|
Report Date : |
11.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
THE RATNAKAR BANK LIMITED |
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Registered
Office : |
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Country : |
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Financials (as on)
: |
31.03.2014 |
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Date of
Incorporation : |
14.06.1943 |
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|
Com. Reg. No.: |
11-007308 |
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Capital
Investment / Paid-up Capital : |
Rs. 2720.402 Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U65191PN1943PLC007308 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
KLPT01764A/ MUMT09278D/ KLPT01905B/ KLPT01845E/ KLPT01800B/
KLPT01797F/ KLPT01864C/ KLPT081858D/ PNET08057A/ PNET07964F/ MUMT09900C/
PNET03925F/ KLPT01783F/ MUMT03234A/ KLPT01940B/ KLPT01924G |
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|
PAN No.: [Permanent Account No.] |
AABCT3335M |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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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 (70) |
|
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 : |
Exist |
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Comments : |
Subject is a well-established and reputed bank having fine track
record. The ratings takes into consideration bank’s long track record
supported experienced senior management team, diversifying revenue sources
and comfortable capitalization level. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fixed deposit programme MAA- |
|
Rating Explanation |
High degree of safety and very Low credit risk. |
|
Date |
July 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term fixed deposit programme A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
July 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
31-03-2014.
INFORMATION DENIED
Management Non Co-operative (91-22-40288100)
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-231-2656831/ 2653006 |
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Fax No.: |
91-231-2653658 |
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E-Mail : |
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Websites : |
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Administrative Office : |
Mahavir, 179/E Ward, Shri Shahu Market Yard, |
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Tel. No.: |
91-231-2650981 to 984 |
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Fax No.: |
91-231-2657386 |
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|
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|
Controlling Office : |
One India Bulls Center, Tower 2B, 6th Floor, 841, Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-43020600 |
|
Fax No.: |
91-22-43020520 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Vishwavir Ahuja |
|
Designation : |
Managing Director & CEO |
|
|
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|
Name : |
Ms. Rama Bijapurkar |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Bahubali Arwade |
|
Designation : |
Director |
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|
Name : |
Mr. Girish Godbole |
|
Designation : |
Director |
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|
Name : |
Mr. Jairaj Purandare |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Kiran Patil |
|
Designation : |
Director |
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|
Name : |
Mr. Narayan Ramachandran |
|
Designation : |
Director |
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|
Name : |
Mr. Palepu. Sudhir Rao |
|
Designation : |
Director |
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|
Name : |
Mr. Vimal Bhandari |
|
Designation : |
Director |
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|
Name : |
Mr. D. Sivanandhan |
|
Designation : |
Director |
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|
Name : |
Mr. Ajay Michyari |
|
Designation : |
RBI - Additional Director |
KEY EXECUTIVES
|
Name : |
Mr. Rajeev Ahuja |
|
Designation : |
Head - Strategy |
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|
|
|
Name : |
Mr. Nitin Chopra |
|
Designation : |
Head - Retail and Consumer Banking |
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|
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|
Name : |
Mr. R. Gurumurthy |
|
Designation : |
Head - Corporate and Institutional Banking |
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|
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|
Name : |
Mr. Sunil Gulati |
|
Designation : |
Chief Risk Officer |
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|
Name : |
Mrs. Shanta Vallury |
|
Designation : |
Head – Corporate Afffairs, Organisational Effectiveness and Special |
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|
|
Name : |
Mr. Suhas Sahakari |
|
Designation : |
Head - Kolhapur Region |
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|
Name : |
Mr. Sandeep Thapliyal |
|
Designation : |
Head - Commercial Banking |
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|
Name : |
Mr. Andrew Gracias |
|
Designation : |
Head - Financial Markets |
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|
Name : |
Mr. Surinder Chawla |
|
Designation : |
Head - Branch Banking |
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|
Name : |
Mr. Rana Vikram Anand |
|
Designation : |
Head – Business Banking and Emerging Enterprise Finance |
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|
Name : |
Mr. Harjeet Toor |
|
Designation : |
Head – Retail Assets and Small Business Lending |
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|
Name : |
Mr. Aseem Gandhi |
|
Designation : |
Head - Development Banking and Financial Inclusion |
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|
Name : |
Mr. Manoj Rawat |
|
Designation : |
Head - Agri Business |
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|
Name : |
Mr. Naresh Karia |
|
Designation : |
Chief Financial Officer |
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|
Name : |
Mr. Tajinder Kumar |
|
Designation : |
Head - Human Resources |
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|
Name : |
Mr. Joginder Singh Rana |
|
Designation : |
Chief Operations Officer |
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|
Name : |
Mr. Sanjay Sharma |
|
Designation : |
Head - Technology, Innovation and Customer Fulfilment |
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|
Name : |
Mr. Satish Dhawan |
|
Designation : |
Chief Infrastructure and Administration Officer |
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|
Name : |
Mr. Sanjit Chowdhry |
|
Designation : |
Head - Wholesale Credit Risk |
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 : |
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Banking
Relations : |
-- |
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Statutory Auditors : |
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|
Name : |
S. R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
14th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (W),
Mumbai – 400028, Maharashtra, India |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000000 |
Ordinary Shares |
Rs.10/- each |
Rs. 4000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
272040198 |
Ordinary Shares |
Rs.10/- each |
Rs.2720.402 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
CAPITAL AND
LIABILITIES |
|
|
|
|
1] Capital |
2720.402 |
2529.247 |
2149.474 |
|
2] Share Application Money |
1295.024 |
0.000 |
0.000 |
|
3] Reserves & Surplus |
16132.172 |
13538.214 |
9282.471 |
|
4] Deposits |
115986.021 |
83405.186 |
47393.299 |
|
5] Borrowings |
38955.438 |
27373.491 |
11985.517 |
|
6] Other Liabilities and Provision |
6892.271 |
2787.483 |
1242.489 |
|
|
|
|
|
|
TOTAL |
181981.328 |
129633.621 |
72053.250 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
Cash and Balances With Reserve Bank of |
9807.335 |
2908.405 |
2633.028 |
|
Balances With Banks and Money at Call and Short Notice |
2115.155 |
3977.427 |
3228.160 |
|
Investment |
65180.386 |
55714.205 |
23338.347 |
|
Advances |
98350.473 |
63762.120 |
41322.694 |
|
Fixed Assets |
1343.485 |
942.624 |
588.951 |
|
Other Assets |
5184.494 |
2328.840 |
942.070 |
|
|
|
|
|
|
TOTAL |
181981.328 |
129633.621 |
72053.250 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
INCOME |
|
|
|
|
|
|
|
Interest Earned |
13516.153 |
8793.209 |
4650.835 |
|
|
|
Other Income |
2609.715 |
1264.381 |
671.327 |
|
|
|
TOTAL (A) |
16125.868 |
10057.590 |
5322.162 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Interest Expanded |
10099.892 |
6217.734 |
2782.912 |
|
|
|
Operating Expenses |
4239.032 |
2272.961 |
1390.967 |
|
|
|
Provision and Contingencies |
860.245 |
642.207 |
490.990 |
|
|
|
TOTAL (B) |
15199.169 |
9132.902 |
4664.869 |
|
|
|
|
|
|
|
|
Less |
NET
PROFIT/(LOSS) FOR THE YEAR |
926.699 |
924.688 |
657.293 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.179 |
0.589 |
3.987 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Statutory Reserve |
240.000 |
240.000 |
165.000 |
|
|
|
Transfer to Capital Reserve |
18.520 |
20.436 |
14.409 |
|
|
|
Transfer to Revenue and Other Reserves |
370.000 |
485.000 |
405.000 |
|
|
|
Transfer to Investment Reserve |
0.000 |
0.000 |
1.503 |
|
|
|
Proposed Dividend |
245.821 |
151.871 |
64.484 |
|
|
|
Tax on Dividend |
41.777 |
25.791 |
10.295 |
|
|
Balance carried to the b/s |
12.760 |
2.179 |
0.589 |
|
|
|
|
928.878 |
925.277 |
661.280 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
3.63 |
4.19 |
3.06 |
|
|
|
Diluted |
3.61 |
4.16 |
3.04 |
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date :- 29.07.2013 |
|
Lodging No: ITXAL/1223/2013 Filing
Date: 29/07.2013 Reg. No.: ITXA/1568/2013 Reg. Date: 17/08/2013 |
|
Petitioner:- THE COMMISSIONER OF INCOME TAX II, KO Respondent:- THE RATNAKAR BANK
LTD. - Petn. Adv. :- TEJVEER SINGH (0)
Resp. Adv.:- ATUL
KARSANDAS JASANI (0) District :- KOLHAPUR |
|
Bench :- DIVISION Status:- Pre-Admission
Category:- TAX
APPEALS
Next Date:- 16/12/2013
Stage: Coram:- ACCORDING TO
SITTING LIST ACCORDING TO SITTING LIST |
|
Act: Income Tax Act,
1961
UNDER SECTION: 260A |
FINANCIAL PERFORMANCE
The Bank posted a net total income of Rs. 6026.000 Millions and net profit of Rs. 1335.600 Millions [#before acquisition expense towards purchase of business portfolios from Royal Bank of Scotland in India (as explained in more detail in notes to accounts)], as against a net total income of Rs. 3839.900 Millions and net profit of Rs. 924.700 Millions for FY13, respectively. Accordingly, the net profit has increased by 44.43%.The net profit after considering the acquisition expense referred above is Rs. 926.700 Millions. Appropriations from net profit have been done as detailed herein above.
REVIEW OF OPERATIONS
Armed with a vision of being a pan-India banker, the Bank continues to stay on course, leveraging on its strength of passion, legacy, achievements and penetration in new regions. Continuing on its journey of ‘Building it Right,’ today the Bank is infused with “New Energy” and is “Gaining Momentum”. It took strides towards establishing itself firmly in the Indian private banking space. The Bank focused on its strategy to meet the changing needs of customers. It is focusing on value addition and building capabilities with a view to build long-term relationships and also on improving its service standards. It has achieved this through the following initiatives:
FINANCIAL OVERVIEW
The year FY14, was a milestone year for the Bank as it continued to focus on expanding its presence, widening its offerings apart from making strategic acquisition and mobilising additional capital. Besides, it also focused on customer centricity backed by implementation of various technology initiatives. The Bank recorded commendable The increase in Net total Income financial numbers during the year as tabulated in the Directors Report.
CONTINGENT
LIABILITIES:
|
Particular |
31.03.2013 (Rs. In
Millions) |
31.03.2013 (Rs. In
Millions) |
|
1. Claims against the Bank not acknowledged as debts |
18.955 |
5.455 |
|
2. Liability for Partly Paid Investment |
8.500 |
21.358 |
|
3. Liability on Account of Outstanding forward Exchange contracts |
54131.435 |
37752.173 |
|
4. Liability on Account Of Outstanding derivative contracts |
|
|
|
i) Interest Rate Swaps |
30000.000 |
250.000 |
|
ii) Cross Currency Swaps |
747.528 |
0.000 |
|
iii) Currency Options |
9256.735 |
4772.600 |
|
5. Guarantees given on behalf of constituents |
|
|
|
(i) In India |
9401.907 |
6391.823 |
|
(ii) Outside India |
7572.303 |
9958.060 |
|
6. Acceptances, Endorsements and other Obligations |
8239.860 |
2851.552 |
|
7. Other items for which the Bank is contingently liable |
|
|
|
a) Income tax and other matters (under appeal) |
61.384 |
78.140 |
|
b) Others |
3300.127 |
1400.520 |
|
Total |
122738.734 |
63481.681 |
INDEX OF CHARGES: NO CHARGES
EXIST FOR COMPANY
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 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. 60.82 |
|
|
1 |
Rs. 98.15 |
|
Euro |
1 |
Rs. 78.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
70 |
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.