MIRA INFORM REPORT
|
Report No. : |
302517 |
|
Report Date : |
12.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED |
|
|
|
|
Registered
Office : |
SVC Tower, Nehru Road, Vakola, Santacruz (East), Mumbai – 400055,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
27.12.1906 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.834.600 Millions |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
Co-operative Bank |
|
|
|
|
Line of Business
: |
Subject is providing wide range of Banking and Financial Services including Commercial Banking and Treasury Operations. |
|
|
|
|
No. of Employees
: |
Information declined by management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
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 |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is an old and well established and reputed co-operative bank
having a fine track record. The performance capability and financial strength is good.
Fundamentals of the bank is strong and healthy. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The subject 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.
LOCATIONS
|
Registered Office /
Corporate Office / Mumbai Head Office: |
SVC Tower, Nehru Road, Vakola, Santacruz (East), Mumbai – 400055, Maharashtra, India |
|
Tel. No.: |
91-22-66999999 / 7199 9999 91-22-66999777 (Marketing) 91-22-66999888 (Telebanking ) |
|
Fax No.: |
91-22-66999818 |
|
Website : |
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|
|
Information
Technology Department, Operations, Card Division, Alternative Business
Channels, Centralized Account Opening, Personalised Cheque
Book, DEMAT Cell, RTGS Cell, Facilities, Marketing, Audit
and Inspection: |
Dosti Pinnacle, Unit Nos. 601-602-603, Dosti Pinnacle, Plot No. E-7, Road No.22, Wagle Estate, Thane 400604, Maharashtra, India |
|
|
|
|
International
Banking Division / Foreign Exchange: |
Maker Towers ‘E’, 1st Floor, Cuffe Parade, Mumbai – 400 005, Maharashtra, India |
|
Tel. No.: |
91-22-67444536/40 |
|
Fax no.: |
91-22-67444531/76 |
|
|
|
|
Service Branch (Clearing
Dept.) Mumbai: |
Building No C Chitrapur CHS Limited, 27th Road, TPS III, Bandra (West), Mumbai-400050, Maharashtra, India |
|
Tel. No.: |
91-22-26407369 / 26405073 / 26405066 |
|
|
|
|
Retail Assets Cell: |
Mangesh Sadan, Kasturba Cross Road No. 1, Borivali (East), Mumbai 400 066, Maharashtra, India |
|
Tel. No.: |
91-22-2808 7646 / 2807 5307 |
|
Fax No.: |
91-22-2805 9534 |
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|
|
|
Regional Office : |
DGM’s Office, 1, Central Bank Road, Chamrajpet, Bangalore – 560018, India |
|
Tel. No.: |
91-80-26604456 |
|
Fax No.: |
91-80-26674014 |
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|
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|
Regional Office,
Pune and Kolhapur Region / A.G.M’s Office: |
303, Chintamani Pride, Near City Pride Kothrud Theatre, Kothrud, Pune – 411 038, Maharashtra, India |
|
Tel No.: |
91-20-60606071, 60606072,60606073, 60606074 |
|
|
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|
D.M.’s Office
Kolhapur: |
Unit No. O-2, Mahavir Chambers, C.S.NO. 681 B E Ward Shahupuri, 2nd lane, Kolhapur - 416 001, Maharashtra, India |
|
Tel. No.: |
91-231-2659527/2667938 |
|
Fax No.: |
91-231-2667724 |
|
|
|
|
Centralised
Clearing Processing Cell (Mumbai): |
Lower Basement,Vanvaria Apartment Junction of 2nd Road and SV Road, Near Khar Railway Station, Khar (West), Mumbai – 400 052, Maharashtra, India |
|
Tel No.: |
91-22- 26057285 / 26057286 |
|
|
|
|
Branches : |
Located At :
|
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Udaykumar P. Gurkar |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. Dilip P. Sashital |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kishore G. Masurkar, |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Uday S. Koppikar, |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vinod G. Yennemadi, |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ravindra K. Kulkarni, |
|
Designation : |
Director |
|
|
|
|
Name : |
Smriti R. Gulwady, |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ashwin S. Nadkarni, |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shrinivas D. Joshi |
|
Designation : |
Managing Director |
|
Name : |
Mr. Suresh S. Hemmady |
|
Designation : |
Chairman |
|
Name : |
Mr. Satish N. Kudyadi, |
|
Designation : |
Director |
|
Name : |
Smita P. Mavinkurve, |
|
Designation : |
Director |
|
Name : |
Mr. Ratnakar N. Gokarn, |
|
Designation : |
Director |
|
Name : |
Mr. Ravi M. Pagare, |
|
Designation : |
Director |
|
Name : |
Mr. Anil N. Bijur, |
|
Designation : |
Director |
|
Name : |
Pramod D. Shedde. |
|
Designation : |
Director |
KEY EXECUTIVES
|
|
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|
Top Management Team : |
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|
|
|
Assistant
General Manager |
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|
|
|
|
Divisional
Manager |
|
BUSINESS DETAILS
|
Line of Business : |
Subject is providing wide range of Banking and Financial Services including
Commercial Banking and Treasury Operations. |
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|
|
|
Products : |
Not Available |
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|
|
|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS : Not Available
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
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Banking Relations
: |
-- |
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|
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Statutory Auditors : |
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|
Name : |
V. J. Kulkarni and Associates Chartered Accountants |
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Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
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|
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|
Associates/Subsidiaries
: |
Not Available |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.25/- each |
Rs. 1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33191021 |
Equity Shares |
Rs.25/- each |
Rs. 829.800
Millions |
|
|
Paid Up Capital of Acquired Bank (Bangalore Central Co-Operative Bank
Limited) |
|
Rs. 4.800 Millions |
|
|
TOTAL |
|
Rs. 834.600
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
CAPITAL AND LIABILITIES |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
CAPITAL |
834.600 |
831.100 |
828.600 |
|
RESERVE FUND AND OTHER RESERVES |
9960.200 |
9405.600 |
6949.400 |
|
DEPOSITS AND OTHER ACCOUNTS |
106926.700 |
90213.700 |
77267.100 |
|
BORROWINGS |
2027.100 |
1414.900 |
1040.700 |
|
BILLS FOR COLLECTION |
1449.300 |
1089.600 |
866.900 |
|
BEING FOR RECEIVABLE |
|
|
|
|
(As per Contra) |
|
|
|
|
|
|
|
|
|
BRANCH ADJUSTMENTS |
1.600 |
0.000 |
0.000 |
|
OVERDUE INTEREST RESERVES – I |
65.300 |
42.300 |
45.200 |
|
|
|
|
|
|
OVERDUR INTEREST RESERVES – II |
589.600 |
424.600 |
269.900 |
|
INTEREST PAYABLE |
220.800 |
232.900 |
194.400 |
|
OTHER LIABILITIES |
2796.700 |
3853.200 |
1783.400 |
|
PROFIT AND LOSS ACCOUNTS |
25.100 |
24.900 |
24.600 |
|
DEFERRED TAX LIABILITY |
146.100 |
89.800 |
67.100 |
|
|
|
|
|
|
GRAND
TOTAL |
125043.100 |
107622.600 |
89337.300 |
|
|
|
|
|
|
CONTINGENT LIABILITIES |
7071.700 |
7721.800 |
5743.100 |
|
|
|
|
|
|
PROPERTY AND
ASSETS |
|
|
|
|
|
|
|
|
|
CASH |
7106.400 |
7141.200 |
5750.700 |
|
BALANCES WITH OTHER BANKS |
9114.500
|
4278.000
|
5836.100
|
|
MONEY AT CALL AND SHORT NOTICE |
0.000 |
0.000 |
0.000 |
|
INVESTMENTS |
29923.000 |
25597.500 |
22002.200 |
|
ADVANCES |
68798.100 |
60449.900 |
49507.800 |
|
|
|
|
|
|
INTEREST RECEIVABLE |
|
|
|
|
ON INVESTMENTS AND STAFF HOUSING LOANS |
742.200 |
630.700 |
827.500 |
|
ON ADVANCES-II |
589.600 |
424.600 |
269.900 |
|
BILLS RECEIVABLE |
1449.300 |
1089.600 |
866.900 |
|
BEING BILLS FOR COLLECTION |
|
|
|
|
(As per Contra) |
|
|
|
|
|
|
|
|
|
BRANCH ADJUSTMENT |
0.000 |
5.700 |
1.400 |
|
PREMISES |
4725.600 |
4675.000 |
2711.900 |
|
FURNITURE & FIXTURES |
267.100 |
253.700 |
180.100 |
|
OTHER FIXED ASSETS |
481.600 |
402.800 |
330.800 |
|
OTHER ASSETS |
1842.000 |
2666.500 |
1040.900 |
|
ACQUISITION COSTS |
3.700 |
7.400 |
11.100 |
|
|
|
|
|
|
GRAND
TOTAL |
125043.100 |
107622.600 |
89337.300 |
PROFIT & LOSS
ACCOUNT
|
EXPENDITURE |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
INTEREST ON DEPOSITS |
7899.500 |
6963.200 |
5486.000 |
|
INTEREST ON BORROWINGS |
189.400 |
102.800 |
99.400 |
|
SALARIES AND ALLOWANCES |
952.300 |
818.600 |
698.500 |
|
DIRECTORS FEES, TRAVELLING AND CONVEYANCE |
4.700 |
3.200 |
3.500 |
|
RENT, RATES, TAXES, SERVICE CHARGES, INSURANCE AND LIGHTING |
430.500 |
336.600 |
257.400 |
|
|
|
|
|
|
LEGAL AND PROFESSIONAL CHARGES |
43.800 |
46.400 |
41.000 |
|
POSTAGE, TELEGRAMS AND TELEPHONE CHARGES |
14.200 |
12.700 |
8.600 |
|
TRAVELLING AND CONVEYANCE |
18.300 |
12.500 |
11.000 |
|
AUDIT FEES |
16.000 |
13.300 |
10.800 |
|
REPAIRS AND MAINTENANCE |
114.700 |
86.200 |
70.100 |
|
DEPRECIATION ON FIXED ASSETS |
169.800 |
152.100 |
126.600 |
|
DEPRECIATION ON SECURITIES |
4.500 |
2.100 |
3.200 |
|
PREMIUM ON SECURITIES AMORTISED |
12.900 |
9.900 |
9.000 |
|
LOSS ON SALE OF SECURITIES |
38.700 |
13.000 |
13.000 |
|
PRINTING AND STATIONERY |
30.200 |
28.700 |
24.200 |
|
ADVERTISEMENT |
23.600 |
26.600 |
32.800 |
|
LOSS ON SALE OF ASSETS |
1.600 |
1.400 |
2.100 |
|
NETWORKING EXPENSES |
24.200 |
19.500 |
14.400 |
|
SUNDRY EXPENSES |
204.900 |
165.400 |
132.900 |
|
BAD DEBTS WRITTEN OFF |
336.400 |
331.100 |
305.700 |
|
ACQUISITION COST OF ACQUIRED BANKS AMORTISED |
3.700
|
3.700
|
3.700
|
|
|
|
|
|
|
PROVISIONS AND
CONTINGENCIES FOR |
|
|
|
|
|
|
|
|
|
GRATUITY PAYABLE TO STAFF |
39.200 |
20.900 |
51.600 |
|
BAD & DOUBTFUL DEBTS |
150.000 |
200.000 |
270.000 |
|
CONTINGENT PROVISION AGAINST STANDARD ASSETS |
38.700 |
80.100 |
34.400 |
|
INVESTMENT FLUCTUATION RESERVE |
10.300 |
11.700 |
8.100 |
|
DEVELOPMENT FUND |
0.000 |
29.000 |
28.000 |
|
LEAVE ENCASHMENT |
32.000 |
50.000 |
30.000 |
|
OTHER DOUBTFUL ASSETS |
5.800 |
4.900 |
0.000 |
|
|
|
|
|
|
INCOME TAX |
370.000 |
356.700 |
329.800 |
|
DEFERRED TAX |
56.300 |
22.700 |
41.600 |
|
NET PROFIT FOR
THE YEAR |
1036.300 |
941.100 |
830.100 |
|
|
|
|
|
|
TOTAL |
12272.500 |
10866.100 |
8977.500 |
|
|
|
|
|
|
INCOME |
|
|
|
|
|
|
|
|
|
INTEREST ON ADVANCES |
8298.200 |
7454.300 |
6011.200 |
|
INCOME FROM INVESTMENTS |
2845.100 |
2339.900 |
2034.300 |
|
COMMISSION, EXCHANGE & BROKERAGE |
144.800 |
133.900 |
119.800 |
|
RENT ON SAFE DEPOSIT LOCKERS |
28.200 |
24.700 |
20.500 |
|
PROFIT ON SALE OF SECURITIES |
123.400 |
68.100 |
68.400 |
|
PROFIT ON SALES OF ASSETS |
2.200 |
0.500 |
20.500 |
|
OTHER INCOME |
450.500 |
463.600 |
326.100 |
|
BDDR WRITTEN BACK |
334.000 |
331.100 |
305.700 |
|
PROFIT ON EXCHANGE TRANSACTIONS |
46.100 |
50.000 |
44.000 |
|
RECOVERY FROM BAD DEBTS WRITTEN OFF |
0.000 |
0.000 |
27.000 |
|
|
|
|
|
|
TOTAL
|
12272.500 |
10866.100 |
8977.500 |
|
|
|
|
|
|
APPROPRIATIONS SUBJECT
TO AGM APPROVAL |
|
|
|
|
|
|
|
|
|
STATUTORY RESERVE FUND |
265.300 |
235.500 |
207.800 |
|
BUILDING FUND |
139.100 |
298.000 |
254.800 |
|
PROPOSED DIVIDEND @ 12% |
100.000 |
100.000 |
100.000 |
|
CONTINGENCY RESERVE |
106.100 |
94.100 |
83.100 |
|
CHARITABLE AND
CO-OPERATIVE PURPOSES: |
|
|
|
|
STAFF WELFARE |
2.000 |
1.800 |
1.500 |
|
MEMBERS WELFARE |
4.000 |
3.500 |
3.000 |
|
PUBLIC |
2.000 |
1.800 |
1.500 |
|
|
|
|
|
|
INVESTMENT FLUCTUATION RESERVE |
150.000 |
0.000 |
1.100 |
|
EDUCATION FUND |
10.300 |
9.400 |
8.300 |
|
EX-GRATIA TO STAFF |
157.300 |
126.200 |
104.100 |
|
SPECIAL RESERVE U/S 36(1)(VIII) OF INCOME TAX ACT, 1961 |
100.000 |
70.500 |
65.100 |
|
|
1036.100 |
940.800 |
830.300 |
|
|
|
|
|
|
NET PROFIT
CARRIED TO BALANCE SHEET |
25.100 |
24.9000 |
24.600 |
|
|
|
|
|
|
TOTAL |
1061.200 |
965.700 |
854.900 |
|
|
|
|
|
|
INCOME |
|
|
|
|
|
|
|
|
|
PROFIT BROUGHT FORWARD |
1036.300 |
941.100 |
830.100 |
|
PROFIT FOR LAST YEAR |
24.900 |
24.600 |
24.800 |
|
|
|
|
|
|
TOTAL |
1061.200 |
965.700 |
854.900 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
Year on Year Growth
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
8977.500 |
10866.100 |
12272.500 |
|
|
|
21.037 |
12.943 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
8977.500 |
10866.100 |
12272.500 |
|
Profit |
830.100 |
941.100 |
1036.300 |
|
|
9.25% |
8.66% |
8.44% |
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 |
Yes |
|
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 |
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 |
Yes |
|
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 |
CASE
DETAILS
Bench
: Bombay
|
Lodging
No.:-ARBPL/835/2014 |
Filing Date :- 19.05.2014 |
|
|
|
|
Petitioner :- M/S ATHARVA
PLASTICS PRIVATE LIMITED |
Respondent :- The Shamrao
Vithal Co-Operative Bank Limited, and ANR |
|
Petn. Adv. :- KM
SANGANI(I5743) |
|
|
District :- MUMBAI |
|
Bench :- SINGLE |
|
Status :- Pre-Admission |
|
Category:-
ARBITRATION ACT |
|
Act :-
Arbitration and Conciliation Act 1996 |
|
Under
section:-34 |
|
|
OVERVIEW
Subject was
incorporated in 1906 and has completed its 108 years of providing wide range of
Banking and Financial Services including Commercial Banking and Treasury
Operations.
ECONOMIC OUTLOOK
The Indian economy
grew at 4.7% in the December quarter of 2013-14 and is estimated to grow a
little below 5% in 2013-14 as per RBI policy document. Consumer price inflation
is expected to ease to 8% by January 2015 from the double-digit rates seen in
recent years. Record production of food grains in 2013-14 will help to soften
food prices. Easing of domestic supply bottlenecks and progress on the implementation
of stalled projects, already cleared, should brighten up the growth outlook, as
would stronger anticipated export growth, as the world economy picks up. Better
growth prospects in the US and the Euro area is likely to bolster external
demand, as will competitiveness gains from currency depreciation.
Improved global
growth momentum in 2014 and the recent weakening of the rupee should spur
exports, which are expected to increase by 8% in 2014-15. The Indian economy is
expected to grow at 5.5% in 2014-15 riding on improved performance in industry
and services and is likely to inch up to 6% in 2015-16, as external demand
improves due to growth in advanced economies.
MONETARY POLICY
HIGHLIGHTS
The RBI has
maintained Cash Reserve Ratio static at 4 per cent and the benchmark Repo rate
at 8 per cent in its First Bi-Monthly Monetary Policy Statement, 2014-15,
mainly on account of combined CPI inflation easing to a 25-month low of 8.10%
in February 2014 from the peak of 11.24% witnessed in the month of November
2013.
OPERATIONS
Deposits increased
to Rs.106926.700 Millions during the financial year 2013-14, depicting a net
increase of Rs.16713.000 Millions (18.53%) from Rs.90213.700 Millions as on March
31, 2013. During this financial year the Bank’s continued focus on marketing
CASA Products along with launch of new products and services has resulted in
increasing the Bank’s CASA percentage from 19.60% to 20.30%.
The Bank’s focus
on enrolling Co-operative Banks for NEFT/RTGS as well as sub-membership for CTS
has given encouraging results in CASA growth.
The Bank has
introduced the initiative of “Product of the Month” wherein, during each month,
the Bank highlights the key features of its Premium products to enable its
customers to take optimum advantage of the same.
The Bank continued
its initiatives to target Schools, Colleges, Cooperative housing societies,
Shopkeepers, Traders and Corporates for their accounts. To increase visibility
and footfalls, Health Camps were arranged by the Bank at its various branches
through its tie up with Apollo Health Care, Vasan Eye Care and other Diagnostic
centres. These camps were made available for existing as well as prospective
customers. Aadhaar Camps were also organized at various branches to enable
Aadhaar Enrollment for the people. The Bank has conducted events and
felicitated its women customers at its branches on the occasion of
International Women’s day. Similar events have been organized on the occasion
of Sr. Citizens’ Day, Teachers’ Day and Children’s Day.
New Products and
Services were also launched to facilitate the needs of our existing as well as
prospective customers viz.
“Corporate
Internet Banking” – 24/7 access to accounts for Private Limited. companies,
Partnership Firms, Society Accounts and HUF.
- “Cash Management Services” – cheque deposit facility through HDFC
Bank at non SVC Locations, targeted for Corporate Houses with Pan India
presence.
- “Arogya Vishesh Mini” –tie
ups with reputed hospitals for Tier III & Tier IV cities.
- “Basic Savings Bank Deposit Account” – Savings Accounts with zero
balance to inculcate the habit of savings in the society.
- “Savings Silver” –
customized Savings account for premium customers.
- “RTGS/NEFT Sub-membership” –
To encourage smaller co-operative banks to provide RTGS/NEFT facility to
its customers.
- “CTS Sub-membership” – To
encourage smaller cooperative banks to use our CTS services as mandated by
RBI.
- “NACH Sub-membership” – For
routing Aadhaar Subsidies to sub-member bank’s customers.
- “ATM Sharing Services”- To
enable smaller co-operative Banks to use the NPCI ATM Network.
CREDIT
Advances portfolio
increased to Rs.6,8798.100 Millions during the financial year 2013-14, depicting
a net increase of `Rs. 8348.200 Millions (13.81 %) from Rs.6,0449.900 millions
as on March 31, 2013.
The Bank’s
Advances witnessed a steady growth during the year despite a sluggish economy
burdened with rising inflation and interest rates.
During the
financial year, the Bank continued its policy of predominantly focusing on MSME
sector advances with selective exposures in viable sectors and Retail advances.
The Credit
Monitoring Cell within the Credit department looked after the post sanction monitoring
of advances, compliances, and overdue follow-up ensuring better health of the
credit portfolio through systematic sequencing of activities such as execution
of documents, creation of securities, registration of charges, analyzing and
reviewing operational data for detection of earlier weaknesses and early
warning signals to contain NPAs.
Credit Marketing
Department focused on sourcing bankable credit proposals from the market,
conforming to the Bank’s laid down credit policy. This team, during the year,
in co-ordination with branches arranged various industrial meets, undertook
marketing visits to industrial units in MIDC areas/Industrial Estates and
actively participated in many MSME events/seminars.
Credit marketing
department will be strengthened during the year to augment additional business
opportunities from both existing and potential clients.
RETAIL
Retail advances
continues to be one of the thrust areas and holds a lot of potential for
growth. The RAC- Retail Asset Cell undertook various initiatives to customize
and market various Retail advances products viz. Good Homz, Vehicle Finanz,
Vidya Sahaya-Education loans, SVC Office Mortgage Loans, Gold loans and Hello
Doctor. Group loans to employees of institutions and companies were also targeted.
INTERNATIONAL
BANKING DIVISION
International
Banking Division of the Bank completed its fifth year of operations during the
FY 2013-14. Business Turnover including Bank’s Forex Treasury operations
increased during the current financial year.
For prompt and
efficient forex services to our clients, we had two designated “B” Category
Branches at Cuffe Parade, Mumbai and Chamrajpet, Bengaluru. This year we opened
our third “B” Category Branch at Deccan Gymkhana, Pune in March 2014 that
exclusively handles foreign exchange business of all the branches in Pune and
Kolhapur region.
The Bank has been
honoured with Relationship Award by CommerzBank AG, Frankfurt, Germany; one of
the leading international bank in Germany in recognition of the excellent co-operation.
CommerzBank congratulated the dedicated staff of their bank on their high level
of professionalism and their continuous excellent work.
The Bank offers
entire gamut of foreign exchange related products and services at par with all
the leading banks, to facilitate smooth, efficient and stress-free conduct of
Foreign Exchange transactions, both personal and business related, including
facility for hedging exchange rate, a risk run by the exporters and importers,
by booking Forward Contracts. These products are up-scaled from time to time as
per the market requirements.
The Bank also
handles foreign exchange business of customers of select other co-operative
banks which do not have RBI License to deal in foreign exchange, under Lines of
Credit sanctioned to them.
The Buyer’s Credit
facility used for financing imports was availed by clients and the volume of
business increased during the financial year. The Bank enjoys Lines of Credit
from overseas branches of leading public sector, private sector and foreign
banks for extending this facility to its customers.
To facilitate free
and fast movement of foreign exchange transactions of its customers and to meet
the latest trends and market requirements the Bank has entered into
correspondent banking arrangements with leading international banks and
overseas branches of Indian banks at major international cities around the
world. The Bank is having authenticated SWIFT arrangements with 88 banks at 226
International Centres.
Tie up
arrangements with Thomas Cook (I) Limited and Pheroze Framroze and Company
Private Limited are in place for quick hassle free procurement of Foreign
Currency, Travellers Cheques and Prepaid International Debit Cards to
facilitate international travel of their clientele. The Bank’s agreement with
Thomas Cook (I) Limited. – Principal Agents for Money Gram and UAE Exchange
LLC, well known International Money Transfer agency, facilitates persons
staying abroad to send money to their near and dear ones through any of our branches
effecting instant payment.
TREASURY
During the FY
2013-14, 10 Year Benchmark Yields declined to 7.10% in May 2013 from a level of
7.87% at the end of the previous year. The decline in benchmark yields was on
account of improved liquidity and a 25 basis points rate cut by RBI in early
April 2013 to boost growth in economy and to boost investment demand. Markets
witnessed extreme volatility in Bond yields mainly on account of depreciation
in currency (USD/INR) in July 2013 and resultant steps taken by the RBI to curb
the depreciation. RBI raised the Marginal Standing Facility (MSF) Rate by 300
basis points to 10.25% to curb currency volatility resulting in 10 Year
Benchmark Yields touching a high of 9.45% - 9.48% in August 2013 an increase of
235-238 basis points from the lows witnessed in May 2013 at 7.10% to finally
end FY 2013-14 at 8.80%.
The Bank’s
Treasury operations consist of SLR, NON-SLR category & Liquidity
management. SLR investment of the bank forms a major portion of the bank’s
total investments. Optimizing the yield on the portfolio and managing market
risk within the framework of RBI policy guidelines & Treasury and Risk
policy framework of the bank has been given top priority. Return on Investment
during the year rose by 12 basis points. Portfolio has been appropriately
managed in the backdrop of the increased risks to fixed Income portfolio on
account of currency crisis and subsequent rate hikes during the year 2013-14 to
curb volatility in currency market and anchor inflation expectations.
The Treasury
Department is managing Statutory Reserve Requirements apart from Management of
Liquidity and Interest Rate Risk of Investment portfolio. The Bank has in place
Treasury Policy which is reviewed in accordance with guidelines issued by RBI.
Investment operations, funds and liquidity management operations are reviewed
by the Finance and Investment Committee of the Board. Concurrent audit is
undertaken by an independent professional firm of Chartered Accountants. The
Bank has in place systems and procedures in compliance with the regulatory
guidelines.
NPA AND RECOVERY
The Bank’s Gross
NPA and Net NPA stood at 3.60% and 2.14 % respectively as at the end of March
2014. Requisite provisions have been made towards NPAs in accordance with the
guidelines issued by RBI.
Rising inflation
and interest rates in a protracted economy resulted in a lot of stress build up
on advances portfolio of the banking industry in general. However, the
concerted efforts of Credit Monitoring Cell and Legal & Recovery
Department, through diligent and regular follow up ensured that not only fresh
additions to NPAs were kept in check, but also substantial recoveries were made
in existing NPAs.
.
ANTI MONEY
LAUNDERING
The Bank is
committed to the highest standards of Anti Money Laundering (AML) compliance
and requires management and employees to adhere to these standards to prevent
use of Bank’s products and services for money laundering purposes. The Bank has
examined its Anti Money Laundering strategies, goals and objectives on an
ongoing basis and has adopted an effective Anti Money Laundering Policy which
has been fo rmulated and directed by the Board of Directors. The standards set
out in this Policy are minimum requirements based on applicable legal and
regulatory requirements and intended to prevent Bank, its employees and clients
from being misused for money laundering, terrorist financing or other financial
crime. This Policy establishes the general framework for the fight against
money laundering and financing of terrorism and defines the client screening
and monitoring requirements, “know your customer” policies (including the
requirement to establish the identity of beneficial owners), record keeping
requirements, the reporting of suspicious circumstances in accordance with
relevant laws.
BRANCH EXPANSION
The Bank’s
strategic decision to target business in fast growing Tier II cities and niche
areas in Metros will continue to yield good business. This year too witnessed
an aggressive branch expansion and a steady growth in branch network. The
Bank’s branch strength as on March 31, 2014 stood at 152, an addition of 12
branches during FY 2013-14. During the year the Bank’s ATM network (on-site and
off-site) grew by 14 and reached 153 ATMs as on March 31, 2014.
The Bank opened 12
new branches across states; four branches in Mumbai viz. Dadar (East),
Pandurangwadi
- Goregaon (East),
Vazira Naka - Borivali (West), C.G. Road - Chembur; two in Thane district viz.
Phadke Road- Dombivali, Kasarvadavli-Thane; two in Pune viz. Balewadi, Warje;
two in the state of Gujarat viz. Karelibaug - Vadodara, Bharuch and one each in
Solapur and Jaipur - Rajasthan. The Bank has been scaling up its presence
across select states, and in current year with the opening of a branch in
Jaipur, Rajasthan, the Bank now has presence in nine states i.e. Maharashtra,
Karnataka, Tamilnadu, Andhra Pradesh, Gujarat, Goa, New Delhi, Madhya Pradesh
and Rajasthan.
MERGERS AND
ACQUISITIONS
The Bank has taken
a conscious decision to opt for organic growth but, has kept open the option of
take-over of weaker cooperative banks as and when it falls within the strategic
growth plans of the organization.
AWARDS
The Bank was
conferred with following awards during the financial year 2013-14
- Best CEO Award 2013 from Banking Frontiers.
- Bank with Best Customer Interface from ABP News
- Banking, Financial Services & Insurance Awards.
- Best CIO100 Award 2013 – CIO Magazine.
- Best Green Crusader Award 2013 – CIO Magazine Green IT initiatives.
- Emerging CIOs of the Year - Best CIO Award from Dewang Mehta
Foundation Trust.
- Best New CBS Implementation Award 2013 from Banking
Frontiers.
- Best Innovations in Data Centre Award 2013 from Banking
Frontiers.
- Best IT Enabled Co-operative Bank Award 2013 from
Institute for Development and Research in Banking Technology.
- Excellence in Operational Efficiency Award 2013 from National
Payments Corporation of India.
- IT Trend Setter Award 2014 from Innovations India Business World
and NetApp.
- Best Co-operative Bank 2013 (Runners Up) from Indian Banks
Association.
- Best Information Technology Co-operative Bank (Runners Up)
Maharashtra State Federation of Urban Co-operative Banks.
- Relationship Award – Commerz Bank-Frankfurt, Germany.
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.62.39 |
|
|
1 |
Rs.94.16 |
|
Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
69 |
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.