MIRA INFORM REPORT
|
Report No. : |
346194 |
|
Report Date : |
21.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
HDFC BANK LIMITED |
|
|
|
|
Registered
Office : |
HDFC Bank House,
Senapati Bapat Marg, Lower Parel (West) Mumbai – 400013, Maharashtra |
|
Tel. No.: |
91-22-66521000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
30.08.1994 |
|
|
|
|
Com. Reg. No.: |
11-080618 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5012.991 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65920MH1994PLC080618 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH03189E /
MUMH08037B/ MUMH07347E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH2702H |
|
|
|
|
Legal Form : |
A Public Limited Liability Bank. The Banks Shares are Listed on the
Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is
engaged in providing a range of banking and financial services including commercial
banking and treasury operations. |
|
|
|
|
No. of Employees
: |
76286 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (80) |
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established and highly successful commercial bank in the
private sector, incorporated in the year 1994. For the FY 2015, the bank has impressive revenue profile marked by
decent profitability margin and has good financial position. Ratings takes into consideration bank’s established market position
experienced management, healthy capitalization supported by strong asset
quality and robust earnings performance. Trade relations are fair. Business is active. Payments are regular and
as per commitment. In view of strong market position, the bank can be considered good for
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 |
CARE |
|
Rating |
Infrastructure Bonds = AAA |
|
Rating Explanation |
Have highest degree of safety and carry
lowest credit risk. |
|
Date |
20.03.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Certificate of deposits = A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry lowest
credit risk. |
|
Date |
20.03.2015 |
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 DECLINED
Management non-cooperative (91-22-24901896)
LOCATIONS
|
Registered Office/ Head Office : |
HDFC Bank House,
Senapati Bapat Marg, Lower Parel, Mumbai – 400013, |
|
Tel. No.: |
91-22-66521000 |
|
Fax No.: |
91-22-24960737/ 24960696 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Offfice
: |
Western Zone
North Zone
South Zone
East Zone
|
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Aditya Puri |
|
Designation : |
Managing Director |
|
Address : |
1001-1002, Vinayak Aangan, Old Prabhadevi Road, Mumbai - 400025, Maharashtra, India |
|
Date of Appointment : |
12.10.2004 |
|
DIN No.: |
00062650 |
|
|
|
|
Name : |
Mr. Kaizad Maneck Bharucha |
|
Designation : |
Whole-time Director |
|
Address : |
401, Buena Vista, St. Alexious Road, Bandra (West), Mumbai - 400050, Maharashtra, India |
|
Date of Appointment : |
24.12.2013 |
|
DIN No.: |
02490648 |
|
|
|
|
Name : |
Mr. Bobby Kanubhai Parikh |
|
Designation : |
Director |
|
Address : |
4th Floor, Seven On The Hill, Pali Hill, Auxilium Convent Road, Bandra (West), Mumbai - 400050, Maharashtra, India |
|
Date of Appointment : |
27.01.2011 |
|
DIN No.: |
00019437 |
|
|
|
|
Name : |
Mr. Partho Sarothy Datta |
|
Designation : |
Director |
|
Address : |
19/2 Dover Road, Ballygung, Kolkata-700019, West Bengal, India |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
00040345 |
|
|
|
|
Name : |
Mr. Anami Narayan Prema Roy |
|
Designation : |
Director |
|
Address : |
62, Sagar Tarang, Worli Seaface, Mumbai - 400025, Maharashtra, India |
|
Date of Appointment : |
27.01.2011 |
|
DIN No.: |
01361110 |
|
|
|
|
Name : |
Mr. Keki Minoo Mistry |
|
Designation : |
Director |
|
Address : |
Flat No. 2603, 26th Floor, Vivarea, B-Wing, S G Marg, Mahalaxmi (East), Mumbai - 400011, Maharashtra, India |
|
Date of Appointment : |
19.01.2012 |
|
DIN No.: |
00008886 |
|
|
|
|
Name : |
Mr. Shyamala Gopinath |
|
Designation : |
Director |
|
Address : |
Dg-4, Vasant Vihar, 85, Napean Sea Road, Mumbai - 400020, Maharashtra, India |
|
Date of Appointment : |
02.01.2015 |
|
DIN No.: |
02362921 |
|
|
|
|
Name : |
Mr. Malay Yogendra Patel |
|
Designation : |
Director |
|
Address : |
22/A, Laxmi Society, Law Guarden, Ellishbridg, Ahmedabad - 380006, Gujarat, India |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
06876386 |
KEY EXECUTIVES
|
Name : |
Mr. Sashidhar Jagdishan |
|
Designation : |
Chief Finance Officer |
|
Address : |
7th Floor, Jaipur Gems, 15th Road, Santacruz (West), Mumbai - 400054, Maharashtra, India |
|
Date of Appointment : |
22.04.2014 |
|
PAN No.: |
ALLPS4064J |
|
Name : |
Mr. Sanjay Bindumadhav Dongre |
|
Designation : |
Secretary |
|
Address : |
C - 3, Sadasukh Society, 29, Mahant Cross Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India |
|
Date of Appointment : |
02.05.1995 |
|
PAN No.: |
AAZPD0741L |
|
|
|
|
Senior Management Team : |
|
MAJOR SHAREHOLDERS / 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 |
||
|
|
|
|
|
|
543216100 |
26.56 |
|
|
543216100 |
26.56 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
543216100 |
26.56 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
204329590 |
9.99 |
|
|
3241057 |
0.16 |
|
|
2008035 |
0.10 |
|
|
65942766 |
3.22 |
|
|
815990604 |
39.90 |
|
|
1091512052 |
53.37 |
|
|
|
|
|
|
188902155 |
9.24 |
|
|
|
|
|
|
163250723 |
7.98 |
|
|
50843213 |
2.49 |
|
|
7464317 |
0.36 |
|
|
7411712 |
0.36 |
|
|
10075 |
0.00 |
|
|
41000 |
0.00 |
|
|
1530 |
0.00 |
|
|
410460408 |
20.07 |
|
Total
Public shareholding (B) |
1501972460 |
73.44 |
|
Total
(A)+(B) |
2045188560 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
473004657 |
0.00 |
|
|
473004657 |
0.00 |
|
Total
(A)+(B)+(C) |
2518193217 |
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 |
Housing Development Finance Corporation Limited |
39,32,11,100 |
15.61 |
|
2 |
HDFC Investments |
15,00,00,000 |
5.96 |
|
3 |
HDFC Holdings Limited |
5,000 |
0.00 |
|
|
Total |
54,32,16,100 |
21.57 |
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 |
Europacific Growth Fund |
97254759 |
3.86 |
|
|
2 |
Life Insurance Corporation of India |
60269309 |
2.39 |
|
|
3 |
ICICI Prudential Life Insurance Company Ltd |
40659617 |
1.61 |
|
|
4 |
ICICI Prudential Focused Bluechip Equity Fund |
38411207 |
1.53 |
|
|
5 |
Capital Word Growth & Income Fund |
34385682 |
1.37 |
|
|
6 |
Government of Singapore |
29276921 |
1.16 |
|
|
|
Total |
300257495 |
11.92 |
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 |
ADR |
15,38,53,004 |
46,15,59,012 |
18.33 |
|
2 |
GDR |
2,28,91,290 |
1,14,45,645 |
0.45 |
|
|
Total |
17,67,44,294 |
47,30,04,657 |
18.78 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in providing a range of banking and financial services including
commercial banking and treasury operations. |
|
|
|
|
Products/Services : |
Banking and Financial Services. |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
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|
No. of Employees : |
76286 (Approximately) |
||||||||||||||||||||||||||||||||||||
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|
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Bankers : |
|
||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Delloitte Haskins and Sells Chartered Accountants |
|
Address : |
Heritage, 3rd Floor, Near Gujarat Vidhyapith, Off Ashram
Road, Ahmedabad – 380014, Gujarat, India |
|
Tel. No.: |
91-79-27582542/27582543 |
|
Fax No.: |
91-79-27582551 |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates: |
CIN No.:U74999MH1997PTC107143
CIN No.:U74999DL2002PTC117357 |
|
|
|
|
Subsidiaries: |
CIN No.:U67120MH200PLC152193
CIN No.:U65993GJ2007PLC051028 |
|
|
|
|
Welfare trust of
the Bank: |
HDB Employees Welfare Trust |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2750000000 |
Equity Shares |
Rs.2/- each |
Rs. 5500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2506495317 |
Equity Shares |
Rs.2/- each |
Rs. 5012.991
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF
FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
CAPITAL AND
LIABILITIES |
|
|
|
|
|
|
|
|
|
Capital |
5012.991 |
4798.101 |
4758.838 |
|
Reserves and surplus |
615081.174 |
429988.169 |
357382.646 |
|
Employees’ stock options
(grants) outstanding |
0.000 |
0.000 |
0.000 |
|
Deposits |
4507956.425 |
3673374.777 |
2962469.846 |
|
Borrowings |
452135.585 |
394389.918 |
330065.972 |
|
Other liabilities and
provisions |
324844.559 |
413444.042 |
348641.671 |
|
|
|
|
|
|
TOTAL |
5905030.731 |
4915995.007 |
4003318.973 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and balances with Reserve Bank of
India |
275104.536 |
253456.277 |
146273.990 |
|
Balances with banks and money at call and
short notice |
88209.982 |
142380.101 |
126527.699 |
|
Investments |
1664599.477 |
1209510.703 |
1116135.953 |
|
Advances |
3654950.312 |
3030002.712 |
2397206.432 |
|
Fixed assets |
31217.343 |
29399.180 |
27030.813 |
|
Other assets |
190949.081 |
251246.034 |
190144.086 |
|
|
|
|
|
|
TOTAL |
5905030.731 |
4915995.007 |
4003318.973 |
|
|
|
|
|
|
Contingent liabilities |
9752339.539 |
7231549.138 |
7201224.293 |
|
Bills for collection |
223049.263 |
209430.623 |
261039.630 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Interest earned |
484699.044 |
411355.336 |
350648.736 |
|
|
|
Other Income |
89963.521 |
79196.415 |
68526.226 |
|
|
|
TOTAL |
574662.565 |
490551.751 |
419174.962 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Interest expended |
260742.352 |
226528.999 |
192537.521 |
|
|
|
Operating expenses |
139875.416 |
120421.981 |
112361.165 |
|
|
|
Provisions and contingencies |
71885.608 |
58817.010 |
47013.428 |
|
|
|
TOTAL |
472503.376 |
405767.990 |
351912.114 |
|
|
|
|
|
|
|
|
|
PROFIT |
|
|
|
|
|
|
|
Net profit for the year |
102159.189 |
84783.761 |
67262.848 |
|
|
|
Balance in Profit and Loss account brought forward |
146541.532 |
111321.846 |
83996.470 |
|
|
|
TOTAL |
248700.721 |
196105.607 |
151259.318 |
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Statutory Reserve |
255239.798 |
21195.941 |
16815.712 |
|
|
|
Proposed dividend |
20051.963 |
16433.495 |
13090.810 |
|
|
|
Tax (including cess) on dividend |
4082.107 |
2792.873 |
2224.783 |
|
|
|
Dividend (including tax / cess thereon) pertaining to
previous year paid during the year |
8.411 |
48.642 |
44.748 |
|
|
|
Transfer to General Reserve |
10215.919 |
8478.376 |
6726.285 |
|
|
|
Transfer to Capital Reserve |
2249.166 |
582.710 |
858.498 |
|
|
|
Transfer to / (from) Investment Reserve Account |
275.413 |
32.218 |
176.636 |
|
|
|
Balance carried over to Balance Sheet |
186277.944 |
146541.532 |
111321.846 |
|
|
|
TOTAL
|
248700.721 |
196105.787 |
151259.318 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
42.15 |
35.47 |
28.49 |
|
|
|
Diluted |
41.67 |
35.21 |
28.18 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
N.A |
N.A |
N.A |
|
Cash generated from operations |
N.A |
N.A |
N.A |
|
Net cash flow from operating activity |
N.A |
N.A |
N.A |
QUARTERLY
RESULTS
|
Particulars (Rs. In
Million) |
30.06.2015 |
|
Unaudited |
1st Quarter |
|
Interest Earned |
140410.600 |
|
Income On Investments |
32813.400 |
|
Interest On Balances With Rbi Other Inter Bank Funds |
783.100 |
|
Interest / Discount On Advances / Bills |
104471.400 |
|
Others |
2342.700 |
|
Other Income |
24619.100 |
|
Total Income |
165029.700 |
|
Interest Expended |
76522.900 |
|
Operating Expenses |
40007.900 |
|
Total Expenditure |
40007.900 |
|
Operating Profit Before Provisions and Contingencies |
48498.900 |
|
Exceptional Items |
NA |
|
Provisions and contingencies |
7279.900 |
|
Profit Before Tax |
41219.000 |
|
Tax |
14261.800 |
|
Profit After Tax |
26957.200 |
|
+/- Extraordinary Items |
NA |
|
+/- Prior period items |
NA |
|
Net Profit |
26957.200 |
STOCK
PRICES
|
Face Value |
Rs.2/- |
|
Market Value |
Rs.1096.20/- |
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 |
4758.838 |
4798.101 |
5012.991 |
|
Reserves & Surplus |
357382.646 |
429988.169 |
615081.174 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
362141.484 |
434786.270 |
620094.165 |
|
|
|
|
|
|
Borrowings |
330065.972 |
394389.918 |
452135.585 |
|
Total
borrowings |
330065.972 |
394389.918 |
452135.585 |
|
Debt/Equity
ratio |
0.911 |
0.907 |
0.729 |
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 |
350648.736 |
411355.336 |
484699.044 |
|
|
|
17.313 |
17.830 |
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 |
350648.736 |
411355.336 |
484699.044 |
|
Profit |
67262.848 |
84783.761 |
102159.189 |
|
|
19.18% |
20.61% |
21.08% |
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 |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
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 |
No |
|
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATIONS DETAILS:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2015 (Rs. In Million) |
31.03.2014 (Rs. In Million) |
|
Claims against the bank not acknowledged as debts - taxation |
8979.600 |
8309.000 |
|
Claims against the bank not acknowledged as debts - others |
713.542 |
825.707 |
|
Liability on account of outstanding forward exchange contracts |
6740520.896 |
4753861.196 |
|
Liability on account of outstanding derivative contracts |
2433779.738 |
2009620.394 |
|
Guarantees given on behalf of constituents : |
|
|
|
- In India |
240381.176 |
210323.779 |
|
- Outside India |
32080.401 |
35915.763 |
|
Acceptances, endorsements and other obligations |
279900.503 |
192095.251 |
|
Other items for which the bank is contingently liable |
15983.683 |
20598.048 |
|
Total |
9752339.539 |
7231549.138 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90383900 |
31/01/2004 |
480,000.00 |
HDFC BANK
LIMITED |
SANDOZ HOUSE,
MUMBAI, MAHARASHTRA, INDIA |
- |
|
2 |
90383899 |
26/11/2002 |
1,039,000.00 |
HDFC BANK
LIMITED |
SANDOZ HOUSE,
MUMBAI, MAHARASHTRA, INDIA |
- |
|
3 |
90383897 |
05/10/2001 |
25,000,000.00 |
CITI BANK N.A. |
30 M.G. ROAD,
BANGALORE, KARNATAKA, INDIA |
- |
|
4 |
90383636 |
11/04/2001 |
285,000.00 |
THE VYSYA BANK
LIMITED |
HUNSUR BRANCH,
HUNSUR, KARNATAKA, INDIA |
- |
|
5 |
90383635 |
12/01/2000 |
2,500,000.00 |
ABU OHRS
COMMERCIAL BANK LIMITED |
INFANTRY ROAD,
BANGALORE, KARNATAKA, INDIA |
- |
|
6 |
90383884 |
31/08/2001 * |
1,500,000.00 |
CANARA BANK |
BANGALORE,
BANGALORE, KARNATAKA, INDIA |
- |
|
7 |
90389650 |
28/09/1999 |
916,325.00 |
ORIENTAL BANK OF
COMMERCE |
M.G. ROAD,
MUMBAI, MAHARASHTRA, INDIA |
- |
|
8 |
90383883 |
16/09/1999 |
3,000,000.00 |
KARNATAKA STATE
INDUSTRIAL INVESTMENT AND DEVELOPMEN |
BANGALORE,
BANGALORE, KARNATAKA, INDIA |
- |
|
9 |
90153591 |
13/04/1999 |
25,700,000.00 |
INDIAN RENEWABLE
ENERGY DEVELOPMENT AGENCY LIMITED |
1ST FLOOR; INDIA
HABITAT CENTRE, LODHI ROAD, NEW |
- |
|
10 |
90383881 |
09/04/2003 * |
9,500,000.00 |
BANK OF INDIA |
BALLARD ESTATE, MUMBAI,
MAHARASHTRA, INDIA |
- |
BACKGROUND
The company, incorporated in Mumbai, India is a publicly
held banking company engaged in providing a range of banking and financial
services including commercial banking and treasury operations. The Bank is
governed by the Banking Regulation Act, 1949. The Bank has overseas branch
operations in Bahrain, Hong Kong and Dubai.
MANAGEMENT’S
DISCUSSIONS AND ANALYSIS
Macroeconomic and
Industry Developments
2014-2015 was a year consolidation for the domestic economy, over the previous two years that had, over the previous two years, weathered a series of domestic and external headwinds. Efforts are currently underway to overcome some of the policy and supply side bottlenecks facing raw material supply (coal mining and natural resources mining and linkages), land acquisition and environmental and project clearances that have dampened domestic investment and growth. Some of these developments have started impacting on industrial growth (which picked up to 6.1% in FY15 from 4.5% a year ago) but needs to gain more traction to help pull the economy out of its current slump. Meanwhile, services growth has also gathered momentum picking up from 9.1% in FY14 to 10.2% in FY15. This, along with the bounce in industry, has offset the drag on agricultural growth which has fallen from 3.7% a year ago to 0.2% in FY15 amidst weather disturbances in winter and the late arrival of the monsoon in the summer.
The pressure on domestic drivers of growth, investments in particular, to spearhead domestic economic activity is more acute than usual given still weak global demand. While muted domestic growth and a jump in global supply (especially in the case of oil) has pulled down commodity prices and kept India’s external and fiscal balances in check, it has also driven export growth lower. The current account deficit has fallen from 4.8% of GDP in FY13 to 1.7% of GDP in FY14 and the fiscal gap has shrunk from 4.5%of 'GDP in FY However, export growth has also fallen sharply from 7.3 in FY 14 to-8%
The combination of global disinflationary pressures (a result of falling commodity prices and subdued growth), better supply management of food items, weak domestic demand and subdued corporate pricing power has helped keep domestic inflation in check pulling average CPI inflation lower from 9.0% in FY14 to 6% in FY15. This, along with the marked improvement in macro stability from a shrinking current account and fiscal deficit and a stabilization in the rupee around levels of 63.00 has created space for the central bank to address growth concerns more aggressively. The RBI has cut its policy rate by 75 bps since January, 2015 and there could be a possibility, albeit limited, of further rate cuts. This, along with some traction in government led infrastructure investment could help turnaround domestic credit growth which has eased from 13.5% in FY14 to 12.6% in FY15* (*nos. as on March 31, 2015).
Going ahead, the combination of an easier monetary policy and some rebound in industrial activity is likely to push up headline growth from 7.2% in FY15 (vs. 6.6% in FY14) to around 8.0% in FY16.
Mission, Business
Strategy and Approach to Business
The Bank’s mission is to be a ‘World Class Indian Bank’, benchmarking
itself against international standards and best practices in terms of product
offerings, technology, service levels, risk management, audit and compliance.
The objective is to continue building sound customer franchises across distinct
businesses so as to be a preferred provider of banking services for its target
retail and wholesale customer segments, and to achieve a healthy growth in
profitability, consistent with the Bank’s risk appetite.
The Bank’s business philosophy has been based on five core values: Operational Excellence, Customer Focus, Product Leadership, People and Sustainability. Based on these cornerstones, it is The Banks aim to build an Indian Bank that meets the financial needs, and provides services of a high quality to its customers across the country.
The Bank is committed to do this while ensuring the highest levels of ethical standards, professional integrity, corporate governance and regulatory compliance. The Bank understands and respects its fiduciary role and responsibility to all stakeholders and strives to meet their expectations. The cardinal principles of independence, accountability, responsibility, transparency, fair and timely disclosures, etc. serve as the basis of our approach to corporate governance.
The Bank believes that diversity and independence of the Board, transparent disclosures, shareholder communication and effective regulatory compliance are necessary for creating and sustaining shareholder value. The Bank has infused these principles into all its activities.
The bank also has a well-documents Conduct Policy which defines the high business responsibility and ethical standards to be adhered to while conducting the business of the Bank and mandates compliance with legal and regulatory requirements. Every employee, including senior management has to affirm annually that they will abide by the code of conduct rules.
Financial Performance
The financial performance of The Bank during the financial year ended March 31, 2015 remained healthy with total net revenues (net interest income plus other income) increasing by 18.9% to Rs. 313920.000 Million from Rs. 264023.000 Million in the previous financial year. Revenue growth was driven by an increase in both, net interest income and other income. Net interest income grew by 21.2% due to acceleration in loan growth of 20.6% coupled with a net interest margin (NIM) of 4.4% for the year ending March 31, 2015.
Other income grew 13.6% over that in the previous year to Rs. 89963.000 Million during the financial year ended March 31, 2015. The largest component of other income was fees and commissions, which increased by 14.8% to Rs. 65842.000 Million with the primary drivers being commissions on debit and credit cards, transactional charges, fees on deposit accounts, fees on retail assets and commission on distribution of mutual funds and insurance products. Foreign exchange and derivatives revenues were Rs. 10280.000 Million, gain on revaluation / sale of investments were Rs. 5816.000 Million and recoveries from written off accounts were Rs. 7163.000 Million in the financial year ended March 31, 2015.
Operating (non Interest Expenses Increased From Rs. 120422.000 Million in the previous financial year to Rs. 139876.000 Million in the year under consideration. During the year, The Bank opened 611 new branches and 510 ATMs which resulted in higher infrastructure and staffing expenses. Staff expenses also increased on account of annual wage revisions. Despite the addition to the infrastructure The bank maintained its cost to income ratio at 44.6% for the year ended March 31, 2015, as against 45.6% for the previous year
Total provisions and contingencies were Rs. 20758.000 Million for the financial year ended March 31, 2015 as compared to Rs. 158800.000 Million during the previous year. The Bank’s provisioning policies for specific loan loss provisions remain higher than regulatory requirements. The coverage ratio based on specific provisions alone without including write offs was and including general and floating provisions was 164% as on March 31, 2015. The Bank made general provisions of Rs. 2962.000 Million during the financial year ended March 31, 2015.
The Bank’s profit before tax was Rs. 153287.00 Million, an increase of 20.0% over the year ended March 31, 2014. After providing for income tax of Rs. 51128.000 Million, the net profit for year ended March 31, 2015 was Rs. 102159.000 Million, up 20.5%, over the year ended March 31, 2014. Return on average net worth was 20.4% while the basic earnings per share increased from Rs. 35.5 to Rs. 42.2 per equity share.
As at March 31, 2015, The Bank’s total balance sheet was at Rs. 590503.000Million, an increase of 20.1% over Rs. 491600.000 Million as at March 31, 2014. Total deposits increased 22.7% from Rs. 367337.000 Million as on March 31, 2014 to Rs. 450796.000 Million as on March 31, 2015.
Savings account deposits grew by 21.1% to Rs. 124927.000 Million while current account deposits grew by 19.6% to Rs. 73565.000 Million as on March 31, 2015. The proportion of current and savings deposits to total deposits was at 44.0% as on March 31, 2015.
During the financial year, net advances grew by 20.6% to Rs. 365495.000 Million. The Bank had a market share of approximately 4.9% and 5.0% in total domestic system deposits and advances respectively. The Bank’s Credit Deposit (CD) Ratio was 81.1% as on March 31, 2015.
FIXED ASSETS
- VSATs
- ATMs
- Office equipments
- Computers
- Motor cars
- Software and System development
expenditure
- Assets at residences of
executives of the Bank
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its
beneficial owners, controlling shareholders or senior officers as terrorist or
terrorist organization or whom notice had been received that all financial
transactions involving their assets have been blocked or convicted, found guilty
or against whom a judgement or order had been entered in a proceedings for
violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No exist to suggest that the property or
assets of the subject are derived from criminal conduct or a prohibited
transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No
record exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our
market survey revealed that the amount of compensation sought by the subject is
fair and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.81 |
|
|
1 |
Rs.100.11 |
|
Euro |
1 |
Rs.73.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
AMT |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
80 |
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.