lucknow, by creating a demand draft or registering a
beneficiary for transfer of funds through NEFT.
The online payment gateway will also allow students joining the
institution from all over the country to securely pay their fees in a timely
manner from the comfort of their homes or offices.
The e-payment gateway was launched by Dr Devi Singh, Director, IIM
Lucknow in the presence of Mr Arun Mediratta, Zonal Head HDFC Bank, Mr Akhilesh
Roy, Cluster Head, HDFC Bank as well as other senior officials from both the
bank and the institute.
Speaking at the launch of the gateway, Dr Devi Singh said, “IIM Lucknow
has taken a big leap forward in the evolution of payment of fees for its
courses. This online payment gateway will help fast-track fee payment, making
this process less time consuming for our students”.
Speaking on the occasion, Mr. Arun Mediratta said, "We feel
honoured to be chosen as the partner to implement this initiative. With this
facility we are able to reach out to even more people in Lucknow and make a
difference in their lives. We are offering these students increased convenience
and flexibility to pay their fees through this safe and secure platform powered
by HDFC Bank. "
HDFC BANK SAYS GOT AN I-T ENQUIRY FOLLOWING COBRAPOST EXPOSE
June 27, 2013
Mumbai, Jun 27 (PTI) Following the Cobra post expose, private sector lender HDFC Bank received an Income Tax enquiry but it was not an assesses in the case.
"Yes, there was a tax enquiry and they had detailed discussions with our
people concerned and the tax authorities are satisfied with our
responses," bank chairman C M Vasudev told shareholders at the bank's
annual general meeting here.
HDFC Bank Managing Director and Chief Executive Aditya Puri, however, clarified
that the bank had appeared before the Income Tax department as a witness, and
not as a tax assesses.
"We have met the tax authorities. Please remember, we have not met them as
a tax assesses, we have met them as a witness," he told reporters.
The Cobra post expose purportedly showed officials of the country's top three
private sector lenders -- ICICI Bank, HDFC Bank and Axis Bank -- offering
services which violated the existing money laundering and `know your customer''
norms
.
Following this, the I-T department had sent notices to all the three lenders,
seeking explanation on their positions for possible tax evasion.
Answering a query regarding the impact on the business of the bank, Vasudev
said, "I don't imagine that genuine sort of business should get
affected," adding that only the numbers posted next year will show the
results.
He said the bank has a whistleblower policy in place and all the cases which
come under that are seriously looked into.
Puri said the bank plans to open 300 branches on top of its over 3,000 already
operating branches this year and added it takes up to three years for a branch
to break-even.
Around 53 per cent of its branches at present are in semi-urban and rural areas,
Puri said, adding the proportion will go up this year.
HDFC BANK NET UP 30% AGAIN BUT BAD LOANS RISE MARGINALLY
Jul 17, 2013
HDFC Bank posted on Wednesday a 30 percent rise in first-quarter net profits, in line with expectations, boosted by higher fee income and credit growth.
The Mumbai-based lender, India’s third largest in terms of assets, has posted profit growth of more than 30 percent every quarter for the last decade.
Net profit rose to Rs 18400.000 millions in the quarter ended June from about Rs 14170.000 millions a year earlier. Net interest income grew nearly 21 percent to 44.16 billion rupees.
According to Thomson Reuters, analysts had expected a net profit of Rs 18460.000 millions for the bank. HDFC competes with bigger local rivals like State Bank of India and ICICI Bank.
Asset quality, valued by the market at about $27 billion, worsened slightly, with net nonperforming loans as a percentage of total assets at 0.3 percent compared with 0.2 percent a year ago. Gross nonperforming assets remained unchanged quarter on quarter at 1 percent.
The bank’s net interest margins, however, remained flat at 4.6 percent, while net interest income rose 26.8 percent to Rs 44190.000 millions against Rs 34840.000 millions (YoY).
HDFC Bank’s conservative lending strategies have helped it maintain consistently strong growth and outperform local peers struggling with an increase in bad loans.
The Bank’s total Capital Adequacy Ratio (CAR) (computed as per Basel III guidelines) stood at 15.5% for the first quarter of FY14 as against a regulatory requirement of 9%.
Bank’s distribution network also grew to 3,119 branches and 11,088 ATMs in 1,891 cities at the end of the June quarter.
RBI PENALISES AXIS BANK, HDFC BANK AND ICICI BANK
JUNE 10, 2013
The Reserve Bank has imposed a monetary penalty on Axis Bank, HDFC Bank and ICICI Bank for violating Reserve Bank of India instructions. The details of the penalty are:
|
Bank |
Penalty amount ( |
|
Axis Bank Limited |
50.010 |
|
HDFC Bank Limited |
45.000 |
|
ICICI Bank Limited |
10.010 |
The penalties have been imposed in exercise of powers vested in the Reserve Bank under the provisions of Section 47(A)(1)( c ) read with Section 46(4)(i) of the Banking Regulation Act, 1949
It may be recalled that the Reserve Bank of India had carried out a
scrutiny of books of accounts, internal control, compliance systems and
processes of these three banks at their corporate offices and some branches
during March / April 2013 to investigate into the allegations of contravention
of KYC/AML guidelines against them. The scrutiny of these three banks revealed
violation of certain regulations and instructions issued by Reserve Bank of
India, namely,
- non-observance of certain safeguards in respect of arrangement of “at par” payment of cheques drawn by cooperative banks,
- non-adherence to certain aspects of know your customer (KYC) norms and anti money laundering (AML) guidelines like risk categorisation and periodical review of risk profiling of account holders,
- Non-adherence of KYC for walk in customers including for sale of third party products, omission in filing of cash transaction reports (CTRs) in respect of some cash transactions, sale of gold coins for cash beyond Rs. 50000,
- not-obtaining of permanent account number (PAN) card details or form 60/61 as required,
- non-verification of source of funds credited to a few non-resident ordinary (NRO) accounts,
- Failure to re-designate a few accounts as NRO accounts though required, non-submission of proper information called for by the reserve Bank, etc.
The investigation did not reveal any prima facie evidence of money
laundering. However, any conclusive inference in this regard can be drawn only
by an end to end investigation of the transactions by tax and enforcement
agencies.
Based on the findings of the scrutiny, the Reserve Bank issued a show
cause notice to each of these banks, in response to which the individual banks
submitted written replies. After considering the facts of each case and
individual bank’s reply, as also, personal submissions, information submitted
and documents furnished, the Reserve Bank came to the conclusion that some of
the violations were substantiated and warranted imposition of monetary penalty
as determined above.
A similar scrutiny was also conducted at the corporate offices of 36 other
banks during April and May 2013. The process of follow up action in respect of
these banks is at different stages of its completion.
HDFC BANK NAMED
ORGANISATION OF THE YEAR AT SKOCH FINANCIAL INCLUSION AWARDS
January 15, 2013
Mumbai: HDFC Bank the second largest private sector Bank in India has been named Organisation of the Year at the Skoch Financial Inclusion Awards 2013. HDFC Bank received the award for using technology as a common thread for all its initiatives in micro-credit, micro-savings, micro-insurance, capacity building, financial literacy and Self Help Group (SHG) Linkage.
The award was presented to HDFC Bank for taking its services to 1.5 million households at the bottom of the pyramid with a total loan disbursement of over Rs 17000.000 millions since inception of the viable finance initiative. “The Bank has counseled over 200,000 Self Help Group (SHG) and Joint Liability Group (JLG) members resulting in 89,000 SHGs getting credit linkage. They have also managed to successfully open 48,000 micro-recurring and fixed deposits and have supported over 600,000 of its low-income microfinance clients with life insurance coverage,” stated the Skoch Development Foundation on their website about HDFC Bank.
The Skoch Financial Inclusion Awards seek to recognise best practices from the banking and financial services sector to promote inclusive growth and poverty alleviation from across urban and rural India. Other notable awardees included International Finance Corporation, Steel Authority of India Limited, Microsoft, Bombay Stock Exchange and the National Informatics Centre.
“At HDFC Bank, sustainable livelihood banking has emerged as a critical component to building inclusive growth and taking banking services to the unbanked. We are committed to bringing 10 million families (40 million individuals) into the banking fold and providing world-class technology-enabled services to every customer, across India. With a growing network of rural branches and technological innovations like Anywhere Bank Terminals (ABT) and Loan Originating System (LOS), HDFC Bank is reaching out to an important constituent; customers in the rural areas. Banking facilities such as cash withdrawal and deposit are now available to rural customers at their doorstep,” said Anil Jaggia, CIO, HDFC Bank.
"Our strategy involves empowering lives by making micro credit, insurance, remittance and other financial services available across the length and breadth of the country, from a small city like Moga in Punjab in the northern province to Saharanpur in UP, to regions such as Rajasmand and Pali in Rajasthan, to Hazaribag in the East and to cities like Thucklay and Ramanathapuram down south. We also provide credit counseling and skills training because this enables the poor to build assets, diversify and increase income, and reduce their vulnerability to economic stress,” said Manohara Raj, Executive Vice President and Business Head - Microfinance, HDFC Bank.
HDFC BANK LAUNCHES 87
BRANCHES IN ONE DAY ACROSS PUNJAB AND HARYANA
November 26, 2012
Bharat Credit Card for farmers also launched
Majority of the branches opened in rural areas
Chandigarh: HDFC Bank the second largest private sector bank, today launched 87 rural branches across the states of Punjab and Haryana. Punjab Chief Minister Prakash Singh Badal inaugurated 51 branches in the state. In Haryana, 36 branches were launched by Chief Minister Bhupinder Singh Hooda. These are 3-4 member full-service branches located primarily in the rural areas.
The launch of rural branches reflects HDFC Bank's commitment to push deeper
into the rural areas and bring millions of Indians into the banking fold.
Along with the launch of rural branches, HDFC Bank also launched HDFC
Bank VISA Bharat credit card. The credit card is an exclusive card targeted
towards farmers and agriculturists and provides a wide range of offerings. The
new global credit card has special features designed with Indian farmers and
their shopping needs in mind. The card will offer farmers’ cash back on every
purchase as well as a waiver on petrol surcharge on fuel transactions between
Rs 400 and Rs 5000. The launch of Bharat credit card is in line with the Bank's
objective to offer a wide portfolio of products and services to farmers, who
constitute a large section of the rural population in the country.
The push into deeper geographies is part of HDFC Bank’s Board approved
mandate to bring 10 million unbanked families (40 million individuals) into the
banking fold. The launch of these branches, largely in the rural areas, will
further enhance the thrust to achieve the mission of providing world class
banking products and services across the length and breadth of the country. Not
only is the Bank expanding across tier 2 and 3 towns and cities, but also to
remote locations like Mangaliya Sadak in Madhya Pradesh, Kargil, Leh in the
North and in the interiors of Meghalaya in the North East.
“We are committed to providing efficient, technology driven banking products
and services across India to help bring about inclusive growth. The launch of
the 87 full-service rural branches reiterates this commitment and we are
confident that our endeavour will help in the economic development of the rural
areas in the state of Punjab and Haryana, “said Navin Puri, Country Head,
Branch Banking, HDFC Bank.
“Agriculture is a critical sector of the Indian economy and forms the backbone
of our country. The role of farmers in the economic development is vital. Just
like the Doctor's credit card and credit card for Teachers', HDFC Bank through
the launch of Bharat credit card hopes to fulfill the needs and desires of this
important segment of the society. The Bharat Credit Card will not only provide
timely financial support to agriculturists when they require it, but also give
them access to many additional features and benefits. This is a global credit
card for Indian farmers,” said Parag Rao, Senior Executive Vice President,
Business Head, Credit Cards and Merchant Acquiring Services, HDFC Bank.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.49 |
|
UK Pound |
1 |
Rs.99.77 |
|
Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--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 |
|
76 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.