MIRA INFORM REPORT
|
Report No. : |
337936 |
|
Report Date : |
04.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
ORIENTAL BANK OF COMMERCE |
|
|
|
|
Registered
Office : |
Harsha Bhawan, E Block, Connaught Place, New Delhi - 110001 |
|
Tel. No.: |
91-11-23417121 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
01.01.1901 |
|
|
|
|
Com. Reg. No.: |
55-002036 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2998.487 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65191DL1901PLC002036 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
It is a Government of India owned Bank, partially
disinvested it’s shares in the public. |
|
|
|
|
Line of Business
: |
Banking activity. |
|
|
|
|
No. of Employees
: |
19550 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 380000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established and reputed bank having fine track
record. The rating reflects strong support
for Oriental Bank form its majority shareholders, (The government of India)
supported by banks adequate capitalization and proven track record of
business operations. Trade relations are reported as trustworthy. Payments are reported to
be regular and as per commitment. In view of strong government support, 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Basel III Compliant Tier Bonds: AA- |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
13.01.2015 |
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 : |
Harsha Bhavan, E-Block, |
|
Tel. No.: |
91-11-23417121/ 23416691/ 23415508 |
|
Fax No.: |
91-11-23418707 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Merchant Banking Division/ Correspondence Address : |
4th Floor, Competent House, F-14, |
|
Tel. No.: |
91-11-23321821/ 23320796 |
|
Fax No.: |
91-11-23739768 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Representative Office : |
P O Box: 103946, Mohd. |
|
Tel No.: |
9714 3975920 |
|
Fax No.: |
9714 3975921 |
|
Email : |
|
|
|
|
|
Branch : |
932 branches all over |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. S.L. Bansal |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Bhupinder Nayyar |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Suresh N Patel |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mrs. Sreya Guha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajat Sachar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. Ganesh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K.S. Sreenivasan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. C.P. Singh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. T. Valliappan |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Abha Chaturvedi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P.B. Santhanakrishnan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P.M. Chopra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kingshuk Bhattacharya |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M.L. Sahoo |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Narendra J. Kotiawala |
|
Designation : |
Director |
KEY EXECUTIVES
|
TOP MANAGEMENT
TEAM: |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
177309043 |
59.13 |
|
|
177309043 |
59.13 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
177309043 |
59.13 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
30959039 |
10.32 |
|
|
1529901 |
0.51 |
|
|
31378291 |
10.46 |
|
|
36025907 |
12.01 |
|
|
99893138 |
33.31 |
|
|
|
|
|
|
7332932 |
2.45 |
|
|
|
|
|
|
13694063 |
4.57 |
|
|
1100534 |
0.37 |
|
|
519033 |
0.17 |
|
|
366653 |
0.12 |
|
|
152380 |
0.05 |
|
|
22646562 |
7.55 |
|
Total Public shareholding (B) |
122539700 |
40.87 |
|
Total (A)+(B) |
299848743 |
100.00 |
|
© Shares held by Custodians and against which Depository Receipts have
been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
299848743 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Banking activity. |
|
|
|
|
Products : |
-- |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Available |
|
|
|
|
Imports : |
Not Available |
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|
|
|
Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
19550 (Approximately) |
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Bankers : |
|
|
Auditors : |
|
|
Name : |
Chartered Accountants
Chartered Accountants
Chartered Accountants
Chartered Accountants
Chartered Accountants |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates: |
-- |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000000 |
Equity Shares |
Rs.10/- each |
Rs. 30000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
299848743 |
Equity Shares |
Rs.10/- each |
Rs. 2998.487
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
PARTICULAR |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
CAPITAL AND
LIABILITIES |
|
|
|
|
Capital |
2998.487 |
2917.612 |
2917.612 |
|
Reserves and Surplus |
131308.217 |
124837.790 |
116507.412 |
|
Deposits |
1934889.605 |
1758975.244 |
1559649.225 |
|
Borrowings |
78636.100 |
76793.282 |
52590.490 |
|
Other Liabilities and Provisions |
55192.629 |
43448.099 |
43681.088 |
|
TOTAL CAPITAL
AND LIABILITIES |
2203025.038 |
2006972.027 |
1775345.827 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
Cash and Balances with Reserve Bank of |
99811.523 |
81719.352 |
84617.017 |
|
Balances with Banks and Money at Call and Short Notice |
42877.675 |
4176.835 |
2652.498 |
|
Investments |
614722.287 |
585546.609 |
521013.313 |
|
Advances |
1390798.404 |
1289550.629 |
1119776.902 |
|
Fixed Assets |
12555.762 |
12274.101 |
14206.551 |
|
Other Assets |
42259.387 |
33704.501 |
33079.546 |
|
TOTAL ASSETS |
2203025.038 |
2006972.027 |
1775345.827 |
PROFIT & LOSS
ACCOUNT
|
PARTICULAR |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
INCOME |
|
|
|
|
Interest Earned |
190174.794 |
177047.756 |
158148.846 |
|
Other Income |
19452.709 |
16547.137 |
12402.478 |
|
TOTAL INCOME |
209627.503 |
193594.893 |
170551.324 |
|
|
|
|
|
|
EXPENDITURE |
|
|
|
|
Interest Expended |
138903.769 |
130036.206 |
115990.934 |
|
Operating Expenses |
29168.833 |
26651.781 |
23154.587 |
|
Provision and contingencies |
30160.777 |
23627.433 |
19990.168 |
|
TOTAL
EXPENDITURE |
198233.379 |
180315.420 |
159135.689 |
|
|
|
|
|
|
NET PROFIT FOR
THE YEAR |
11394.124 |
13279.473 |
11415.635 |
|
Profit Brought Forward |
1.703 |
4.925 |
7.919 |
|
Investment Allowance Reserves |
52.222 |
0.000 |
0.000 |
|
Total |
11448.049 |
13284.398 |
11423.554 |
|
|
|
|
|
|
APPROPRIATION /
TRANSFERS |
|
|
|
|
Transfer to Statutory Reserves |
2850.000 |
3320.000 |
2860.000 |
|
Transfer to Revenue and Other Reserves |
3330.000 |
4420.000 |
160.000 |
|
Transfer to Investment Reserve Account |
0.000 |
52.222 |
0.000 |
|
Transfer to Special Reserves |
2590.000 |
2230.000 |
5650.000 |
|
Transfer to Capital Reserves |
2.258 |
120.090 |
69.801 |
|
Interim Dividend |
1199.395 |
0.000 |
0.000 |
|
Proposed Dividend |
1079.455 |
2684.203 |
2304.913 |
|
Tax on Dividend |
387.291 |
456.180 |
373.915 |
|
Balance Carried Over to Balance Sheet |
9.650 |
1.703 |
4.925 |
|
|
|
|
|
|
TOTAL |
11448.049 |
13284.398 |
11423.554 |
|
|
|
|
|
|
Earnings per share |
|
|
|
|
Basic &
Diluted (Rs.) |
38.73 |
45.51 |
39.13 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 1st
Quarter |
30.09.2014 2nd
Quarter |
31.12.2014 3rd
Quarter |
|
Audited / UnAudited |
UnAudited |
UnAudited |
UnAudited |
|
Interest Earned |
49878.200 |
49359.300 |
49467.700 |
|
Income On Investments |
11388.500 |
11159.400 |
11375.400 |
|
Interest On Balances With Rbi Other Inter Bank Funds |
504.900 |
143.300 |
76.700 |
|
Interest / Discount On Advances / Bills |
37897.500 |
38054.500 |
38014.700 |
|
Others |
87.300 |
2.100 |
0.900 |
|
Other Income |
5882.000 |
3926.500 |
5120.200 |
|
Total Income |
55760.200 |
53285.800 |
54587.900 |
|
Interest Expended |
37450.700 |
36896.400 |
36493.000 |
|
Operating Expenses |
6892.300 |
7840.800 |
7946.600 |
|
Total Expenditure |
6892.300 |
7840.800 |
7946.600 |
|
Operating Profit Before Provisions and Contingencies |
11417.200 |
8548.600 |
10148.300 |
|
Exceptional Items |
0.000 |
0.000 |
(1373.800) |
|
Provisions and contingencies |
5415.800 |
6411.900 |
8851.400 |
|
Profit Before Tax |
6001.400 |
2136.700 |
(76.900) |
|
Tax |
2356.000 |
(777.500) |
(272.500) |
|
Profit After Tax |
3645.400 |
2914.200 |
195.600 |
|
+/- Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
+/- Prior period items |
0000 |
0.000 |
0.000 |
|
Net Profit |
36454.000 |
29142.0.000 |
1956.000 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
2917.612 |
2917.612 |
2998.487 |
|
Reserves & Surplus |
116507.412 |
124837.79 |
131308.217 |
|
Net
worth |
119425.024 |
127755.402 |
134306.704 |
|
|
|
|
|
|
Borrowings |
52590.490 |
76793.282 |
78636.100 |
|
Total
borrowings |
52590.490 |
76793.282 |
78636.100 |
|
Debt/Equity
ratio |
0.440 |
0.601 |
0.585 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Interest Earned |
158148.846 |
177047.756 |
190174.794 |
|
|
|
11.950 |
7.414 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Interest Earned |
158148.846 |
177047.756 |
190174.794 |
|
Profit |
11415.635 |
13279.473 |
11394.124 |
|
|
7.22% |
7.50% |
5.99% |
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 |
Yes |
LITIGATION DETAILS
IN THE HIGH COURT OF DELHI AT NEW DELHI
CS(OS) 2184/2014
NATIONAL HEART INSTITUTE OF ALL INDIA HEART FOUNDATION
..... Plaintiff
Through: Mr. Satyakam, Advocate
versus
ORIENTAL BANK OF COMMERCE AND ANR ..... Defendant
Through: None
CORAM:
DR. NEERA BHARIHOKE (DHJS), JOINT REGISTRAR (JUDICIAL)
O R D E R
09.03.2015
The defendants have been served in December 2014. Written statement as well as vakalatnama has been filed on behalf of the defendants on 07.01.2015. Let replication be filed by the plaintiff within four weeks from today. The parties are directed to file their complete original/certified copies of documents within four weeks from today to be followed by their admission/denial affidavits within the next four weeks. Relist for completion of pleadings and for admission/denial of documents on 14.05.2015 and the matter be placed before the Hon?ble Court for further directions on 15.07.2015.
DR. NEERA BHARIHOKE (DHJS)
JOINT REGISTRAR (JUDICIAL)
MARCH 09, 2015
hk
$ 19
INDEX
OF CHARGES: NO CHARGES EXIST FOR COMPANY
BUSINESS OPERATIONS
The Business of the Bank stood at Rs.3342540.400 Million as on 31st March, 2014 as against Rs.3060836.900 Million in the previous year. Total deposits of the Bank stood at Rs.1934889.600 Million and have shown an increase of Rs.175914.400 Million depicting a growth of 10.00%. Cost of deposits stood at 7.67% for the financial year 2013-14 as against 7.90% for financial year 2012-13. The Bank was cautious in procuring high cost bulk deposits during the year and as a result of the same, the ratio of bulk deposits has decreased from 20.26% as on 31.03.2013 to 18.19% as on 31.03.2014. On the other hand, net advances as at end-March 2014 stood at Rs.1390798.400 Million, registering a growth of 7.85%. During the fiscal 2013-14, yield on advances has decreased to 11.94% from previous year's level of 12.27%. However, the Bank has taken measures to improve yield on advances through lending to SME, Mid Corporate and Retail sector in the current year. The credit deposit ratio of the Bank, as at end-March 2014, stood at 72.91%. The Bank ensured adequate flow of credit to the productive sectors of the economy. The Loans and Advances portfolio of the bank is well diversified and balanced.
FINANCIAL PERFORMANCE
The Bank has posted a total income of Rs.209627.500 Million during the year as against Rs.193594.900 Million last year thus registering an increase of Rs.16032.600 Million showing a growth of 8.28% during the fiscal 2013-14. Operating Profit of the Bank has increased to Rs.41554.900 Million as against Rs.36906.900 Million last year showing a growth of 12.59% The Bank has earned a net profit of Rs.11394.100 Million during the fiscal 2013-14.
BANKING INDUSTRY
SCENARIO, OUTLOOK AND WAY FORWARD STRATEGY
In view of the slowing down in the industrial activity reflecting some risk aversion and muted demand, the Banking Sector growth has moderated during the year. Growth in credit in FY13-14 stood at 14.3% compared to the growth rate of 14.1% in FY12-13. Given the expectation of 5-6% growth in GDP, growth in credit should be around 15% in FY14-15.
Deposits grew at 14.6% in FY13-14 vis-à-vis the growth of 14.2% in FY12-13. For the ensuing year, assuming that inflation will moderate only gradually, growth is likely to remain at 14%. The deposits growth last year has been supported a lot by the inflow of over $ 30 billion through FCNR (B) deposits. Following slowdown in economy in FY13-14, there are expectations of a modest recovery in FY14-15, with some pickup likely in the second half of the year. There are expectations of a normal monsoon in FY14 which would positively support not only the agricultural growth but also the growth of industry. The factors like downward movement in commodity prices, easing financial conditions, the recent corrective steps taken by the government to reduce the bottlenecks in investment and a likely modest pick-up in exports suggest a relatively better economic scenario in FY14-15 as compared to that in FY13-14.
Notwithstanding the uncertainties in economic environment, the Bank will continue to grow its business consistently in FY14-15. To achieve this, the Bank would focus on people, processes and technology. The Bank is in a position of strength, driven by a strong balance sheet, good deposit franchise, rich capital adequacy, a consistent leadership and prudent risk management systems. The Bank’s strategy in maintaining its momentum of growth shall be multi pronged. In order to expand its customer base, Bank will be opening new Branches in various parts of the country. Further, the Bank shall concentrate on thrust areas such as MSME, Retail and Agriculture and diversify its credit portfolio.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
Claims against the bank not acknowledged as debts (Including disputed Income tax and Interest tax liability under Appeal, Reference etc.) |
25006.420 |
20580.056 |
|
Liability on account of outstanding forward exchange contracts |
347546.893 |
495288.356 |
|
Guarantees given on behalf of constituents |
|
|
|
In India |
144835.896 |
141235.858 |
|
Outside India |
19095.330 |
13392.931 |
|
Acceptances, endorsements and other obligations |
155947.501 |
197643.248 |
|
Other items for which the bank is contingently liable |
213.167 |
154.070 |
|
|
|
|
|
Total |
692645.207 |
868294.519 |
REVIEWED FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS ENDED DECEMBER
31ST, 2014
|
PARTICULARS |
Quarter Ended |
Nine
Months Ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
Reviewed |
Reviewed |
Reviewed |
|
|
Interest Earned/Net Income from sales/services |
49467.700 |
49359.300 |
148705.200 |
|
Interest / discount on Advances / bills |
38014.700 |
38054.500 |
113966.700 |
|
Income on Investments |
11375.400 |
11159.400 |
33923.300 |
|
Interest on Balances with RBI & other inter bank funds |
76.700 |
143.300 |
724.900 |
|
Others |
0.900 |
2.100 |
90.300 |
|
Other Income |
5120.200 |
3926.500 |
14928.700 |
|
Total
Income |
54587.900 |
53285.800 |
163633.900 |
|
Interest Expended |
36493.000 |
36896.400 |
110840.100 |
|
Operating Expenses |
7946.600 |
7840.800 |
22679.700 |
|
Employee Cost |
4442.800 |
4261.300 |
12410.500 |
|
Rent Taxes and Lighting |
761.500 |
789.600 |
2331.700 |
|
Other operating expenses |
2742.300 |
2789.900 |
7937.500 |
|
Total
Expenditure for Banks |
4439.600 |
44737.200 |
133519.800 |
|
Operating Profit Before Provisions and Contingencies |
10148.300 |
8548.600 |
30114.100 |
|
Provisions (other than tax) and Contingencies |
8851.400 |
6411.900 |
20679.100 |
|
Exceptional Items |
1373..800 |
0.000 |
1373.800 |
|
Profit
(+)/ Loss (-) from Ordinary Activities before Tax |
(76.900) |
2136.700 |
8061.200 |
|
Tax Expenses |
(272.500) |
(777.500) |
1306.000 |
|
Current and Deferred Tax |
727.500 |
2019.000 |
5102.500 |
|
Adjustment relating to earlier year |
(1000.000) |
2914.200 |
(3796.500) |
|
Net
Profit (+)/ Loss (-) from Ordinary Activities after Tax |
195.600 |
0.000 |
6755.200 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Net
Profit |
195.600 |
2914.200 |
6755.200 |
|
Paid up Equity Capital Face Value (in Rs.10 each) |
2998.500 |
2998.500 |
2998.500 |
|
Reserves |
|
|
|
|
Percentage of Share held by Govt |
59.13 |
59.13 |
59.13 |
|
Capital Adequacy Ratio |
11.96 |
11.70 |
11.96 |
|
Capital Adequacy Ratio (%) |
11.26 |
10.88 |
11.26 |
|
EPS before Extraordinary items (in Rs) |
|
|
|
|
Basic & Diluted EPS before Extraordinary items |
0.65 |
9.72 |
22.53 |
|
EPS after Extraordinary items (in Rs) |
|
|
|
|
Basic & Diluted EPS after Extraordinary items |
0.65 |
9.72 |
22.53 |
|
Gross/Net NPA |
76692.200 |
66438.00 |
46692.200 |
|
Amount of Gross NPA |
50803.600 |
45201.700 |
50803.600 |
|
Amount of Net NPA |
|
|
|
|
Percentage of Gross/Net NPA |
|
|
|
|
% of Gross NPAs |
5.43 |
4.74 |
5.43 |
|
% of Net NPAs |
3.68 |
3.29 |
3.68 |
|
Return on Assets |
0.04 |
0.55 |
0.42 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
122539700 |
122539700 |
122539700 |
|
- Number of shares |
40.87 |
40.87 |
40.87 |
|
- Percentage of shareholding |
|
|
|
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total share capital of the
company) |
NIL |
NIL |
NIL |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
177309043 |
177309043 |
177309043 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
59.13 |
59.13 |
59.13 |
SEGMENT
INFORMATION
|
S. n. |
Particulars |
Quarter
Ended |
Nine
Months Ended |
|
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
|
Reviewed |
Reviewed |
Reviewed |
|
1 |
Segment Revenue |
|
|
|
|
a) |
Treasury |
13844.900 |
12207.700 |
39517.400 |
|
b) |
Corporate
/ Wholesale Banking |
31629.900 |
31825.000 |
95292.100 |
|
c) |
Retail
Banking |
19126.100 |
19090.900 |
58653.600 |
|
d) |
Other
Banking Business |
527.300 |
523.900 |
2126.500 |
|
e) |
Unallocated |
0.000 |
0.000 |
0.000 |
|
|
Total |
65128.200 |
63647.500 |
195589.600 |
|
|
Less: Inter Segment Revenue |
10543.000 |
10363.600 |
32047.800 |
|
|
Income from Operations |
54585.200 |
53283.900 |
163541.800 |
|
2 |
Segment Results |
|
|
|
|
a) |
Treasury |
1643.900 |
1419.700 |
6330.700 |
|
b) |
Corporate
/ Wholesale Banking |
(1173.700) |
312.800 |
399.100 |
|
c) |
Retail
Banking |
(709.700) |
187.600 |
286.700 |
|
d) |
Other
Banking Business |
172.200 |
219.600 |
980.500 |
|
e) |
Unallocated |
0.000 |
0.000 |
0.00 |
|
|
Total |
(67.3000) |
2139.700 |
7997.000 |
|
|
Less
: Interest |
0.000 |
0.000 |
0.000 |
|
|
Less
: Unallocated Expenses (Unallocaled Income) |
9.600 |
3.000 |
(64.200) |
|
|
Less
: Taxes |
(272.500) |
(777.500) |
1306.000 |
|
|
Total Profit Before
Tax |
195.600 |
2914.200 |
6755.200 |
|
|
|
|
|
|
|
|
Capital Employed
(Segment Assets - Segment Liabilities) |
|
|
|
|
a) |
Treasury |
9490.000 |
9581.700 |
9490.000 |
|
b) |
Corporate
/ Wholesale Banking |
73106.200 |
74086.900 |
73106.200 |
|
c) |
Retail
Banking |
44206.200 |
44442.600 |
44206.200 |
|
d) |
Other
Banking Business |
791.300 |
715.400 |
791.300 |
|
e) |
Unallocated |
13228.400 |
11853.100 |
13228.400 |
|
|
Total |
140822.100 |
140679.700 |
140822.100 |
NOTE:
The Bank has followed the same Accounting Policies in preparation of the interim financial results as were followed in the Annual Financial Statements for the year ended 31.03.2014.
The working results of the Bank for the quarter/ Nine months ended December
31st, 2014 have been arrived at after considering provision for non-performing
advances, non-performing investments and depreciation on investments on the
basis of extant guidelines issued by the Reserve Bank of India on prudential
norms for income recognition, asset classification and provisioning, provision
for exposure to entities with unhedged foreign currency exposure besides other
usual and necessary provisions. Provision for employee benefits. Income Tax and
Depreciation on fixed assets has been made on estimated basis and are subject
to adjustments, if any, at the year end.
Bank has opted to amortise pension liability with respect to second pension
optees for a period of 5 years commencing from FY 2010-11. Accordingly, out of
the balance unamortized amount of Rs. 1709.000 Million as on 01.04.2014, the
Bank has amortised Rs. 1281.750 Million (i.e. Rs. 427.250 Million per quarter)
being proportionate amount for the nine months ended 31.12.2014.
M/s Jawahar Lai Nehru Port Trust (JNPT) had placed funds aggregating Rs.
1800.000 Million with the bank initially for the purpose of term deposit in two
tranches in February, 2014. These funds were surreptitiously transferred out of
the bank upon instructions of the same signatory/constituent. Subsequently M/s
JNPT filed a case with CBI for investigation and on receipt of the order of
designated court, a sum of Rs. 108810.000 Million has since been restored to
M/S JNPT and the remaining outstanding amount is Rs. 711.900 Million.
Consequent to declaration of above case as a fraud, out of full provision of
Rs. 711.900 Million to be made, the bank has made a provision of Rs. 474.600
Million (Rs. 237.300 Million per quarter) for the period ended 31.12.2014 as
permitted by RBI at the request of the Bank as a special case in terms of their
letter dated 01.10.2014 to amortise the provisioning requirement for the above
said amount of Rs. 711.900 Million equally over the remaining three quarters of
the financial year 2014-15.
Based on the available data and financial statements and the declaration from
borrowers, the bank has estimated the liability of Rs. 116.200 Million on
unhedged Foreign Currency Exposure to their constituents in terms of RBI
circular dated 15th January 2014 and subsequent clarification vide circular
dated 3rd June 2014. Provision of Rs. 87.200 Million has been made as per RBI
guidelines for the nine months ended 31 December, 2014.
The Bank had sold Financial Assets for a consideration of Rs. 1952.000 Million
to Asset Reconstruction Companies on cash and Security Receipts basis during
the half year ended 30-09-2014 and booked a gain of Rs. 1460.800 Million the
difference between aggregate consideration and aggregate value (net of
provisions). During the course of discussions on draft Preliminary Risk
Assessment Report 2013-14, the Reserve Bank of India (RBI) observed that only
cash component of the sale consideration is eligible to be booked as profit.
Based on observation of RBI, bank has reduced the Book Value of Security
receipts by Rs 1373.800 Million during the quarter.
Similarly in Financial Year 2013-14 the bank had booked a gain of Rs. 2927.300
Million and will require a provision of Rs. 2804.600 Million. The same will be
dealt with suitably on receipt of RBI instructions for which a reference has
been made by the Bank to them.
The immediate impact, if any, of the cancellation of coal blocks on the bank’s
portfolio by way of security valuation and the impact, if any, of the penalty
imposed by the Hon’ble court on viability of the respective projects financed
by the bank, has not been considered as the same is not ascertainable at this
stage.
The Provision Coverage Ratio as at 31st December, 2014 is 57.39%.
The above financial results have been approved by the Board of Directors of the
Bank in its meeting held on 29.01.2015 and have been subjected to Limited
review by the Statutory Central Auditors of the Bank.
The figures of the previous quarter/ nine months/ year have been regrouped/
rearranged, wherever necessary.
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.63.58 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
72 |
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.