MIRA INFORM REPORT
|
Report Date : |
10.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
YES BANK LIMITED |
|
|
|
|
Registered
Office : |
9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant
Road, Worli, Mumbai – 400 018, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
21.11.2003 |
|
|
|
|
Com. Reg. No.: |
11-143249 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.3586.223
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65190MH2003PLC143249 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMY01286F |
|
|
|
|
Legal Form : |
Public Limited Liability Bank. The Bank’s Shares are
Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Banking Activities |
|
|
|
|
No. of Employees
: |
7024 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 |
|
Maximum Credit Limit : |
USD 232307000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established and reputed private
sector bank having fine track. Trade relations are reported as fair. Business
is active. Payments are reported to be regular and as per commitments. The Bank can be considered good 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 |
ICRA |
|
Rating |
Lower Tier II Debt Programme=AA |
|
Rating Explanation |
Have high degree of safety and carry very low credit risk. |
|
Date |
March, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
CD Programme=A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
March, 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 DECLINED
Management non-cooperative
(Tel. No.: 91-22-66699000)
LOCATIONS
|
Registered Office/ Corporate Headquarters : |
9th Floor, Nehru Centre, Discovery of India, Dr. Annie
Besant Road, Worli, Mumbai – 400 018, Maharashtra, India |
|
Tel. No.: |
91-22-66699000 |
|
Fax No.: |
91-22-24900314 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Northern Regional Corporate Office : |
48, Nyaya Marg, Chanakya Puri, New Delhi – 110 021, India |
|
Tel. No.: |
91-11-66569000 |
|
Fax No.: |
91-11-51680144 |
|
|
|
|
Branch Network : |
NORTH: Agra, Ajnala, Aligarh, Allahabad, Alipur, Alwar, Ambala Cantt,
Amritsar, Anantnag, Anupshahr, Baddi, Badli, Badshahpur, Baghpat,
Bahadurgarh, Banga, Banur, Bara Banki, Bareilly, Barnala, Bawal, Begowal,
Behror, BhangRola, Bhatinda, Bhiwadi, Bilari, Bishanpura, Chandigarh (3),
Cheeka, Damdama, Daula, Dasna, Dasuya, Dayalbagh, Debai, Dehradun, Derabassi,
Dhampur, Dhand, Dharamsala, Dharuhera, Dhuri, Dundahera, Faridabad,
Fatehabad, Firozabad, Firozpur, Gajraula, Ganaur, Garhi Harsaru,
Ghaziabad(2), Gohana, Gorakhpur, Goraya, Greater Noida, Gulaothi, Gurgaon
(6), Haileymandi, Hayatpur, Jalandhar, Jammu, Jandiala,
Jaspur.Jhajjar.Jhansi, Jind, Kaithal, Kalka, Kangra, Kanpur, Kapurthala,
Karnal, Karola, Kartarpur, Kasana, Kashipur, Katra, Khairthal, Khandewla, Khandsa,
Kharar (2), Khekra, Kherla, Kisangarh, Kosi Kalan, Kunda, Kundli, Kurali,
Lohian Khas, Lucknow, Ludhiana (2), Mahilpur, Manali, Mandi Gobindgarh,
Manesar, Mathura, Meerut, Modinagar, Mohali, Moradabad, Morinda, Mukerian,
Muktsar, Mussoorie, Nakodar, Nangal, Narnaul, Narwana, Nawada Fatehpur,
Nawanshahr, Neemrana, New Delhi (44), Noida (2), Nurmahal, Panchkula, Panipat, Paonta
Sahib, Pathankot, Patiala, Phullanwala, Pinjore, Rai, Rajpura, Ramnagar,
Rayya, Rehtoj, Rishikesh, Rudrapur, Rupnagar (Ropar), Safidon, Saharanpur,
Sahnewal, Samalkha, Sankhoi, Sardhana, Shakarpur, Shikarpur, Shimla,
Shrinagar (Hathras), Siana, Sohana, Solan, Sonepat, Srinagar, Sultanpur
Lodhi, Taoru, Tohana, Udhampur, Una, Urmar Tanda, Wazirabad, Yamuna Nagar,
Zirakpur (2) WEST: Abu Road, Adalaj,
Ahmadnagar, Ahmedabad (5), Anand, Aurangabad, Balotra, Banswara, Bardoli,
Barmer, Baroda, Bavla, Bharuch, Bhavnagar, Bhorwadi, Bhilwara, Bhinmal,
Bhopal, Bilara, Bodakdev, Bodeli, Butibori, Calangute, Chakan, Chikhli,
Chimbhali, Chiplun, Chrttaurgarh, Curchorem, Dahej, Daman, Deesa (M),
Deogarh, Deoli, Dewas, Dwarka, Gandhinagar, Halol, Igatpuri, Indore, Itrasi,
Jaipur (2),Jalgaon, Jalor, Jodhpur, Kolhapur, Kota, Mandideep, Mapusa,
Margao, Merta City, Mumbai Metropolitan Region (49), Nagaur, Nagpur,
Nashik(2), Nasirabad, Nathdwara, Neem-Ka-Thana, Niwai, Nokha, Ozar, Padra,
Panjim, Pen, Pilani, Ponda, Por, Pune (6), Rajgurunagar (Khed), Rajkot,
Rajsamand, Roha, Sachin, Sanand, Sehore, Sendhwa, Shahpura, Sihorli,
Silvassa, Sinnar, Sumerpur, Surat (3), Udaipur, Ujjain, Urn red, Unjha,
Vallabh Vidyanagar, Vapi, Varca, Vijapur, Waluj, Warulwadi, Yeola SOUTH: Ambur, Bangalore (7), Chennai (5), Coimbatore, Devanahalli, Hosur,
Hubli -Dharwad, Hyderabad (6), Kannur, Kochi, Kurichi, Malapuram, Mangalore,
Narasaraopet, Salem, Shamshabad, Sriperumbudur, Suryapet, Thiruvanantapuram,
Vijayawada, Vizag, Vizianagaram, Warangal EAST: Adityapur, Agartala, Aizwal, Asansol, Bardhaman, Bhubhaneshwar, Bidhan Nagar, Chas - Bokaro, Dhanbad, Durg Bhilai, Durgapur, Gangtok, Guwahati, Howrah, Itanagar, Jorhat, Kalyani, Kolkata (4), Patna, Puri, Raipur, Ranchi, Rourkela, Shillong, Silchar, Tezpur |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Rana Kapoor |
|
Designation : |
Managing Director and Chief Executive Officer |
|
|
|
|
Name : |
Ms. Radha Singh |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Ajay Vohra |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
LT. Gen.
(Retired) Mr. Mukesh Sabharwal |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Diwan Arun
Nanda |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. M. R.
Srinivasan |
|
Designation : |
Non-Independent Director |
|
|
|
|
Name : |
Mr. Ravish
Chopra |
|
Designation : |
Non-Independent Director |
KEY EXECUTIVES
|
MANAGEMENT TEAM |
|
|
Name : |
Mr. Abhay Sapru |
|
Designation : |
President and
Country Head Infrastructure and
Network Management |
|
|
|
|
Name : |
Mr. Aditya
Sanghi |
|
Designation : |
President and Senior Managing Director Investment Banking |
|
|
|
|
Name : |
Mr. Ajay Desai |
|
Designation : |
President and
Chief Financial Inclusive Officer
and Social Banking |
|
|
|
|
Name : |
Mr. Ajit
Chandgude |
|
Designation : |
President and Country Head - ECB Risk Management |
|
|
|
|
Name : |
Mr. Amit Dhawan |
|
Designation : |
Senior President
and Regional Business Head-North and East Corporate and Institutional
Banking |
|
|
|
|
Name : |
Mr. Amit Kumar |
|
Designation : |
Group President
and Country Head Corporate and
Institutional Banking |
|
|
|
|
Name : |
Mr. Anindya
Datta |
|
Designation : |
President and Chief Marketing
Officer and Corporate Communication |
|
|
|
|
Name : |
Mr. Arun Agrawal |
|
Designation : |
Group President IBD, MNC and Transaction Banking Group |
|
|
|
|
Name : |
Mr. Ashish
Agarwal |
|
Designation : |
Group President
and Chief Risk Officer Risk
Management |
|
|
|
|
Name : |
Mr. Asit Oberoi |
|
Designation : |
Senior President
and Chief Operating Officer Operations
and Service Delivery |
|
|
|
|
Name : |
Mr. Aspy
Engineer |
|
Designation : |
President - ATM
Management and Currency Chest Liabilities
Mgt, Cards and Direct Banking |
|
|
|
|
Name : |
Ms. Chitra
Pandeya |
|
Designation : |
Senior President
and Country Head Liabilities Mgt,
Cards and Direct Banking |
|
|
|
|
Name : |
Mr. Deodutta
Kurane |
|
Designation : |
Group President Human Capital
Management |
|
|
|
|
Name : |
Mr. Devamalya
Dey |
|
Designation : |
Group President Audit and Compliance |
|
|
|
|
Name : |
Mr. Devang Rawal |
|
Designation : |
President and
Regional Business Head Emerging
Corporates Banking |
|
|
|
|
Name : |
Mr. Dhavan Shah |
|
Designation : |
President and
Country Head Liabilities Product
Management |
|
|
|
|
Name : |
Mr. Jaideep Iyer |
|
Designation : |
Group President Financial Markets |
|
|
|
|
Name : |
Mr. Jayan Menon |
|
Designation : |
President and
Chief Experience Officer Corporate
Operations and Services
Delivery |
|
|
|
|
Name : |
Mr. K.
Somasundaram |
|
Designation : |
President and
Country Head Risk Management |
|
|
|
|
Name : |
Mr. Kapil Juneja |
|
Designation : |
Senior President Operations
and Service Delivery |
|
|
|
|
Name : |
Mr. Karan
Ahluwalia |
|
Designation : |
President and Country Head Emerging
Corporates Banking |
|
|
|
|
Name : |
Mr. Kingshuk
Chakraborty |
|
Designation : |
President and
Managing Director Loans Syndications |
|
|
|
|
Name : |
Mr. Malcolm
Athaide |
|
Designation : |
President and Chief
Risk Officer - RB, BB, ISB and Agribusiness Risk Management |
|
|
|
|
Name : |
Mr. Manavjeet
Singh |
|
Designation : |
Senior President
Retail Banking |
|
|
|
|
Name : |
Mr. Manish Vora |
|
Designation : |
Senior President
and Regional Business Leader - West 1 Corporate
and Institutional Banking |
|
|
|
|
Name : |
Mr. Munindra
Verma |
|
Designation : |
President and
Country Head Transaction Banking
Group |
|
|
|
|
Name : |
Ms. Namita Vikas |
|
Designation : |
President and Country
Head Responsible Banking |
|
|
|
|
Name : |
Mr. Neelesh
Sarda |
|
Designation : |
President Audit and Compliance |
|
|
|
|
Name : |
Mr. Nikhil Sahni |
|
Designation : |
President Branch Banking and Government Relationship Management |
|
|
|
|
Name : |
Mr. Nirav Dalal |
|
Designation : |
President and
Managing Director Financial Markets |
|
|
|
|
Name : |
Mr. Nitin Puri |
|
Designation : |
President Food and Strategic Research and Advisory |
|
|
|
|
Name : |
Mr. Nitin Sane |
|
Designation : |
President Branch Risk Controls Service Quality and
Process Re-engineering |
|
|
|
|
Name : |
Mr. Parag
Gorakshakar |
|
Designation : |
President and
Chief Risk Officer - Corporate Finance Risk
Management |
|
|
|
|
Name : |
Mr. Pralay
Mondal |
|
Designation : |
Senior Group
President Retail and Business
Banking |
|
|
|
|
Name : |
Mr. Pramesh
Khanna |
|
Designation : |
President and
Head - Wholesale Banking Group Human
Capital Management |
|
|
|
|
Name : |
Ms. Prerana
Langa |
|
Designation : |
Group Executive
Vice President and Country Head Responsible
Banking |
|
|
|
|
Name : |
Mr. Punit Malik |
|
Designation : |
Senior President
and Managing Director Corporate
Finance- Realty, Health,
Hospitality, Education |
|
|
|
|
Name : |
Mr. R.
Ravichander |
|
Designation : |
Group President
and Head Business Development South |
|
|
|
|
Name : |
Mr. Rajat Monga |
|
Designation : |
Senior Group
President and Chief Financial Officer Financial
Markets |
|
|
|
|
Name : |
Mr. Rajnish
Datta |
|
Designation : |
Senior President
- Retail, Branch and Business Banking Human
Capital Management |
|
|
|
|
Name : |
Mr. Rakesh Arya |
|
Designation : |
President and
Regional Business Head (West 2) – SCG Corporate
and Institutional Banking |
|
|
|
|
Name : |
Ms. Rinki Dhingra |
|
Designation : |
President and
Country Head Multinational
Corporations Relationship
Banking |
|
|
|
|
Name : |
Mr. Sandeep Baid |
|
Designation : |
Senior President
and Country Head Business Management
Innovation and Strategy |
|
|
|
|
Name : |
Mr. Sanjay Palve |
|
Designation : |
Senior Group
President and Senior MD Corporate
Finance and GRM |
|
|
|
|
Name : |
Mr. Sanjay
Agrawal |
|
Designation : |
Senior President
Business Banking |
|
|
|
|
Name : |
Mr. Sanjay
Mandavkar |
|
Designation : |
President and
Regional Business Leader Corporate
Finance-IBG Product Management |
|
|
|
|
Name : |
Mr. Sanjay
Nambiar |
|
Designation : |
President and
General Counsel Risk Management |
|
|
|
|
Name : |
Mr. Sanjiv Misra |
|
Designation : |
President Operations and Service Delivery |
|
|
|
|
Name : |
Ms. Shubhada Rao |
|
Designation : |
Senior President
and Chief Economist Economics
Knowledge Banking |
|
|
|
|
Name : |
Mr. Subramanian
Ayyar |
|
Designation : |
President Bancassurance Distribution |
|
|
|
|
Name : |
Mr. Sumit Gupta |
|
Designation : |
Senior President
Emerging Corporates Banking |
|
|
|
|
Name : |
Mr. Sumit Kakkar |
|
Designation : |
President and
Chief Risk Officer - C&IB, IFI,
GRM, MNC and IBD Risk Management |
|
|
|
|
Name : |
Mr. Surendra
Jalan |
|
Designation : |
Group President Indian Financial Institutions and MFIG |
|
|
|
|
Name : |
Mr. Surendra
Shetty |
|
Designation : |
Senior President
and Chief Information Officer Technology
and Solutions Group |
|
|
|
|
Name : |
Mr. Tushar
Pandey |
|
Designation : |
Senior President
Strategic Initiatives, Government
and Advisory |
|
|
|
|
Name : |
Mr. Vijay Kumar |
|
Designation : |
President Agribusiness and Rural Banking |
|
|
|
|
Name : |
Mr. Vikas Dawra |
|
Designation : |
Managing
Director Investment Banking |
|
|
|
|
Name : |
Mr. Vikram
Kaushal |
|
Designation : |
President and
Country Head Branch Banking |
|
|
|
|
Name : |
Mr. Vinod Bahety |
|
Designation : |
President Corporate Finance- IBG Product Management |
|
|
|
|
Name : |
Mr. Vivek Bansal |
|
Designation : |
President and
Country Head Financial Management |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
55125000 |
15.29 |
|
|
37017450 |
10.27 |
|
|
92142450 |
25.56 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
92142450 |
25.56 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
23945748 |
6.64 |
|
|
982361 |
0.27 |
|
|
44511654 |
12.35 |
|
|
142624598 |
39.56 |
|
|
700 |
0.00 |
|
|
212065061 |
58.82 |
|
|
|
|
|
|
8953643 |
2.48 |
|
|
|
|
|
|
29072339 |
8.06 |
|
|
13984973 |
3.88 |
|
|
4336675 |
1.20 |
|
|
694415 |
0.19 |
|
|
2372158 |
0.66 |
|
|
363753 |
0.10 |
|
|
906349 |
0.25 |
|
|
56347630 |
15.63 |
|
Total
Public shareholding (B) |
268412691 |
74.44 |
|
Total
(A)+(B) |
360555141 |
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) |
360555141 |
0.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
Encumbered shares (*) |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|||
|
No. of Shares held |
As a % of grand total |
No |
As a percentage |
As a % of |
|||
|
1 |
Rana
Kapoor |
2,00,00,000 |
5.55 |
0 |
0.00 |
0.00 |
5.55 |
|
2 |
Madhu
Kapur and Family |
3,51,25,000 |
9.74 |
3335000 |
9.49 |
0.92 |
9.74 |
|
3 |
Yes
Capital (India) Private Limited |
1,51,25,000 |
4.19 |
0 |
0.00 |
0.00 |
4.19 |
|
4 |
Morgan
Credits Private Limited |
1,40,50,000 |
3.90 |
0 |
0.00 |
0.00 |
3.90 |
|
5 |
Mags
Finvest Private Limited |
78,42,450 |
2.18 |
800000 |
10.20 |
0.22 |
2.18 |
|
|
Total |
9,21,42,450 |
25.56 |
4135000 |
4.49 |
1.15 |
25.56 |
(*) The term encumbrance has the same meaning as assigned to it in
regulation 28(3) of the SAST Regulations, 2011.
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
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of warrants
and convertible securities) as a % of diluted share capital |
|
|
1 |
Life
Insurance Corporation Of India Along With Its Various Schemes |
27337096 |
7.58 |
7.58 |
|
|
2 |
Bajaj
Allianz Life Insurance Company Limited |
6228019 |
1.73 |
1.73 |
|
|
3 |
Swiss
Finance Corporation (Mauritius) Limited |
5638835 |
1.56 |
1.56 |
|
|
4 |
Quantum
(M) Limited |
4571000 |
1.27 |
1.27 |
|
|
5 |
JP
Morgan Funds |
5922950 |
1.64 |
1.64 |
|
|
6 |
Franklin
Templeton Investment Fund |
3966031 |
1.10 |
1.10 |
|
|
7 |
DB
International (Asia) Limited |
3983491 |
1.10 |
1.10 |
|
|
8 |
Reliance
Life Insurance Company Limited |
4708019 |
1.31 |
1.31 |
|
|
9 |
JP
Morgan Emerging Markets Investment Trust PLC |
3687300 |
1.02 |
1.02 |
|
|
10 |
Merrill
Lynch Capital Markets Espana SA SV |
4456273 |
1.24 |
1.24 |
|
|
|
Total |
70499014 |
19.55 |
19.55 |
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
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC)
with them |
No. of Shares |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Life
Insurance Corporation of India Along With Its Various Schemes |
27337096 |
7.58 |
7.58 |
|
|
|
Total |
27337096 |
7.58 |
7.58 |
BUSINESS DETAILS
|
Line of Business : |
Banking Activities |
GENERAL INFORMATION
|
No. of Employees : |
7024 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Reserve Bank of India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
* Of the above, secured
borrowings are Rs.49896.031 millions (March 31, 2012: Rs.23500.000
millions). ** Including refinance borrowing. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company LLP Chartered
Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Subsidiary : |
Yes Securities (India)
Limited |
CAPITAL STRUCTURE
AS ON 08.06.2013
Authorised Capital : Rs.6000.000 millions
Issued, Subscribed & Paid-up Capital : Rs.3606.336
millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
600000000 |
Equity Shares |
Rs.10/- each |
Rs.6000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
358622289 |
Equity Shares |
Rs.10/- each
|
Rs.3586.223
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
CAPITAL AND LIABILITIES |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Capital |
3586.223 |
3529.874 |
3471.471 |
|
Reserve and Surplus |
54490.482 |
43236.486 |
34469.280 |
|
Deposits |
669555.852 |
491517.050 |
459389.318 |
|
Borrowings |
209221.472 |
141564.874 |
66909.092 |
|
Other Liabilities and Provisions |
54187.245 |
56408.508 |
25830.728 |
|
TOTAL
|
991041.274 |
736256.792 |
590069.889 |
|
ASSETS |
|
|
|
|
Cash and balance with Reserve Bank of India |
33387.586 |
23325.440 |
30760.155 |
|
Balance with banks money at call and short notice |
7270.011 |
12529.966 |
4199.609 |
|
Investments |
429760.421 |
277573.491 |
188288.378 |
|
Advances |
469995.663 |
379886.419 |
343636.387 |
|
Fixed Assets |
2295.452 |
1771.038 |
1324.296 |
|
Other Assets |
48332.141 |
41170.438 |
21861.064 |
|
TOTAL
|
991041.274 |
736256.792 |
590069.889 |
|
|
|
|
|
|
Contingent Liabilities |
2478043.530 |
1614270.735 |
1362253.799 |
|
Bills for collection |
6773.965 |
4020.545 |
1701.444 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I. |
INCOME |
|
|
|
|
|
Interest Earned |
82939.991 |
63073.581 |
40417.473 |
|
|
Other Income |
12574.326 |
8571.206 |
6232.709 |
|
|
TOTAL |
95514.317 |
71644.787 |
46650.182 |
|
|
|
|
|
|
|
II. |
EXPENDITURE |
|
|
|
|
|
Interest expended |
60752.092 |
46917.212 |
27948.174 |
|
|
Operating Expenses |
13345.367 |
9325.343 |
6798.103 |
|
|
Provision and Contingencies |
8410.051 |
5632.248 |
4632.527 |
|
|
TOTAL |
82507.510 |
61874.803 |
39378.804 |
|
|
|
|
|
|
|
III. |
PROFIT |
|
|
|
|
|
Net profit for the year |
13006.807 |
9769.984 |
7271.378 |
|
|
Profit brought forward |
16583.936 |
11150.578 |
6729.526 |
|
|
TOTAL |
29590.743 |
20920.562 |
14000.904 |
|
|
|
|
|
|
|
IV. |
APPROPRIATIONS |
|
|
|
|
|
Transfer to Capital Reserve |
348.646 |
253.337 |
19.924 |
|
|
Transfer to Statutory Reserve |
3251.702 |
2442.496 |
1817.845 |
|
|
Transfer to Investment Reserve |
97.136 |
0.228 |
0.137 |
|
|
Dividend paid for last year and tax thereon |
8.786 |
(0.439) |
0.410 |
|
|
Proposed Dividend |
2151.734 |
1411.950 |
867.868 |
|
|
Tax (including surcharge
and education cess) on Dividend |
349.065 |
229.054 |
144.142 |
|
|
Balance carried over to balance sheet |
23383.674 |
16583.936 |
11150.578 |
|
|
TOTAL
|
29590.743 |
20920.562 |
14000.904 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
- Basic |
36.53 |
27.87 |
21.12 |
|
|
- Diluted |
35.55 |
27.13 |
20.25 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Interest Earned |
|
|
23979.100 |
|
Income On Investments |
|
|
8743.800 |
|
Interest On Balances With Rbi Other Inter Bank Funds |
|
|
20.300 |
|
Interest / Discount On Advances / Bills |
|
|
15198.200 |
|
Others |
|
|
16.800 |
|
Other Income |
|
|
4420.600 |
|
Total Income |
|
|
28399.700 |
|
Interest Expended |
|
|
17388.000 |
|
Operating Expenses |
|
|
4212.100 |
|
Total Expenditure |
|
|
4212.100 |
|
Operating Profit Before Provisions and Contingencies |
|
|
6799.600 |
|
Exceptional Items |
|
|
0.000 |
|
Provisions and contingencies |
|
|
969.900 |
|
Profit Before Tax |
|
|
5829.700 |
|
Tax |
|
|
1821.300 |
|
Profit After Tax |
|
|
4008.400 |
|
+/- Extraordinary Items |
|
|
0.000 |
|
+/- Prior period items |
|
|
0.000 |
|
Net Profit |
|
|
40084.000 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
3471.471 |
3529.874 |
3586.223 |
|
Reserves & Surplus |
34469.28 |
43236.486 |
54490.482 |
|
Net worth |
37940.751 |
46766.360 |
58076.705 |
|
|
|
|
|
|
Borrowings |
66909.092 |
141564.874 |
209221.472 |
|
Total borrowings |
66,909.092 |
1,41,564.874 |
2,09,221.472 |
|
Debt/Equity ratio |
1.764 |
3.027 |
3.603 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Interest Earned |
40417.473 |
63073.581 |
82939.991 |
|
|
|
56.055 |
31.497 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Interest Earned |
40417.473 |
63073.581 |
82939.991 |
|
Profit |
7271.378 |
9769.984 |
13006.807 |
|
|
17.99% |
15.49% |
15.68% |
LOCAL AGENCY FURTHER INFORMATION
Details of Current Maturities of Long Term
Debt: Not Available
|
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 |
LITIGATION
DETAILS:
Lodging No.:- SL/2016/2011
Filling Date:- 15.07.2011
Reg. No.:- S/2001/2011
Reg. Date:- 10.08.2011
Petitioner:- Zoom
Developers Private Limited and 10 others
Respondent:- Yes
Bank Limited
Petn. Adv.:- Crawford
Bayley and Company
Resp. Adv.:- M.V.
King and Company
District:- MUMBAI
Bench:- SINGLE
Status:- Pre-Admission
Category:- Suits for Damages
Last Date:- 10.12.2012
Last Coram:- Registrar(OS)/ Prothonotary and Sr. Master
Stage:- For Written Statement
Act:- Code of Civil
Procedure 1908
CHARGES:
|
ENTITY |
PERSON |
COMPETENT
AUTHORITY |
REGULATORY CH ARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
FURTHER
DEVELOPMENTS |
|
YES BANK LIMITED |
RBI |
DID NOT COMPLY
WITH “KNOW YOUR CUSTOMER” NORMS IN OPENING AND/OR OPERATING THE ACCOUNTS |
IMPOSED PENALTY
RS.20.000 MILLIONS |
||
|
YES BANK LIMITED |
RBI |
DID NOT ADHERE TO
INSTRUCTIONS ISSUED BY RBI IN RESPECT OF DERIVATIVES,SUCH AS FAILURE TO CARRY
OUT DUE DILIGENCE IN REGARD TO SUITABILITY OF PRODUCTS,SELLING DERIVATIVE
PRODUCTS TO USERS NOT HAVING RISK MANAGEMENT POLICIES AND NOT VERIFYING
UNDERLYING/ADEQUACY OF UNDERLYING AND ELIGIBLE LIMITS UNDER PAST PERFORMANCE
ROUTE |
IMPOSED PENALTY
RS.1.500 MILLIONS |
Note:
No
charges exist for company
BACKGROUND
The Bank is a private sector Bank promoted by the late Mr. Ashok Kapur and Mr. Rana Kapoor. YES BANK Limited is a publicly held bank engaged in providing a wide range of banking and financial services. YES BANK Limited is a banking company governed by the Banking Regulation Act, 1949. The Bank was incorporated as a limited company under the Companies Act, 1956 on November 21, 2003. The Bank received the licence to commence banking operations from the Reserve Bank of India ('RBI') on May 24, 2004. Further, YES BANK was included to the Second Schedule of the Reserve Bank of India Act, 1934 with effect from August 21, 2004.
AWARDS AND ACCOLADES
Institutional and Business
Excellence 2012
■- Best Mid-sized
Bank Business Today - KPMG Survey
■- Best Mid-sized Bank
_ Business World - PWC Survey
■- Best Private Sector
Bank _ Money Today - FPCIL
■- Strongest Bank in
India The Asian Banker
■- Sustainable Bank of
the Year (Asia/Pacific) Award FT/IFC Sustainable Finance Awards, London
■- Golden Peacock
Award for Sustainability Global
Convention, London
■- Golden Peacock Innovative
Product / Service Award
■- OKOVISION
Sustainability Leadership Award, Germany
■- No. 1 IPO, listed
between 2005 and 2012
Moneycontrol
■- Ranked 561 Overall and 163 Return on Assets
FT Banker List of Top 1,000
Banks List
■- Brand Excellence
Award in the BFSI segment and Brand Builder of the Year Award _ 3rd CMO ASIA
Awards, Singapore
■- Six awards at the
3rd Asia's Best Employer Brand Awards, Singapore
■- Talent Management
■- Best HR Strategy in
line with Business
■- Excellence in HR
through Technology
■- Continuous
Innovation in HR Strategy at Work
■- Innovation in
Recruitment
■- Excellence in
Training
The Celent's Model Bank
Award for 'Insights 2 Engage' and 'Governance, Risk and Compliance Competency
Framework'
■- NASSCOM Social
Innovation Honors Certificate of Appreciation
■- Jamnalal Bajaj Uchit Vyavahar Puraskar Council for Fair Business Practices
Technology/Service
Excellence 2012
■- Innovation in
Payments, Financial Insights Innovation Awards
■- Excellence in
Domestic Payments - Financial Insights Innovation Awards
■- Best Overall Mobile
Lifeline Launch- Connected World Forum Awards, Dubai
■- NASSCOM IT User
Award in Banking (Scheduled Commercial Category)
■- CIO 100 Award
■- Connected World
Forum Awards Best Overall Mobile Lifeline
Launch Award
■- IAMAI India Digital
Awards - Best Mobile Banking Project YES Sahaj Micro ATM
■- Finnoviti Best
Remittance Knowledge Bridge
■- IMC RBNQ
Performance Excellence Trophy Services Category
Accolades Awarded to Rana Kapoor,
MD and CEO (2012)
■- Distinguished
Entrepreneurship Award at the PHD Chamber Annual Awards for Excellence
■- Best Indian Banker (Mid-sized) The Sunday Standard FINWIZ Awards
■- CEO of the Year
Award _ 3rd CMO Asia Awards, Singapore
■- National Special
Social Award Godfrey Phillips Bravery
Awards
■- Entrepreneur of the
Year Award HELLO! Hall of Fame Awards
■- Guru Award as part
of the IBN-7 Guru Shishya Award in the Business Category
■- Corporate Excellence Awards Future Leader of the Year
MANAGEMENT DISCUSSION
AND ANALYSIS
Macroeconomic and
Industry Overview
Global Economic Scenario
In 2012, the world economy
weakened considerably. Global growth as per IMF's projection fell to 3.2% from
4.0% in 2011. A growing number of developed economies, especially in Europe,
faced recessionary conditions as weak labour and demand conditions were
compounded by fiscal austerity amidst high public debt burden and financial
fragility continued to plague economic prospects. While the US economic growth
improved marginally, concerns on fiscal tightening are likely to keep growth
momentum lower in 2013 as compared to 2012. On the emerging markets side, China
continued to grow at a moderate rate of 7.8% in 2012, lower than 9.3% of 2011.
In order to stimulate growth
amid ongoing fiscal austerity, most central banks in the developed economies
expanded their asset purchase program and kept their monetary policies in
expansionary mode by maintaining exceptionally low interest rates in FY
2012-13.
In September 2012 the US
Federal Reserve expanded the size of its Quantitative Easing Program by adding
USD 40 billion worth mortgage debt to its already existing monthly purchases of
USD 45 billion of long dated US treasuries. In September 2012, the European Central
Bank too announced that it would purchase unlimited amounts of government bonds
of Spain and other euro states that face high borrowing costs, provided these
countries adhere to the requirements of a formal bailout. Among other central
banks, Bank of England and Bank of Japan too expanded their asset purchase
programs and continued to keep their policy rates at historically low levels.
Indian Economic Scenario
In the aftermath of the
slowdown induced by the global financial crisis in 2008-09, the Indian economy
responded strongly to fiscal and monetary stimulus and achieved a GDP growth of
8.6% and 9.3% respectively in 2009-10 and 2010-11. However, with the economy
exhibiting inflationary tendencies, the Reserve Bank of India (RBI) started
raising policy rates in March 2010. High rates, domestic supply side
constraints, and a soft global economic environment adversely impacted
investment, and in the subsequent two years viz. 2011-12 and 2012-13, GDP
growth slowed to 6.2% and 5.0% respectively.
The moderation in growth can
be primarily attributed to weakness in industry, which registered a growth of
3.1% in 2012-13, the lowest in the last eleven years. Growth in agriculture was
also weak in 2012-13, on the back of lower rainfall during the south-west monsoon
season.
After achieving double-digit
growth for five straight years between 2005-06 and 2009-10, services sector
growth declined to a twelve year low of 6.6% in 2012-13. Sectors that
particularly slowed were Trade and Commerce, and Financing and Insurance
related businesses. Towards the second half of 2012-13, government's focus on
fiscal consolidation resulted in plan expenditure getting squeezed this further
accentuated the slowdown in the services sector.
After remaining elevated for
two consecutive years at 9.6% in 2010-11 and 9.0% in 2011-12, average headline
WPI inflation moderated to 7.4% in 2012-13. Core inflation has also declined
concomitantly to a 37-month low of 3.4% in March 2013 from its recent peak of
8.4% in November 2011. Besides monetary measures taken by the RBI, the recent
softening of global commodity prices along with stability in Rupee contributed
towards the moderation in core inflation.
The central government's fiscal
deficit was projected at 5.1% of GDP in 2012-13. However, slippages in revenue
collection on account of slowdown in growth and an overshooting of the subsidy
bill, raised the risk of fiscal deficit coming close to 6.1% of GDP (as per the
Kelkar Committee report on the Roadmap for Fiscal Consolidation, September
2012). Since then, the government made commendable progress in curbing
expenditure and has projected a revised fiscal deficit target of 5.2% of GDP.
For 2013-14, the Union Budget has signalled further fiscal consolidation with a
fiscal deficit target of 4.8% of GDP.
The moderation in WPI
inflation, deceleration in GDP growth momentum, and government's move towards
fiscal consolidation enabled the RBI to gradually ease monetary policy in
2012-13. After cutting the repo rate by 50 basis points in April 2012, the RBI
administered further cuts of 25 basis points magnitude in January 2013 and
March 2013 respectively, taking the repo rate down to 7.50% by end March 2013
from 8.50% in March 2012.
Liquidity conditions
remained in the deficit during 2012-13. The extent of liquidity deficit
deteriorated sharply from November 2012 onwards after remaining moderate to the
tune of Rs.520000.000 millions on an average basis during May-October 2012-13.
Liquidity deficit averaged around Rs.1030000.000 millions between
November-March 2012-13, much above RBI's level of comfort. During the course of
2012-13, CRR was lowered from 4.75% in March 2012 to 4.00% in March 2013, SLR
was lowered from 24.00% to 23.00%, and OMOs aggregating Rs.1271800.000 millions
were conducted.
The Rupee started the year
2012-13 on a weak note, depreciating by 10.1% between end March 2012 and end
June 2012 on the back of tax related uncertainty (in the form of GAAR) along
with deteriorating growth-inflation balance and current account deficit.
Thereafter, the trend reversed, with the domestic currency appreciating by 3.5%
between end June 2012 and end March 2013. Moderation in inflation and
government's efforts towards fiscal consolidation and revival of sentiment
provided support to Rupee. Unlimited liquidity injection by central banks in
developed economies also supported sentiment by attenuating the tail risks in
the global financial markets.
Indian Banking Overview
The focus of commercial
banks in India has largely been on meeting the short-term financing needs of
industry, trade and agriculture. As of fiscal year 2012, there were 173
commercial banks in the country out of which 169 were scheduled commercial
banks. As of fiscal year 2012, commercial banks had a nationwide network of
101,261 offices with 61.3% of the offices in rural and semi-urban areas
(Source: RBI). As of fiscal year 2012, scheduled commercial banks, not
including regional rural banks, had approximately Rs.64.5 lakh crores of
deposits and approximately Rs.50.8 lakh crores of loans and advances. Aggregate
deposits for all scheduled commercial banks had registered an annual growth
rate of 14.9% while the loans and advances for all scheduled commercial banks
had increased by 18.1%. The credit deposit ratio for all scheduled commercial
banks stood at 78.1% (Source: Report on Trend and Progress of Banking in India
2011-12). According to preliminary information available from RBI's Weekly
Statistical Supplement, scheduled commercial banks had approximately Rs.67.5
lakh crores of deposits and approximately Rs.52.6 lakh crores of loans and
advances as of March 22, 2013, registering a year-on-year growth of 14.3% and
14.1% respectively. The credit-deposit ratio stood at 77.9 as of March 22,
2013.
Key Banking Industry Trends
in India Domestic and international economic developments posed challenges to
the banking sector during fiscal year 2012. Though asset impairment increased,
the resilience of the Indian banking sector was manifested in an improvement in
the capital base and maintenance of profitability.
Future Developments in the
Banking Sector and expected Domestic Reforms Implementation of the Basel III
Capital Regulations
The Basel Committee on
Banking Supervision ("BCBS") issued
a comprehensive reform package of
capital regulations, "Basel III: A global regulatory framework for more
resilient banks and banking systems", in December 2010 ("Basel
III"). The objective of the reform package is to improve the banking
sector's ability to absorb shocks arising from financial and economic stress,
thus reducing the risk of spillover from the financial sector to the real
economy. The RBI issued final guidelines on Basel III implementation on 2 May
2012 (the "RBI Basel III Guidelines") and the guidelines became
operational from 1 April 2013. However, the reform package and guidelines will
be implemented in a phased manner. The minimum capital requirement, including
capital conservation buffers and regulatory deductions, will be fully implemented
by fiscal year 2018.
Under Basel III, total
capital of a bank in India must be at least 9.0% of risk-weighted assets
("RWAs") (8.0% as specified by the BCBS), Tier I capital must be at
least 7.0% of RWAs (6.0% as specified by the BCBS) and Common Equity Tier I
capital must be at least 5.5% of RWAs (4.5% as specified by BCBS). In addition
to the minimum requirements as indicated above, a capital conservation buffer
("CCB") in the form of common equity of 2.5% of RWAs is required to
be maintained by banks. Under Basel III, total capital with CCB has been fixed
at 11.5%
Further, under Basel III, a
simple, transparent, non-risk based leverage ratio has been introduced. The
BCBS will test a minimum Tier I leverage ratio of 3.0% during a parallel run period
from 1 January 2013 to 1 January 2017. The RBI has prescribed that during this
parallel run period, banks should strive to maintain their existing leverage
ratios but in no case should a bank's leverage ratio fall below 4.5%. Banks
whose leverage is below 4.5% have been advised to achieve this target as early
as possible. (Source: RBI Annual Report 2011-2012)
Grant of new bank licences
after the amendment of the Banking Regulation Act 1949 (the "Banking
Regulation Act")
The union budget announced
on 26 February 2010 stated that the RBI was considering granting additional
banking licences to private sector players, and that NBFCs could also be
considered if they met the required eligibility criteria. The RBI released a
discussion paper relating to this proposal in August 2010 and draft guidelines
were prepared and placed in the public domain on 29 August 2011.
The draft guidelines
stipulate conditions relating to eligible promoters, minimum capital, foreign
shareholding, business models and desirable corporate structures and governance
standards of the group applying for the additional banking licences. In January
2013, the Banking Regulation Act was amended by the Government of India, to
effect certain changes that the RBI believes are important for the fmalisation
and implementation of the policy for licensing new banks in the private sector.
(Source: RBI Report on Trend and Progress of Banking in India 2011-12)
Subsequently, RBI has released guidelines for licencing of New Banks in the
private sector on February 22, 2013.
Business Overview
YES BANK provides a
comprehensive range of banking services across retail and corporate customers.
Client-focused Corporate Banking and Commercial Banking Services, include
Working Capital Finance, specialised Corporate Finance, Trade, Cash Management
and Transactional Services, Treasury Services, Investment Banking Solutions and
Liquidity Management Solutions to name a few. In addition, Retail Banking
Services includes a wide array of both asset and liability / deposit products
to cater to needs of customers. YES BANK is committed to provide innovative
financial solutions by leveraging on superior product delivery.
Financial and Operating
Performance
Your Bank has had robust financial
performance since inception in 2004 and has continued the same in FY 20122013
by delivering a steady performance. Your Bank has had superior performance on
Return on Equity (RoE) and Return on Assets (RoA) by delivering a RoE of 24.8%
and RoA of 1.5% for FY 2012-2013.
OUTLOOK
After a year characterised
by below trend economic growth (trend growth estimated to be around 7%), the
outlook for FY14 is expected to show mild improvement. Agriculture growth,
which suffered from a deficient monsoon in 2012, is expected to recover from
1.8% in FY13 to 3.5% in FY14 assuming a normal monsoon. Industry growth that
fell to an 11-year low of 3.1% in FY13 is expected to show an improvement to
around 5.5% in FY14 as the impact of past monetary easing unfolds gradually and
as the government moves ahead on the path of implementing reforms and takes
steps to debottleneck infrastructure investments. The recovery in services
growth to 6.7% in FY14 from 6.6% in FY13 will be extremely mild as the services
sector responds with a lag to activity in the industrial sector. As a result,
we expect overall GDP growth to improve to 5.9% in FY14 from 5.0% in FY13.
Average WPI inflation came
at 7.4% in FY13 vis-a-vis 9.0% in FY12. We expect the moderating trend in WPI
to continue in FY14 as global commodity prices remain range bound amid dilution
of pricing power of domestic manufacturers in an environment of sub trend
economic growth. For FY14, we expect average WPI inflation to moderate towards
6.4%.
On the fiscal front, the government
has budgeted for a reduction in fiscal deficit to 4.8% of GDP in FY14 from 5.2%
of GDP in FY13.
After a record high of close
to 5.0% of GDP in FY13 (estimated), we expect current account deficit to
moderate towards 4.1% of GDP in FY14 as global commodity prices remain range
bound, administrative action on domestic fuel and gold prices lead to some
moderation in oil and gold imports, and economic growth shows a mild recovery.
The current account gap is expected to be completely financed by capital
inflows amid the prevailing global liquidity glut.
Financial Performance
Your Bank has posted net revenues (Net Interest Income and other income) of Rs.34760.000 millions and Net Profit of Rs.13010.000 millions for the Financial Year 2012-13. Net Revenues and Net Profit for the Financial Year 2011-12 were Rs.24730.000 millions and Rs.9770.000 millions respectively.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
i. Claims against
the bank not acknowledged as debts |
-- |
379.052 |
|
ii.
Liability for partly paid investments |
-- |
-- |
|
iii.
Liability on account of outstanding forward exchange contracts |
1500302.096 |
799971.222 |
|
iv.
Liability on account of outstanding derivative contracts |
-- |
-- |
|
- Single
currency Interest Rate Swaps |
659577.736 |
535443.857 |
|
- Others |
48188.523 |
87366.103 |
|
v.
Guarantees given on behalf of constituents |
-- |
-- |
|
- In India |
118377.928 |
91830.012 |
|
- Outside
India |
-- |
-- |
|
vi.
Acceptances, endorsement and other obligations |
119953.148 |
104493.693 |
|
vii. Other
items for which the bank is contingently liable |
-- |
-- |
|
- Value
dated purchase of securities |
107.240 |
489.002 |
|
- Capital
commitments |
255.584 |
102.189 |
|
- Foreign
Exchange Contracts (Tom and Spot) |
31281.275 |
21282.105 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NIN MONTHS
ENDED DECEMBER 31, 2013
(Rs. in millions)
|
Sr. No. |
PARTICULARS |
For the quarter
ended |
For the nine months
ended |
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
Interest
earned (a)+(b)+(c)+(d) |
25141.200 |
25012.700 |
74133.000 |
|
|
|
|
|
|
|
(a) |
Interest/discount
on advances/bills |
16659.800 |
16179.100 |
48037.100 |
|
(b) |
Income
on investments |
8400.200 |
8746.700 |
25890.700 |
|
(c) |
Interest
on balances with Reserve Bank of India and other inter-bank funds |
77.600 |
83.900 |
181.800 |
|
(d) |
Others |
3.600 |
3.000 |
23.400 |
|
2 |
Other
Income |
3878.800 |
4461.200 |
12760.600 |
|
A. |
TOTAL
INCOME (1+2) |
29020.000 |
29473.900 |
86893.600 |
|
3 |
Interest
Expended |
18486.700 |
18291.600 |
54166.300 |
|
4 |
Operating
Expenses (e)+(f) |
4386.500 |
4053.400 |
12652.000 |
|
(e) |
Payments
to and provisions for employees |
1940.600 |
1853.400 |
5805.700 |
|
(f) |
Other
operating expenses |
2445.900 |
2200.000 |
6846.300 |
|
B. |
Total
Expenditure (3)+(4) (excluding provisions and contingencies) |
22873.200 |
22345.000 |
66818.300 |
|
C. |
Operating
Profit (before Provisions and Contingencies)(A-B) |
6146.800 |
7128.900 |
20075.300 |
|
D. |
Provisions
(other than Tax ) and Contingencies |
132.900 |
1791.200 |
2894.000 |
|
E. |
Exceptional
Items |
-- |
-- |
-- |
|
F. |
Profit
from ordinary activities before tax (C-D-E) |
6013.900 |
5337.700 |
17181.300 |
|
G. |
Tax
Expense |
1857.900 |
1626.400 |
5305.600 |
|
H. |
Net
profit from Ordinary Activities after tax (F-G) |
4156.000 |
3711.300 |
11875.700 |
|
I. |
Extraordinary
Items (Net of tax) |
-- |
-- |
-- |
|
J. |
NET
PROFIT (H-I) |
4156.000 |
3711.300 |
11875.700 |
|
5 |
Paid-up
equity Share Capital (Face value of Rs.10 each) |
3605.600 |
3604.300 |
3605.600 |
|
6 |
Reserves
& Surplus excluding revaluation reserves |
-- |
-- |
-- |
|
7 |
Analytical
ratios : |
|
|
|
|
(i) |
Percentage
of Shares held by Government of India |
Nil |
Nil |
Nil |
|
(ii) |
Capital
Adequacy ratio |
|
|
|
|
(a) |
BASEL
II |
17.8% |
18.2% |
17.8% |
|
(b) |
BASEL
III |
13.8% |
13.8% |
13.8% |
|
(iii) |
Earning
per share for the period / year (before
and after extraordinary items) |
|
|
|
|
|
-
Basic (Rs.) |
11.53 |
10.30 |
32.99 |
|
|
-
Diluted (Rs.) |
11.38 Not Annualized |
10.14 Not Annualized |
32.57 Not Annualized |
|
|
|
|
|
|
|
(iv) |
NPA
ratios- |
|
|
|
|
a |
Gross
NPA |
1958.000 |
1320.700 |
1958.000 |
|
b |
Net
NPA |
423.100 |
193.600 |
423.100 |
|
c |
%
of Gross NPA |
0.39% |
0.28% |
0.39% |
|
d |
%
of Net NPA |
0.08% |
0.04% |
0.08% |
|
(v) |
Return
on assets (average) (annualized) |
1.6% |
1.5% |
1.6% |
|
8 |
Aggregate
Public shareholding |
|
|
|
|
|
-
Number of shares |
268412691 |
268189420 |
268412691 |
|
|
-
Percentage of shareholding |
74.44% |
74.41% |
74.44% |
|
9 |
Promoter
and Promoter Group Shareholding |
|
|
|
|
a |
Pledged
/ Encumbered |
|
|
|
|
|
Number
of Shares (Total) |
4135000 |
4135000 |
4135000 |
|
|
Madhu
Kapur |
3335000 |
3335000 |
3335000 |
|
|
Mags
Finvest Private Limited |
800000 |
800000 |
800000 |
|
|
-
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
4.49% |
4.48% |
4.49% |
|
|
-Percentage
of Shares (as a % of the total share capital) |
1.15% |
1.15% |
1.15% |
|
b |
Non-
encumbered |
|
|
|
|
|
1a.
Rana Kapoor - Promoter |
20000000 |
20000000 |
20000000 |
|
|
1b.
Yes Capital (India) Private Limited |
15125000 |
15125000 |
15125000 |
|
|
1c.
Morgan Credit Private Limited |
14050000 |
14050000 |
14050000 |
|
|
2a.
Madhu Kapur |
31790000 |
31790000 |
31790000 |
|
|
2b.
Mags Finvest Private Limited |
7042450 |
7142450 |
7042450 |
|
|
-
Number of shares (Total) |
88007450 |
88107450 |
88007450 |
|
|
-
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
95.51% |
95.52% |
95.51% |
|
|
-Percentage
of Shares (as a % of the total share capital) |
24.41% |
24.44% |
24.41% |
*Except
for disclosure regarding 'Aggregate Public Shareholding' and 'Promoters and
Promoter Group Shareholding' which are unaudited.
Notes:
1. The results have been taken on record by the Board
of Directors of the Bank at its meeting held on January 15, 2013. The results
for the quarter ended December 31, 2013 have been subjected to a "Limited
Review" by the Statutory Auditors of the Bank.
2. During the quarter ended December 31, 2013,
the Bank infused equity capital of Rs.100.000 millions in its wholly owned subsidiary,
Yes Securities (India) Limited. The total capital infused and outstanding of
Yes Securities (India) Limited as at December 31, 2013 is Rs.175.000 millions.
3. During the quarter ended and the nine months
ended December 31, 2013, the Bank allotted 123,271 and 1,932,852 shares,
respectively pursuant to the exercise of stock options by certain employees.
4. During the quarter and nine month ended
December 31, 2013, the Bank has raised Rs.2800.000 millions of Basel III
complaint Innovative Perpetual Debt Instruments.
5. Other income includes non fund based income such as
commission earned from guarantees/letters of credit, financial advisory fees,
selling of third party products, earnings from foreign exchange transactions
and profit/loss from sale of securities.
6. Return on assets is computed using a simple
average of total assets at the beginning and at the end of the relevant period.
7. In accordance with the RBI guidelines, banks
are required to disclose capital adequacy ratio computed under Basel III
capital regulations from the quarter ended June 30, 2013. Accordingly,
corresponding details for previous periods are not applicable in point 7 (ii)
(b).
8. The disclosures for NPA referred to in point
7(iv) above correspond to Non Performing Advances.
9. As the business of the Bank is concentrated
in India; the segment disclosures made pertain to domestic segment for
geographic segment purposes.
10. In accordance with RBI circular dated July
01, 2013, Banks are required to make Pillar 3 disclosures under Basel III
capital requirements. The Pillar III disclosures have not been subjected to
limited review by the statutory auditors.
11. Previous period figures have been regrouped
/reclassified wherever necessary to conform to current period classification.
SEGMENTAL
RESULTS
(Rs. in millions)
|
Sr. No. |
PARTICULARS |
For the quarter
ended |
For the nine months
ended |
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
Segment
revenue |
|
|
|
|
(a) |
Treasury |
7703.800 |
9956.000 |
27187.100 |
|
(b) |
Corporate
Banking |
18954.200 |
18179.200 |
53460.200 |
|
(c) |
Retail
Banking |
1306.100 |
1376.900 |
4058.400 |
|
(d) |
Other
Banking Operations |
63.800 |
132.500 |
263.900 |
|
|
TOTAL |
28027.900 |
29644.600 |
84969.600 |
|
|
Add
/ (Less): Inter Segment Revenue |
970.100 |
(186.800) |
1876.000 |
|
|
Income
from Operations |
28998.000 |
29457.800 |
86845.600 |
|
2 |
Segmental
Results |
|
|
|
|
(a) |
Treasury |
4190.600 |
3208.900 |
12413.100 |
|
(b) |
Corporate
Banking |
5448.800 |
5645.500 |
15615.900 |
|
(c) |
Retail
Banking |
(416.500) |
(483.800) |
(1193.100) |
|
(d) |
Other
Banking Operations |
15.000 |
62.800 |
72.200 |
|
|
TOTAL |
9237.900 |
8433.400 |
26908.100 |
|
|
Unallocable
costs net of unallocable income |
3224.000 |
3095.700 |
9726.800 |
|
|
Profit
before Tax |
6013.900 |
5337.700 |
17181.300 |
|
|
Taxes |
1857.900 |
1626.400 |
5305.600 |
|
|
Profit
after Tax |
4156.000 |
3711.300 |
11875.700 |
|
3 |
Capital
Employed |
|
|
|
|
(a) |
Treasury |
265257.000 |
286132.600 |
265257.000 |
|
(b) |
Corporate
Banking |
19931.800 |
(18255.000) |
19931.800 |
|
(c) |
Retail
Banking |
(142720.000) |
(125783.600) |
(142720.000) |
|
(d) |
Other
Banking Operations |
(1642.200) |
(7050.000) |
(1642.200) |
|
(e) |
Unallocated |
(70547.600) |
(68939.600) |
(70547.600) |
|
|
Total |
70279.000 |
66104.400 |
70279.000 |
|
SEGMENT |
PRINCIPAL
ACTIVITIES |
|
Treasury |
Includes
investments, all financial markets activities undertaken on behalf of the
Bank's customers, proprietary trading, maintenance of reserve requirements
and resource mobilisation from other banks and financial institutions. |
|
Corporate
Banking |
Includes
lending, deposit taking and other services offered to corporate customers. |
|
Retail
Banking |
Includes
lending, deposit taking and other services offered to retail customers. |
|
Other
Banking Operations |
Includes
para banking activities like third party product distribution, merchant
banking etc. |
FIXED ASSETS:
·
Office
Equipment
·
Computer
Hardware
·
Computer
Software
·
Vehicles
·
Furniture
and Fixtures
·
Leasehold
improvements to premises
WEBSITE DETAILS:
PRESS RELEASES/ NEWS:
YES BANK SHARES FALL 17%
ON ALLEGED CORPORATE GOVERNANCE ISSUES
July 31 2013
Mumbai: Shares in Yes Bank Limited slid more than 17% on Wednesday to its lowest in 17 months, as investors fretted over alleged corporate governance issues.
Madhu Kapur, the widow of Ashok Kapur, one of the promoters of the bank along with Rana Kapoor, had raised corporate governance issues in an affidavit filed in the Bombay high court on Monday in the case over the rejection of her daughter Shagun Gogia’s nomination as a director.
These issues related to what she alleged was favourable treatment to the wife and daughter of managing director and chief executive officer Rana Kapoor. The court will hear the case on 12 August.
This comes at a time when the Reserve Bank of India’s (RBI’s) recent tightening measures have squeezed liquidity and hit commercial banks, sending their share prices lower.
Yes Bank shares fell as much as 17.3% to Rs.288.55, the level last seen in January 2012. Shares of Yes Bank ended 7.19% down at Rs.323.80 apiece on BSE, while the benchmark Sensex ended 0.01% down at 19,345.70 points. Yes Bank was the most-traded stock on both BSE and the National Stock Exchange.
YES BANK RELEASES ITS GRI CHECKED SUSTAINABILITY REPORT FOR FY 2012-13
27-August-2013
Yes Bank, the country’s fourth largest private sector bank, has become the first Indian bank to release its sustainability report with an ‘A’ level Check Certificate from the Global Reporting Initiative, the global standard for sustainability reporting. The bank’s Sustainability Report was released on August 21, 2013 at Mumbai.
Yes Bank is the first Indian bank to release its Sustainability Report with an ‘A’ level Check Certificate from the GRI, endorsing its strength in sustainability disclosures. This is the first year that the bank is releasing its standalone Sustainability Report as per the GRI G3.1 Guidelines.
Yes Bank has international best practices, the highest
standards of service quality and operational excellence, and offers
comprehensive banking and financial solutions to all its valued customers. The
bank has a knowledge driven approach to banking, and a superior customer
experience for its retail, corporate and emerging corporate banking clients.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.07 |
|
|
1 |
Rs.100.56 |
|
Euro |
1 |
Rs.82.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
65 |
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.