MIRA INFORM REPORT
|
Report No. : |
345114 |
|
Report Date : |
15.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
AXIS BANK LIMITED (w.e.f. 30.07.2007) |
|
|
|
|
Formerly Known
As : |
UTI BANK LIMITED |
|
|
|
|
Registered
Office : |
Trishul, 3rd Floor, Opposite, Samartheshwar Temple, Law
Garden, Ellisbridge, Ahmedabad – 380006, Gujarat |
|
Tel. No.: |
91-79-26409322 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation
: |
03.12.1993 |
|
|
|
|
Com. Reg. No.: |
04-020769 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4741.044 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65110GJ1993PLC020769 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AAACU2414K |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Bank. The Bank’s Shares are Listed on the
Stock Exchanges. |
|
|
|
|
Line of Business
: |
Business of the Bank is divided into four segments:
Treasury, Retail Banking, Corporate/Wholesale Banking and Other Banking
Business. |
|
|
|
|
No. of Employees
: |
9980 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aaa (90) |
|
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 |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Axis Bank is well-known third-largest private sector bank. It is an
established bank having an excellent track record. Financial position of the bank is strong. Fundaments are healthy. The ratings also take into consideration Axis Bank’s robust
capitalization, healthy resource profile and strong earnings profile. Promoters are reported to be well experienced and knowledgeable
businessmen. Trade relations are reported as trustworthy. Business is active.
Payment are reported to be regular and as per commitments. The bank can be considered excellent 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Billion Tier II Bond
Issue = AAA |
|
Rating Explanation |
Highest degree of
safety and carry lowest credit risk. |
|
Date |
September 16, 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
31-03-2015.
INFORMATION DENIED
Management non-cooperative (91-79-26409322)
LOCATIONS
|
Registered Office : |
Trishul, 3rd Floor, Opposite, Samartheshwar Temple, Law
Garden, Ellisbridge, Ahmedabad – 380006, Gujarat, India |
|
Tel. No.: |
91-79-26409322 |
|
Fax No.: |
91-79-26409321 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Axis House, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg,
Worli, Mumbai – 400 025, Maharashtra, India |
|
Tel. No.: |
91-22-24252525 / 43252525 |
|
Fax No.: |
91-22-43251800 |
|
|
|
|
Central Office : |
131, Maker Tower – F, Cuffe Parade, Colaba, Mumbai – 400 005,
Maharashtra, India |
|
Tel. No.: |
91-22-67074407 |
|
Fax No.: |
91-22-22186944 / 1429 |
|
|
|
|
List of Centers: |
Located At ·
Andhra Pradesh ·
Bihar ·
Arunachal Pradesh ·
Assam ·
Chattisgarh ·
Dadra and Nagar UT ·
Daman and Diu UT ·
Delhi ·
Goa ·
Gujarat ·
Haryana ·
Karnataka ·
Kerala ·
Himachal Pradesh ·
Jammu
Kashmir ·
Jharkhand ·
Maharashtra ·
Madhya Pradesh ·
Manipur ·
Meghalaya ·
Mizoram ·
Nagaland ·
Orissa ·
Pondicherry UT ·
Punjab ·
Rajasthan ·
Sikkim ·
Tamil Nadu ·
Uttarakhand ·
West Bengal ·
Tripura ·
Uttar Pradesh Overseas Located At ·
Singapore ·
Hong Kong ·
Dubai ·
Shanghai ·
Abu Dhabi ·
Colombo |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Sanjiv Misra |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Shikha Sharma |
|
Designation : |
Managing Director and Chief Executive Officer |
|
|
|
|
Name : |
K. N. Prithviraj |
|
Designation : |
Director |
|
|
|
|
Name : |
V. R. Kaundinya |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Prasad R. Menon |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Samir K. Barua |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Som Mittal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ireena Vittal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rohit Bhagat |
|
Designation : |
Director |
|
|
|
|
Name : |
Usha Sangwan |
|
Designation : |
Director |
|
|
|
|
Name : |
S. Vishvanathan |
|
Designation : |
Director |
|
|
|
|
Name : |
V. Srinivasan |
|
Designation : |
Executive Director and Head (Corporate Banking) |
|
|
|
|
Name : |
Mr. Sanjeev K. Gupta |
|
Designation : |
Executive Director (Corporate Centre) and Chief Financial
Officer |
KEY EXECUTIVES
|
Name : |
Mr. Sanjeev Kapoor |
|
Designation : |
Company Secretary |
|
|
|
|
THE CORE MANAGEMENT
TEAM |
|
|
Name : |
P. Mukherjee |
|
Designation : |
Group Executive - Corporate Relationship Group and
International Business |
|
|
|
|
Name : |
Mr. Rajesh Kumar Dahiya |
|
Designation : |
Group Executive - Human Resources and Compliance |
|
|
|
|
Name : |
Mr.Rajiv Anand |
|
Designation : |
Group Executive - Retail Banking |
|
|
|
|
Name : |
Bapi Munshi |
|
Designation : |
President and Chief Risk Officer |
|
|
|
|
Name : |
V. K. Bajaj |
|
Designation : |
President and Chief Audit Executive |
|
|
|
|
Name : |
Mr. Sidharth Rath |
|
Designation : |
President - Treasury and Business Banking |
|
|
|
|
Name : |
A. R. Gokulakrishnan |
|
Designation : |
President - Wholesale Banking Operations |
|
|
|
|
Name : |
Mr. Rajendra D. Adsul |
|
Designation : |
President - SME |
|
|
|
|
Name : |
R. V. S. Sridhar |
|
Designation : |
President - Retail Operations |
|
|
|
|
Name : |
Mr. Lalit Chawla |
|
Designation : |
President - Corporate Client Coverage Group |
|
|
|
|
Name : |
Mr. Jairam Sridharan |
|
Designation : |
President - Retail Lending and Payments |
|
|
|
|
Name : |
J. P. Singh |
|
Designation : |
President - Business Banking |
SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
702554535 |
30.73 |
|
|
702554535 |
30.73 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
702554535 |
30.73 |
|
|
|
|
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
214484644 |
9.38 |
|
|
3246503 |
0.14 |
|
|
127768971 |
5.59 |
|
|
1001731502 |
43.82 |
|
|
1347231620 |
58.93 |
|
|
|
|
|
|
35214232 |
1.54 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100 Million |
108388472 |
4.74 |
|
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
66614611 |
2.91 |
|
|
26013995 |
1.14 |
|
|
2423899 |
0.11 |
|
|
7830702 |
0.34 |
|
|
8731989 |
0.38 |
|
|
6113458 |
0.27 |
|
|
787257 |
0.03 |
|
|
125195 |
0.01 |
|
|
1495 |
0.00 |
|
|
236231310 |
10.33 |
|
Total Public
shareholding (B) |
1583462930 |
69.27 |
|
Total (A)+(B) |
2286017465 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
91926985 |
0.00 |
|
|
91926985 |
0.00 |
|
Total (A)+(B)+(C) |
2377944450 |
0.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total |
||
|
1 |
Administrator of the specified undertaking of the Unit Trust of India - (SUUTI) (Total Folios-4) |
274840905 |
11.56 |
|
2 |
Life Insurance Corporation of India |
336328780 |
14.14 |
|
3 |
General Insurance Corporation of India |
39887836 |
1.68 |
|
4 |
The New India Assurance Company Limited |
26016585 |
1.09 |
|
5 |
National Insurance Company Limited |
13475285 |
0.57 |
|
6 |
The Oriental Insurance Company Limited |
6257235 |
0.26 |
|
7 |
United India Insurance Company Limited |
5747909 |
0.24 |
|
|
Total |
702554535 |
29.54 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Public and holding more than 1% of the total number
of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
The Bank of New York Mellon DR |
91926985 |
3.87 |
|
|
2 |
ICICI Prudential Life Insurance Company Limited |
53189141 |
2.24 |
|
|
3 |
Europacific Growth Fund |
39951415 |
1.68 |
|
|
4 |
Copthall Mauritius Investment Limited |
30287514 |
1.27 |
|
|
5 |
Government Pension Fund Global |
33116360 |
1.39 |
|
|
6 |
Lazard Asset Management LLC A/c Lazard Emerging Markets Portfolio |
30267699 |
1.27 |
|
|
7 |
Centaura Investments (Mauritius) Pte. Limited |
25547908 |
1.07 |
|
|
8 |
Genesis Indian Investment Company Limited - General Sub Fund |
25223650 |
1.06 |
|
|
|
Total |
329510672 |
13.86 |
Details of Locked-in
Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares |
Locked-in Shares as % of |
|
1 |
Life Insurance Corporation Of India |
21202250 |
0.89 |
|
2 |
General Insurance Corporation Of India |
3859950 |
0.16 |
|
3 |
The New India Assurance Company Limited |
1765510 |
0.07 |
|
4 |
National Insurance Company Limited |
1815785 |
0.08 |
|
5 |
United India Insurance Company Limited |
546230 |
0.02 |
|
|
Total |
29189725 |
1.23 |
Details of Depository
Receipts (DRs)
|
Sl. No. |
Type of Outstanding DR (ADRs, GDRs, SDRs,
etc.) |
No. of Outstanding DRs |
No. of Shares Underlying |
Shares Underlying Outstanding DRs as % of
Total No. of Shares |
|
1 |
GDRs |
91926985 |
91926985 |
3.87 |
|
|
Total |
91926985 |
91926985 |
3.87 |
BUSINESS DETAILS
|
Line of Business : |
Business of the Bank is divided into four segments: Treasury, Retail Banking, Corporate/Wholesale Banking and Other Banking Business. |
|
|
|
|
Products / Services : |
Banking Activities |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
9980 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
14th Floor, The Ruby 29, Senapati Bapat Marg, Dadar (West),
Mumbai – 400028, India |
|
Tel. No.: |
91-22-61920000 |
|
Fax No.: |
91-22-61921000 |
|
|
|
|
Secretarial
Auditors : |
|
|
Name : |
Mehta and Mehta Company Secretaries |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Step down
Subsidiary Companies : |
|
|
|
|
|
Associate : |
Bussan Auto Finance India Private Limited (upto 30 March, 2015) |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4250000000 |
Equity Shares |
Rs.2/- each |
Rs.8500.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2370522199 |
Equity Shares |
Rs.2/- each |
Rs.4741.044
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE SHEET
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
CAPITAL AND LIABILITIES |
|
|
|
|
Capital |
4741.044 |
4698.446 |
4679.545 |
|
Reserves and Surplus |
442024.106 |
377506.419 |
326399.054 |
|
Deposits |
3224419.369 |
2809445.649 |
2526135.881 |
|
Borrowings |
797582.689 |
502909.425 |
439510.984 |
|
Other Liabilities and
Provisions |
150556.734 |
137888.943 |
108881.120 |
|
TOTAL |
4619323.942 |
3832448.882 |
3405606.584 |
|
ASSETS |
|
|
|
|
Cash and Balances with
Reserve Bank of India |
198188.397 |
170413.196 |
147920.883 |
|
Balances with Banks and
Money at Call and Short Notice |
162801.921 |
111973.750 |
56428.716 |
|
Investments |
1323428.317 |
1135484.344 |
1137375.370 |
|
Advances |
2810830.297 |
2300667.584 |
1969659.574 |
|
Fixed Assets |
25143.105 |
24102.106 |
23556.420 |
|
Other Assets |
98931.905 |
89807.902 |
70665.621 |
|
TOTAL |
4619323.942 |
3832448.882 |
3405606.584 |
|
Contingent Liabilities |
5911749.072 |
5950644.942 |
NA |
|
Bills for Collection |
490086.861 |
366015.787 |
NA |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Interest Earned |
354785.977 |
306411.554 |
271825.744 |
|
|
Other Income |
83650.458 |
74052.247 |
65511.063 |
|
|
TOTAL |
438436.435 |
380463.801 |
337336.807 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Interest Expended |
212544.595 |
186895.22 |
175163.111 |
|
|
Operating Expenses |
92037.456 |
79007.739 |
69142.375 |
|
|
Provisions and contingencies |
60276.161 |
52384.176 |
41236.992 |
|
|
TOTAL |
364858.212 |
318287.135 |
285542.478 |
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
FOR THE YEAR |
73578.223 |
62176.666 |
51794.329 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
135014.461 |
100292.624 |
73294.476 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to Statutory Reserve |
18394.555 |
15544.167 |
12948.583 |
|
|
Transfer to Investment Reserve |
254.885 |
500.289 |
534.571 |
|
|
Transfer to Capital Reserve |
631.421 |
388.664 |
1414.579 |
|
|
Transfer to Reserve Fund |
(12.664) |
10.465 |
26.084 |
|
|
Proposed dividend (includes tax on dividend) |
13089.573 |
11011.244 |
9872.364 |
|
|
BALANCE CARRIED
TO THE B/S |
176234.914 |
135014.461 |
100292.624 |
|
|
|
|
|
|
|
|
Earnings/[Loss]
Per Share (Rs.) |
|
|
|
|
|
Basic |
31.18 |
132.56 |
119.67 |
|
|
Diluted |
30.85 |
132.23 |
118.85 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash fl ow from operating activities |
(129220.164) |
167025.562 |
27190.393 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
20.74
|
20.29
|
19.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.59
|
1.62
|
1.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.16 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.79 |
1.32 |
1.33 |
STOCK
PRICES
|
Face Value |
Rs.2/- |
|
Market Value |
Rs.487.10/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
4679.545 |
4698.446 |
4741.044 |
|
Reserves & Surplus |
326399.054 |
377506.419 |
442024.106 |
|
Net worth |
331078.599 |
382204.865 |
446765.150 |
|
|
|
|
|
|
Borrowings |
439510.984 |
502909.425 |
797582.689 |
|
Total borrowings |
439510.984 |
502909.425 |
797582.689 |
|
Debt/Equity ratio |
1.328 |
1.316 |
1.785 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Interest Earned |
271825.744 |
306411.554 |
354785.977 |
|
|
|
12.724 |
15.787 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Interest
Earned |
271825.744 |
306411.554 |
354785.977 |
|
Profit |
51794.329 |
62176.666 |
73578.223 |
|
|
19.05% |
20.29% |
20.74% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---------------------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES: NO CHARGES
EXIST FOR THE COMPANY
MANAGEMENT’S
DISCUSSION AND ANALYSIS
MACRO-ECONOMIC
ENVIRONMENT
India’s macro-economic environment has improved across various parameters compared to the previous fiscal 2014, with low stable inflation, lower fiscal deficit, lower current account deficit, higher foreign exchange reserves and a stable currency. An electoral victory reflecting a strong political mandate for economic change along with the improved macro-economic situation has inspired optimism of an economic revival, leading to an improved sentiment on the ground.
The Central Statistical Organization has made changes to the methodology of estimating India’s GDP in line with the International Standards. Based on this methodology the GDP is projected to grow at 7.4% in fiscal 2015.
Fiscal consolidation continues apace, with the Union Government committed to meeting its earlier fiscal deficit target of 4.1%. Together with the sharp drop in CPI inflation of 5.17% in March 2015 from 8.25% in March 2014, RBI had sufficient confidence in the inflation management efforts to start a rate easing cycle, cutting its policy rate by 50 bps in the year to 7.5%. The new flexible inflation targeting Monetary Policy Framework is also expected to anchor inflation expectations.
India’s potential and prospects were sufficiently attractive for it to attract foreign capital, particularly portfolio flows. This allowed RBI to replenish its foreign exchange reserves, currently over USD 340 billion through market intervention, thereby permitting the Rupee to depreciate gradually against the US Dollar over the course of the year.
The developments noted above have allowed a more coordinated response to revive growth. The Government had taken various steps, including initiating an auction to allocate a number of coal mines whose licenses had previously been cancelled and of spectrum for telecom companies. There have also been relaxations of clearances required, including environmental, and some process rationalizations of regulatory approvals. RBI has also changed its monetary policy stance to an easing cycle, and has cut the repo rate by 50 bps in Q4 in fiscal 2015. The transmission of these repo rate cuts had been constrained in the last quarter, given expectations of a credit demand surge and consequent tight liquidity, but has begun in the first quarter of fiscal 2016 and is likely to continue over the next few months.
Credit demand had remained weak both due to lack of new projects and low working capital demand, arising from weak commodity prices and diesel de-regulation. Within this weak credit environment, there had been a structural shift of credit demand to non-bank sources, with increasing reliance on Commercial Paper and corporate bond issues, both domestic and offshore. For fiscal 2015, deposit growth in the system was 12.8%, while credit growth was at 12.6%.
Prospects for Fiscal
2016
India’s status as a favoured investment destination is likely to continue in fiscal 2016. Global conditions are likely to remain favourable for continuing weak commodity prices, which will provide headroom for a moderate stimulus via monetary policy easing. Rating agency Moody’s has revised India’s sovereign ratings outlook upwards. However, there is likely to be the risk of persisting financial markets volatility as global central banks embark on asymmetric monetary policy strategies. India is perhaps better prepared to deal with this turbulence as it has reigned in its twin (fiscal and current account) deficits within acceptable levels.
The immediate objective of the current Government in India is to revive capital expenditure and investment demand. The latest Budget announced a significant increase of Rs.700000.000 Million in investment in infrastructure during 2015-16, with a focus on railways and roads. We believe this outlay will initially help to boost public investment and thereafter have multiplier effects to catalyze demand in related ancillary sectors in the entire value chain within a few quarters. However, given the moderate capacity utilisation in the private sector and sluggish demand in many sectors, the immediate priorities for the private sector are likely to be completion of projects and tying up of fuel and other mineral inputs before significant new capacities can be considered. We expect that RBI has room to cut its policy repo rate by another 25-50 bps over fiscal 2016, given projections of inflation. Coupled with gradual economic and investment recovery and funding needs for auction proceeds, bank credit growth is likely to be in the 12-14% range in fiscal 2016, while we expect deposit growth in the range of 12-13%.
OVERVIEW OF FINANCIAL
AND BUSINESS PERFORMANCE
The Bank’s strategy to build its business upon strong customer franchises while adopting a prudent approach has continued to deliver good results. The Bank reported a net profit of Rs.73578.200 Million for the year ended 31st March 2015, registering a growth of 18.34% over the net profit of Rs.62176.700 Million last year. The steady growth in earnings was achieved due to a much more balanced contribution across all its business segments. The Bank displayed steady growth in key balance sheet parameters for the year ended 31st March 2015. The total assets increased by 20.53% to Rs.4619320.000 Million, total deposits increased by 14.77% to Rs.3224420.000 Million while total advances increased by 22.17% to Rs.2810830.000 Million.
During the year, the Bank continued to expand its network, with increased focus on the non-rural areas as last year it had significantly expanded its footprint in the rural areas. The network expansion has continued to support the steady growth in Retail and SME segments. The Bank’s digital initiatives have continued to make significant progress and remain integral towards making banking simple through the adoption of simple processes for seamless multichannel delivery.
The Bank continued to enhance its shareholder value by delivering healthy financial return ratios. Basic Earnings Per Share (EPS) was Rs.31.18 compared to Rs.26.51 last year, while the Diluted Earnings Per Share was Rs.30.85 compared to Rs.26.45 last year. Key return ratios continued to remain healthy, with Return on Equity (ROE) at 18.57% compared to 18.23% last year, and Return on Assets (ROA) at 1.8% compared to 1.78% last year. The Net Interest Margin (NIM) for the year was 3.92% compared to 3.81% last year. The asset quality remained stable with ratio of Gross NPAs to gross customer assets at 1.34%, and Net NPA ratio (Net NPAs as percentage of net customer assets) was 0.44%.
OPERATIONS
The Bank has carried out separation of its production and distribution functions. Transaction processing operations have been centralized while product sales and customer handling (the distribution technology) are being primarily carried out at the branches. This business process re-engineering has enabled reduction of transaction costs besides ensuring smoothness in operations and increasing productivity. The Bank continued to refine operational processes from the perspective of implementation of best practices, risk identification and containment to bring about greater precision in the management of operations in both the corporate and retail side of the Bank’s businesses. Operational instructions were issued on a continual basis and efforts are made to introduce risk-free working at branches.
Retail Banking
Operations
Retail Banking Operations (RBO) comprises of four main functions, namely Retail Branch Operations, Retail Business Processes, Process Quality and Customer Services. Jointly these functions manage branch based operations and centralized processes for various retail business activities such as data processing for new customers, servicing of transactions, reconciliation activities etc. The teams bring efficiencies to the various retail liabilities and retail asset businesses of the Bank.
Retail Branch Operations operate closely with various control units and ensures that branch services meet the business objectives along with strict adherence to risk and compliance requirements. Retail Business Processes is the centralized operations department, operating through 2 National Processing Centers, supported by 23 Regional Centers and multiple service partners. Customer Services manages the 24x7 Customer Contact Center for all retail businesses. A dedicated Phone Banking Service for Premium and NRI customers has recently been launched. Customer Service follows a well laid out service quality framework and drives initiatives across retail businesses through the Service Quality team.
Improving customer service quality remains core to the
Bank’s vision and with a view to ensure comprehensive improvement, the Bank
initiated Project ‘PRATHAM’, a program to reduce turnaround time, achieve high
automation index, better risk management and improved customer experience. Some
of the key initiatives in these areas are, image based workflow system for
customer acquisition, optimisation of branch cash and phone banking services.
Re-engineering plans are driven by a dedicated team, which manages cross
functional initiatives to create breakthrough improvements in process quality
and handles transformational projects.
Wholesale Banking
Operations
Wholesale Banking Operations (WBO) caters to corporate customers of the Bank. WBO provides specialised services to the target customer group through four verticals which are Corporate Banking Operations (CBO), Treasury Operations, Trade and Forex Operations (TFO) and Centralized Collection and Payment Hub (CCPH).
CBO is responsible for credit delivery and post disbursement control, monitoring and administration of credit portfolio consisting of Large Corporates and SME segments. CBO operates through Corporate Banking Branches (CBBs) located at 8 major cities, 62 Mini-Credit Management Centers (MCMCs) mostly at Tier II cities, and Corporate Credit Operations Hubs (CCOH) at Hyderabad and Gurgaon. It also processes transactions pertaining to supply chain channel finance business, through a dedicated set up in the form of Channel Finance Hub (CFH).
Treasury Operations handles settlement and accounting of treasury-related transactions and operates the centralized electronic payment hubs for Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) through automated processes with minimal manual intervention.
TFO is responsible for ensuring compliance of regulatory and internal guidelines with regard to processing of international and domestic trade as well as retail forex transactions and efficient service delivery to customers within the agreed turnaround time. TFO processes international trade transactions through 234 B-Category branches and 3 state-of-art Trade Finance Centers located at Mumbai, Hyderabad and New Delhi. TFO also processes inland trade and retail forex transactions through all the branches of the Bank as well as state-of-art centralized Domestic Trade Finance Centre and Retail Forex and Remittance Centre respectively located at Mumbai with Hyderabad serving as ’Business Continuity Centre’.
CCPH handles processing of specialised payments and
collections products like Cash Management Schemes, Dividend Payments etc. and
operates through 2 units located at Mumbai and Hyderabad. To extend operational
support and customer hand-holding at the local level, 35 Transaction Banking
Centers (TBCs) have been set-up by CCPH, which are manned by skilled resources,
thereby ensuring efficient service delivery coupled with strict adherence to
risk and compliance requirements.
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2015 |
31.03.2014 |
|
Claims against the Bank not acknowledged as debts |
2740.743 |
2370182 |
|
Liability for partly paid investments |
0.000 |
0.000 |
|
Liability on account of outstanding forward exchange and
derivative contracts : |
|
|
|
a) Forward
Contracts |
2800956.981 |
2312741.992 |
|
b) Interest
Rate Swaps, Currency Swaps, Forward Rate Agreement and Interest Rate Futures |
1641749.576 |
2299486.452 |
|
c) Foreign Currency Options |
238438.623 |
202687.973 |
|
Total |
4681145.180 |
4814916.417 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS
ON 30.06.2015
(Rs. In Million)
|
PARTICULARS |
Quarter Ended |
|
30.06.2015 [Unaudited] |
|
|
|
|
|
1. Interest earned (a)+(b) + (c) + (d) |
993.614 |
|
(a) Interest/discount on advances/bills |
707.378 |
|
(b) Income on Investments |
247.510 |
|
(c) Interest on balances with Reserve Bank of India and other inter-bank funds |
8.810 |
|
(d) Others |
29.916 |
|
2. Other Income (Refer note 2 ) |
229.827 |
|
3. TOTAL INCOME (1+2) |
1223.441 |
|
4. Interest Expended |
587.991 |
|
5. Operating expenses |
226.243 |
|
(i) Employees cost |
80.928 |
|
(ii) Other operating expenses |
145.315 |
|
6. TOTAL EXPENDITURE (4+5) (Excluding Provisions and Contingencies) |
814.234 |
|
7. OPERATING PROFIT (3-6) (Profit before
Provisions and Contingencies) |
409.207 |
|
8. Provisions (other than tax) and Contingencies (Net) |
112.177 |
|
9. Exceptional Items |
0.000 |
|
10. Profit/(Loss) from Ordinary Activities
before Tax (7-8-9) |
297.030 |
|
11. Tax expense |
99.186 |
|
12. Net Profit/(Loss) from Ordinary Activities
after Tax (10-11) |
197.844 |
|
13. Extraordinary Items (net of tax expense) |
0.000 |
|
14. Net Profit/(Loss) for the period (12-13) |
197.844 |
|
15. Paid-up equity share capital (Face value Rs.10/- per share) |
47.506 |
|
16. Reserves excluding revaluation reserves |
0.000 |
|
17. Analytical Ratios |
|
|
(i) Percentage of Shares held by Government of India |
NIL |
|
(ii) Capital Adequacy Ratio |
14.50% |
|
(iii) Earnings per Share (EPS) for the period/year (before and after extraordinary items) - Basic - Diluted |
8.34 8.27 |
|
(iv) NPA Ratios |
|
|
(a) Amount of Gross Non Performing Assets |
425.118 |
|
(b) Amount of Net Non-Performing Assets |
146.129 |
|
(c) % of Gross NPAs |
1.38 |
|
(d) % of Net NPAs |
0.48 |
|
(v) Return on Assets (annualized) |
1.78 |
|
18. Public Shareholding # - Number of shares |
1591163974 66.99% |
|
Percentage of shareholding |
|
|
19. Promoters and promoter group shareholding# |
|
|
Pledged/Encumbered |
|
|
- Number of shares |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
|
|
- Percentage of shares (as a % of the total share capital) |
|
|
Non Encumbered |
|
|
- Number of shares |
693375873 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00% |
|
- Percentage of shares (as a % of the total share capital) |
29.19% |
# excludes shares
held by custodian against which Global Depositary Receipts have been issued.
Statement of Assets
and Liabilities of the Bank as on 30th June, 2015 is given below.
(Rs. In Million)
|
Particulars |
30.06.2015 |
|
(Unaudited) |
|
|
CAPITAL AND
LIABILITIES |
|
|
Capital |
47.506 |
|
Reserves and Surplus |
4635.050 |
|
Deposits |
30778.386 |
|
Borrowings |
8089.492 |
|
Other Liabilities and Provisions |
1698.755 |
|
TOTAL |
45249.189 |
|
ASSETS |
|
|
Cash and Balances with Reserve Bank of India |
1620.442 |
|
Balances with Banks and Money at Call and Short Notice |
1544.727 |
|
Investments |
10786.311 |
|
Advances |
28464.914 |
|
Fixed Assets |
250.092 |
|
Other Assets |
2582.703 |
|
TOTAL |
45249.189 |
1. ‘Other income’ includes gains from securities’ transactions, commission earned from guarantees / letters of credit, fees earned from providing services to customers, selling of third party products, ATM sharing fees.
2. During the quarter ended 30th June, 2015, the Bank allotted
4774163 equity shares pursuant to the exercise of options under its Employee
Stock Option Scheme.
3. The shareholders of the Bank at the 20th Annual General Meeting held on 27th
June 2014, approved the sub-division (split) of one equity share of the Bank
from nominal value of Rs. 10/- each into five equity shares of nominal value of
Rs. 2/- each. The record date for the sub-division was 30th July, 2014. All
shares and per share information in the financial results reflect the effect of
sub-division (split) retrospectively for the earlier reporting periods.
4. Disclosure about investor complaints.
|
Complaints at the beginning of the quarter |
Received during the quarter |
Disposed of during the quarter |
Unresolved as on 31.03.2015 |
|
Nil |
451 |
451 |
NIL |
6. These results for the quarter and nine months ended 30th June,
2015 have been subjected to a "Limited Review" by the statutory
auditors of the Bank.
7. Previous period figures have been regrouped and reclassified, where
necessary, to make them comparable with current period figures.
SEGMENTAL RESULTS
Rs. In Million)
|
PARTICULARS |
Quarter Ended 30.06.2015 [Unaudited] |
|
Segment Revenue |
|
|
Treasury |
1289.819 |
|
Corporate/Wholesale Banking |
552.999 |
|
Retail Banking |
784.671 |
|
Other Banking Business |
16.068 |
|
Total |
2643.557 |
|
Less: Inter segment revenue |
1420.116 |
|
Income from
Operations |
1223.441 |
|
Segment Results After
Provisions and Before Tax |
|
|
Treasury |
130.325 |
|
Corporate/Wholesale Banking |
101.110 |
|
Retail Banking |
51.907 |
|
Other Banking Business |
13.688 |
|
Total Profit Before
Tax |
297.030 |
|
Capital Employed |
|
|
Treasury |
796.342 |
|
Corporate/Wholesale Banking |
9552.272 |
|
Retail Banking |
(5767.443) |
|
Other Banking Business |
49.619 |
|
Unallocated |
51.766 |
|
Total |
4682.556 |
Note: Previous period figures have been regrouped and reclassified, where necessary,
to make them comparable with current period figures.
WEBSITE DETAILS:
PRESS RELEASES:
PREFER AXIS BANK,
ICICI BANK, YES BANK: MAYURESH JOSHI
October 12, 2015
Mayuresh Joshi of Angel Broking told CNBC-TV18, "As a disclaimer we don’t cover DCB Bank, so we still prefer the other large private sectors banks like Axis Bank, ICICI Bank and YES Bank. If you look at their core profiles, earnings growth for all these banks should be quite stupendous over the next few quarters. So, the larger private sector banks are something that we will still lay our bets on - Axis Bank, ICICI Bank and YES Bank."
Yes Bank closed at Rs 724.20, down Rs 1.00, or 0.14 percent. It has touched an intraday high of Rs 736.50 and an intraday low of Rs 720.75.
AXIS BANK REALIGNS
HOME LOAN RATES; INTRODUCES NEW SLAB
Oct 06, 2015
The newly introduced slab is for loans up to Rs.2.800 Million, an official spokesperson of the bank said. For salaried borrowers, the home loans will come at 9.60 percent, which is only 0.10 percent over its revised base rate of 9.50 percent.
Country's third largest private lender Axis Bank today introduced a new slab for its home loan borrowers with offers starting at 9.60 percent onward. The newly introduced slab is for loans up to Rs.2.800 Million, an official spokesperson of the bank said. For salaried borrowers, the home loans will come at 9.60 percent, which is only 0.10 percent over its revised base rate of 9.50 percent, he said.
The non-salaried class will get home loans at 9.65 percent, he added. The rates compare with rival ICICI Bank and HDFC 's offerings, which have been revised in the past two days, and are a shade expensive than SBI's offering. State Bank of India's best offering for women is 9.50 percent, while the same for other borrowers is 9.55 percent.
Non-bank lender HDFC, which also announced a rate cut yesterday, is on par with ICICI Bank's 9.60 percent for women and 9.65 percent for others.
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.65.11 |
|
|
1 |
Rs.99.49 |
|
Euro |
1 |
Rs.74.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
10 |
|
PAID-UP CAPITAL |
1~10 |
10 |
|
OPERATING SCALE |
1~10 |
10 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILITY |
1~10 |
10 |
|
--LIQUIDITY |
1~10 |
10 |
|
--LEVERAGE |
1~10 |
10 |
|
--RESERVES |
1~10 |
10 |
|
--CREDIT LINES |
1~10 |
10 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
90 |
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.