|
Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
BANK OF |
|
|
|
|
Registered
Office : |
Ground Floor, Jolly Maker, Chambers II 225, Nariman Point, Mumbai –
400021, |
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|
Country : |
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|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.07.1986 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2027.350 Millions |
|
|
|
|
FCRN : |
F02190 |
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|
|
Legal Form : |
Foreign Registry Bank |
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Line of Business
: |
Banking Activities. |
|
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is a branch of foreign registered bank. It is a
well-established bank having fine track record. The rating takes into consideration bank’s strong financial risk profile
and adequate liquidity position of the bank. 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a quarter
of a century. The data was below an official estimate of 4.9 % annual growth
and compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before. A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two. While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
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.: 91-40-23305859)
LOCATIONS
|
Registered Office : |
Ground Floor, Jolly Maker, Chambers II 225, Nariman Point, Mumbai –
400021, |
|
Tel. No.: |
91-22-22823698 |
|
Fax No.: |
91-22-22044458 / 22841416 |
|
E-Mail : |
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|
Website : |
http://www.bbkindia.com |
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|
|
|
Bahrain Headquarter : |
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|
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Branch Office: |
6-3-550 L. B. Bhavan, Somajiguda Hyderabad – 500482, Andhra Pradesh,
India |
|
Tel. No.: |
91-40-23398219 |
|
Fax. No.: |
91-40-23375977 |
|
|
|
|
Overseas Branch : |
Ahmed Al Jaber Avenue, 13104 Safa, Kuwati, Pot Box 24396 |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Murad Ali Murad |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Aref Saleh Khamis |
|
Designation : |
Deputy Chairman |
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|
|
|
Name : |
Mohamed Abdulrahman Hussain |
|
Designation : |
Board Member |
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|
|
|
Name : |
Jassem Hasan Ali Zainal |
|
Designation : |
Board Member |
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|
|
|
Name : |
Dr. Zakareya Sultan Al Abbasi |
|
Designation : |
Board Member |
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|
|
|
Name : |
Sh. Abdulla bin Khalifa bin Salman Al Khalifa |
|
Designation : |
Board Member |
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|
|
|
Name : |
Sh. Khalifa bin Duaij Al Khalifa |
|
Designation : |
Board Member |
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|
|
|
Name : |
Dr. Abdulmohsen Medej Mohammed Al Medej |
|
Designation : |
Board Member |
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|
|
|
Name : |
Mutlaq Mubarak Al Sanei |
|
Designation : |
Board Member |
|
|
|
|
Name : |
Elham Ebrahim Hasan |
|
Designation : |
Board Member |
|
|
|
|
Name : |
Yusuf Saleh Khalaf |
|
Designation : |
Board Member |
|
|
|
|
Name : |
Hassan Mohammed Mahmood |
|
Designation : |
Board Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
BUSINESS DETAILS
|
Line of Business : |
Banking Activities. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
Reserve Bank of India |
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Facilities : |
(Rs.
In Millions)
|
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A. P. Sanzgiri and Company Chartered Accountants |
CAPITAL STRUCTURE
As on: 31.03.2013
SHARE CAPITAL: Rs.
2027.350 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Capital |
2027.350 |
2027.350 |
584.044 |
|
Reserve and Surplus |
858.338 |
683.820 |
476.725 |
|
Deposits |
6958.264 |
6718.844 |
5147.684 |
|
Borrowings |
1557.135 |
2211.875 |
955.950 |
|
Other Liabilities and Provisions |
275.747 |
243.848 |
293.906 |
|
TOTAL |
11676.834 |
11885.737 |
7458.309 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and Bank Balances with
Reserve Bank of |
547.685 |
410.310 |
452.716 |
|
Balances with Banks and money at call and short notice |
612.280 |
1360.054 |
576.422 |
|
Investments |
3254.318 |
3394.681 |
2331.918 |
|
Advances |
6926.002 |
6435.475 |
3829.020 |
|
Fixed Assets |
54.554 |
51.055 |
47.842 |
|
Other Assets |
281.995 |
234.162 |
220.391 |
|
TOTAL |
11676.834 |
11885.737 |
7458.309 |
|
|
|
|
|
|
Contingent Liabilities |
2022.611 |
6395.086 |
3452.636 |
|
Bills for collection |
1697.734 |
1243.603 |
553.232 |
PROFIT & LOSS
ACCOUNT
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
INCOME |
|
|
|
|
Interest earned |
946.506 |
759.596 |
519.721 |
|
Other Income |
104.555 |
106.628 |
96.017 |
|
TOTAL |
1051.061 |
866.224 |
615.738 |
|
|
|
|
|
|
EXPENDITURE |
|
|
|
|
Interest expended |
421.007 |
288.757 |
236.911 |
|
Operating Expenses |
190.829 |
185.786 |
172.770 |
|
Provision and contingencies |
264.707 |
184.586 |
63.021 |
|
TOTAL |
876.543 |
659.129 |
472.702 |
|
|
|
|
|
|
Net profit for the year |
174.518 |
207.095 |
143.036 |
|
Profit brought forward |
-- |
22.696 |
(84.581) |
|
TOTAL |
174.518 |
229.791 |
58.455 |
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
Less: |
|
|
|
|
Transfer to statutory reserve |
43.630 |
51.774 |
35.759 |
|
Transfer to investments reserve |
0.000 |
0.000 |
0.000 |
|
Reserve Accounts |
3.759 |
0.000 |
0.000 |
|
Transfer to surplus retained in India for capital Adequacy |
127.129 |
178.017 |
0.000 |
|
Balance carried over to |
0.000 |
0.000 |
0.000 |
|
Balance carried over to balance sheet |
0.000 |
0.000 |
22.696 |
|
TOTAL |
174.518 |
229.791 |
58.455 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
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 |
No |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.80 |
|
|
1 |
Rs. 102.42 |
|
Euro |
1 |
Rs. 81.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared by
: |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--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 |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.