MIRA INFORM REPORT

Report No. :	303941
Report Date :	20.01.2015

IDENTIFICATION DETAILS

Name :	ABHYUDAYA CO-OPERATIVE BANK LIMITED
Registered Office :	Abhyudaya Nagar, Building No. 36, G.D. Ambekar Marg, Kalachowky, Mumbai - 400 033, Maharashtra
Country :	India
Financials (as on) :	31.03.2014 (Profit and Loss A/c)
Date of Incorporation :	16.01.1964
Capital Investment / Paid-up Capital :	Not Divulged
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Cooperative Bank
Line of Business :	Banking Activities
No. of Employees :	Information denied by 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
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established co-operative bank having fine track record. The rating takes into consideration bank’s established track record of business operations supported by adequate financial base and extensive experience of promoters in baking sector. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The bank can be considered for business dealings good or 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.

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 BY

Name :	Mr. Durai Swami
Designation :	Assistant General Manager
Contact No.:	91-22-27895121
Date :	16.01.2015

LOCATIONS

Registered Office :	Abhyudaya Nagar, Building No. 36, G.D. Ambekar Marg, Kalachowky, Mumbai - 400 033, Maharashtra, India
Tel. No.:	91-22-65053708 / 27895121
Fax No.:	91-22-24701271
E-Mail :	share@abhyudayabank.net
Website :	http://www.abhyudayabank.co.in/
Head Office / Administrative Office :	K.K. Tower, Abhyudaya Bank Lane, Off G. D. Ambekar Marg, Pare! Village, Mumbai - 400 012, Maharashtra, India
Tel. No.:	91-22-24140961-64 / 65053690
Fax No.:	91-22-24139782
E-Mail :	secretarial@abhyudayabank.net
Regional Office 1 :	Shambhavi Fortune, Behind KSRTC Bus Stand, Udupi – 576101, Karnataka, India
Tel. No.:	91-820-2520467
Fax No.:	91-820-2521607
E-Mail :	udupiro@abhyudayabank.net
Regional Office 2 :	Block B, "Jaymangal House", Opp. Gandhigram, Rly. Station Ellisbridge, Ahmedabad - 380 009, Gujarat, India
Tel. No.:	91-79-26581891 / 92
Fax No.:	91-79-26580609
E-Mail :	ahmedabadro@abhyudayabank.net
Zonal Office :	Located at Mumbai Pune
Branch Office :	Located at Mumbai Navi Mumbai Pune Raigad Sindhudurg Nashik Nagpur Aurangabad Nanded Thane Udupi Mangalore Vadodara Ahmedabad

DIRECTORS

Name :

Mr. Sitaram C Ghandat

Designation :

Chairman

Name :

Mr. Nityanand M Prabhu

Designation :

Vice Chairman

Name :

Mr. Vijay S Morye

Designation :

Managing Director

Name :

Mr. Maruti S Mehetre

Designation :

Director

Name :

Mr. Achyut L Kandpile

Designation :

Director

Name :

Mr. Ashok R Chalke

Designation :

Director

Name :

Mr. Mhatarba S Kane

Designation :

Director

Name :

Mr. Harihar S Jaiswar

Designation :

Director

Name :

Mrs. Jessie C D’Silva

Designation :

Director

Name :

Mrs. Ratnamala M Gorde

Designation :

Director

Name :

Mr. Sandeep S Ghandat

Designation :

Director

Name :

Mr. Jayantilal C Jain

Designation :

Director

Name :

Mr. Waman V Nalbhimwar

Designation :

Director

Name :

Mr. Jagajeevandas Raai

Designation :

Director

Name :

Mr. Mohan S Ghandat

Designation :

Director

Name :

Mr. Amba P Patel

Designation :

Director

Name :

Mr. Bharat M. Ghandat

Designation :

Director

Name :

Mr. Kanifnath N. Aher

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Vijay S. Morye
Designation :	Managing Director
Name :	Mr. Rajeev D. Gangal
Designation :	Chief General Manager
Name :	Mr. Dhanji G. Kurlawala
Designation :	General Manager ( I.T. Department)
Name :	Mr. Puneetkumar R. Shetty
Designation :	General Manager (Legal & Recovery)
Name :	Mr. Prasanta K. Mohapatra
Designation :	General Manager (Treasury & Clearing )
Name :	Mr.  Sonudas A. Naik
Designation :	General Manager  (Development & KYC/AML)
Name :	Mr. Camillo F. Fernandes
Designation :	General Manager (HRM & Accounts)
Name :	Mr. Premnath S. Salian
Designation :	General Manager  ( Credit & Forex )
Name :	Mr. Anil K. Nikam
Designation :	Deputy General Manager (Legal & Recovery)
Name :	Mr. Krishnakumar B. Sawant
Designation :	Deputy General Manager (Central Zone)
Name :	Mr. Bhaskar M. Shetty
Designation :	Deputy General Manager (Pune Zone & Regional Office Udupi)
Name :	Mr. Anthony P. Naronha
Designation :	Deputy General Manager (Central Law)
Name :	Mr. Pradeep V. Kamat
Designation :	Deputy General Manager (Legal and Recovery)
Name :	Mr. Girish V. Rane
Designation :	Deputy General Manager (Western Zone & Regional Office Ahmedabad )
Name :	Mr. Mangesh S. Rane
Designation :	Deputy General Manager (Legal and Recovery )
Name :	Mr. Ramchandra D. Borude
Designation :	Deputy General Manager (Navi Mumbai Zone)
Name :	Mr. Devendra K. Mewada
Designation :	Deputy General Manager (Credit Department)
Name :	Mr. Shahabuddin H. Pathan
Designation :	Assistant General Manager (Vigilance & IS Audit)
Name :	Mr. Lancelot R. Tauro
Designation :	Assistant General Manager (Forex Dept)
Name :	Smt Jyoti S. Bolar
Designation :	Assistant General Manager (Secretarial Department)
Name :	Mr. Satyendra Y. Bhandarkar
Designation :	Assistant General Manager (Regional Office, Udupi)
Name :	Mr. Pradeep M. Mandke
Designation :	Assistant General Manager (Planning & Marketing Department)
Name :	Mr. Rajesh B. Paralkar
Designation :	Assistant General Manager (Treasury Department)
Name :	Mr. Duraiswami Venkatesan
Designation :	Assistant General Manager (Accounts Department)
Name :	Mr. Sunil S. Shetty
Designation :	Assistant General Manager (I.T. Department)
Name :	Mr. Ravindra A. Kamath
Designation :	Assistant General Manager (Forex Treasury)
Name :	Mr. Rajendra S. Sawant
Designation :	Assistant General Manager (Development Department)
Name :	Mr. Ashok L. Patel
Designation :	Assistant General Manager (Regional Office,Ahmedabad)
Name :	Mr. Ganesh M. Shetty
Designation :	Assistant General Manager (Prudential Write Off Department)
Name :	Mr. Donald J. Goveas
Designation :	Assistant General Manager (Clearing Department)
Name :	Mr. Sushil J. Bhole
Designation :	Assistant General Manager (Inspection Department)
Name :	Mr. Mr.pad D. Kulkarni
Designation :	Senior Manager (Industrial & Finance Department)
Name :	Mr. Sanjay V. Wani
Designation :	Senior. Manager (KYC/AML.)
Name :	Mr. Adhikrao Kumbhar
Designation :	Senior Manager (Risk Management Department)

MAJOR SHAREHOLDERS

NOT AVAILABLE

BUSINESS DETAILS

Line of Business :	Banking Activities
Products / Services :	-
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Not Divulged
No. of Employees :	Information denied by management
Bankers :	Reserve Bank of India
Facilities :	--

Auditors :
Name :	Yardu Prabhu and Associates Chartered Accountants
Memberships :	--
Collaborators :	--
Sister Concern :	Not Divulged

CAPITAL STRUCTURE

NOT AVAILABLE

FINANCIAL DATA

[all figures are in Rupees Millions]

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2014

PARTICULARS			31.03.2014	31.03.2013
INCOME
1. Interest & Discount
	On Advances		6505.045	5908.855
	On Investments		3141.428	2733.228
	On Rev.Repo/Call/CBLO Lending		31.140	26.892
2. Commission & Exchange			84.771	81.782
3. Locker Rent			25.196	22.688
4. Service Charges			254.750	266.448
5. Sundry Income			80.727	51.728
6. Profit on Sale of Investments			320.607	354.021
7. Profit on Sale of Assets			1.158	4.326
8. Bad Debts Written off Recovered			49.141	60.268
9. BDDR written back			22.600	16.473
10. Excess Provision for I-Tax written back			8.750	0.000
11. Prov.for Deprn.on Investment Written Back			0.000	252.078
TOTAL INCOME			10525.313	9778.787
EXPENDITURE
1. Interest On Deposits & Borrowings
	a) On Deposits		6652.249	5766.428
	b) On Borrowings (Repo/ Call/ CBLO)		131.694	120.668
2. Salaries, Allowances, PF, Gratuity etc.			1032.358	990.792
3. Directors Sitting Fees & Allowances			7.037	6.467
4. Rent, Rate, Taxes, Insurance & Lighting			324.240	277.108
5. Legal and Professional Charges			20.101	14.867
6. Audit Fees			14.332	13.588
7. Postage, Telegram & Telephone			46.702	40.755
8. Depreciation			160.383	139.705
9. Amortisation of Computer Software			18.684	16.306
10. Printing & Stationery			25.192	24.851
11. Advertisement			50.870	42.002
12. Repairs & Maintenance			62.963	55.730
13. Travelling & Conveyance			12.268	10.643
14. Subscription			1.118	1.004
15. Sundry Expenses			207.034	163.174
16. Loss on Sale of Assets			0.554	0.913
17. Bad Debts written off			22.600	16.474
18. Depreciation on Shifting of Investment			44.109	0.000
19. Further deduction in terms of Section 62(2) of Multi-state Co-op. societies Act, 2002
		a) Provision for Depreciation on Investment	682.515	0.000
		b) Amortisation of Premium on Investments	39.700	22.260
		c) Provision towards Standard Assets	7.500	21.513
		d) Provision towards BDDR	108.500	563.900
		e) Provision towards Erosion in Other Assets	0.000	0.451
		f) Provision towards Restructured Assets	94.000	0.000
		TOTAL EXPENDITURE	9766.703	8309.599
PROFIT BEFORE TAX			758.610	1469.188
Less : Income Tax			264.482	539.986
Less : Deferred Tax			(172.869)	17.025
Total			91.613	557.011
NET PROFIT AFTER TAX CARRIED FORWARD			666.997	912.175
BALANCE BROUGHT FORWARD			666.996	912.175
Transfer from Investment Fluctuation Reserve			288.000	0.000
Transfer from Dividend Equilisation Fund			25.552	0.000
BALANCE CARRIED FORWARD TO BALANCE SHEET			980.548	912.175

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions
Income	9,778.787	10,525.313
		7.634

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions
Income	9,778.787	10,525.313
Profit	912.175	666.997
	9.33%	6.34%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT DETAILS NOT AVAILABLE

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	No
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	No
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
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

LITIGATION DETAILS:

Case Details
Bench:- Bombay
Presentation Date:-				26/11/0214
Lodging No.:-		NMAL/2661/2014		Filing Date:-		26/11/2014
Main Matter
Lodging No.:-				APPL/490/2014
Petitioner:-	DAYA BUILDERS AND OTHER 5 ORS.		Respondent:-		ABHYUDAYA CO-OPERATIVE BANK LIMITED AND ANR.
Petn.Adv:-	KRISHNA CHANDRA PANDEY (I3461)
District:-	MUMBAI
Bench:-	DIVISION
Status:-	Pre-Admission		Category:-		NOTICE OF MOTION (APPEAL)
Last Date:-	23/12/2014		Stage:-
Last Coram:-	HON'BLE THE CHIEF JUSTICE HON'BLE SHRI JUSTICE B.P. COLABAWALLA
Act :-	Arbitration and Conciliation Act 1996

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.61.70
UK Pound	1	Rs.93.41
Euro	1	Rs.71.33

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	VNT

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
--PROFITABILITY	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	NO
--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		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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.