MIRA INFORM REPORT

Report No. :	339333
Report Date :	04.09.2015

IDENTIFICATION DETAILS

Name :	INDUSIND BANK LIMITED
Registered Office :	2401, Gen Thimmayya Road, Contonment, Pune – 411 001, Maharashtra
Tel. No.:	91-22-66412200
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	31.01.1994
Com. Reg. No.:	11-076333
Capital Investment / Paid-up Capital :	Rs.5294.502 million
CIN No.: [Company Identification No.]	L65191PN1994PLC076333
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMI04657C MUMI03262A PNEI00321G MUMI04217D MUMI04623D MUMI02402B
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Public Limited Liability Bank. The Bank’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Bank operates in four business segments, viz. Treasury, Corporate / Wholesale Banking, Retail Banking and Other Banking Operations.
No. of Employees :	19121 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (81)

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 :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a private sector bank, it commenced operations in 1994. The bank has 801 branches and 1487 automatic teller machines. It has four divisions-corporate and commercial banking, consumer banking, global markets groups and transaction banking. It is a well-established and reputed bank having fine track record. The bank is progressing well. The overall financial position of the bank is good. Company share are presently trading at market value of Rs.844.50/- which was initially issued at Face value of Rs.10/-. Directors are reported as experienced and respectable businessmen. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitment. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Short Term Fixed Deposit Programme: A1+
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	25.05.2015

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 31-03-2013.

INFORMATION DECLINED

Management non-cooperative

(Tel. No.: 91-22-66412200)

LOCATIONS

Registered Office :	2401, Gen Thimmayya Road, Contonment, Pune – 411 001, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	companysecretary@indusind.com
Website :	http://www.indusind.com
Corporate Office :	8^th Floor, Tower 1, One Indiabulls Centre, 841, Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400 013, Maharashtra, India
Tel No.:	91-22-66412200
Fax N o.:	91-22-66412224
Branch Network 1 :	Kolkata Stock Exchange Branch, 1 India Exchange Place, Kolkata – 700 001, West Bengal, India
Branch Network :	Also located at: · Andhra Pradesh · Assam · Bihar · Chandigarh · Chattisgarh · Dadra and Nagar Haveli · Goa · Gujarat · Haryana · Himachal Pradesh · Jammu and Kashmir · Jharkhand · Karnataka · Kerala · Madhya Pradesh · Maharashtra · Mizoram · New Delhi · Orissa · Punjab · Rajasthan · Sikkim · Tamilnadu · Tripura · Union Territory · Uttar Pradesh · Uttaranchal
Overseas Branch Office :	Lactated at: · Dubai · London

DIRECTORS

AS ON 31.03.2015

Name :	Mr. R. Seshasayee
Designation :	Chairman
Qualification :	B. Com and ACA
Name :	Mr. Romesh Sobti
Designation :	Managing Director and Chief Executive Officer
Name :	Mr. Ashok Kini
Designation :	Director
Name :	Mrs. Kanchan Chitale
Designation :	Director
Qualification :	B. Com, FCA, Practicing Chartered Accountant
Name :	Mr. Vijay Vaid
Designation :	Director
Name :	Mr. T. Anantha Narayanan
Designation :	Director
Name :	Mr. Ranbir Butola
Designation :	Director
Name :	Mr. Yashodhan Kale
Designation :	Director (Appointed on April 16, 2015)

KEY EXECUTIVES

Name :	Mr. Haresh K. Gajwani
Designation :	Company Secretary
Name :	Mr. Paul Abraham
Designation :	Chief Operating Officer
Name :	Mr. Suhail Chander
Designation :	Head - Corporate and Commercial Banking
Name :	Mr. Sumant Kathpalia
Designation :	Head - Consumer Banking
Name :	Mr. K.S. Sridhar
Designation :	Senior Executive Vice President
Name :	Mr. Arun Khurana
Designation :	Head - Global Markets Group
Name :	Mr. S.V. Parthasarathy
Designation :	Head - Consumer Finance
Name :	Mr. Ramesh Ganesan
Designation :	Head - Transaction Banking
Name :	Mr. S.V. Zaregaonkar
Designation :	Chief Financial Officer
Name :	Mr. Sanjeev Anand
Designation :	Deputy Head - Corporate and Commercial Banking
Name :	Mr. Zubin Mody
Designation :	Head - Human Resources
Name :	Mr. Sanjay Mallik
Designation :	Head - Investor Relations and Strategy
Name :	Ms. Roopa Satish
Designation :	Head - Corporate, Institutions and Investment Banking
Name :	Mr. Ramaswamy Meyyappan
Designation :	Chief Risk Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	79899984	17.13
Sub Total	79899984	17.13
Total shareholding of Promoter and Promoter Group (A)	79899984	17.13
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	40275266	8.63
Financial Institutions / Banks	1795767	0.38
Central Government / State Government(s)	50	0.00
Insurance Companies	7902447	1.69
Foreign Institutional Investors	204931278	43.93
Sub Total	254904808	54.64
(2) Non-Institutions
Bodies Corporate	63230220	13.55
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	29005853	6.22
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	10166543	2.18
Qualified Foreign Investor	20950566	4.49
Any Others (Specify)	8353399	1.79
Clearing Members	796523	0.17
Overseas Corporate Bodies	1477000	0.32
Non Resident Indians	4632252	0.99
Trusts	1167044	0.25
Others	280580	0.06
Sub Total	131706581	28.23
Total Public shareholding (B)	386611389	82.87
Total (A)+(B)	466511373	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	64682364	0.00
Sub Total	64682364	0.00
Total (A)+(B)+(C)	531193737	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	Indusind International Holdings Limited	60399984	11.37
2	Indusind Limited	19500000	3.67
	Total	79899984	15.04

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	Bridge India Fund	22263458	4.19
2	Afrin Dia	14758857	2.78
3	GA Global Investments Limited	12776391	2.41
4	Goldman Sachs Investments (Mauritius) I Limited	9587059	1.80
5	Franklin Templeton Investment Fund	9071813	1.71
6	Life Insurance Corporation of India	8308169	1.56
7	Hinduja Group Limited	8249117	1.55
8	Franklin Templeton Mutual Fund A/c Franklin India Bluechip Fund	8101008	1.53
9	ICICI Prudential Life Insurance Company Limited	8023967	1.51
10	IDL Speciality Chemicals Limited	7681000	1.45
11	Norwest Venture Partners X FII -Mauritius	6718087	1.26
12	Birla Sun Life Trustee Company Private Limited A/c Birla Sun Life Frontline Equity Fund	6106796	1.15
13	Government of Singapore	6088903	1.15
14	DVI Fund Mauritius Limited	5876757	1.11
15	ICICI Prudential Focused Bluechip Equity Fund	5587389	1.05
16	Tiaa CREF Institutional Mutual Funds International Equity Fund	5511180	1.04
	Total	144709951	27.24

Details of Depository Receipts (DRs)

Sl. No.	Type of Outstanding DR (ADRs, GDRs, SDRs, etc.)	No. of Outstanding DRs	No. of Shares Underlying  Outstanding DRs	Shares Underlying Outstanding DRs as % of Total No. of Shares
1	GDRs	64682364	64682364	12.18
	Total	64682364	64682364	12.18

BUSINESS DETAILS

Line of Business :	The Bank operates in four business segments, viz. Treasury, Corporate / Wholesale Banking, Retail Banking and Other Banking Operations.
Products/ Services :	Treasury, Corporate / Wholesale Banking, Retail Banking and Other Banking Operations
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 :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

19121 (Approximately)

Bankers :

Banker Name	Reserve Bank of India
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	B S R and Co. LLP Chartered Accountants
Address :	Lodha Excelus, 1^st Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalakshmi, Mumbai – 400 011, Maharashtra, India
Solicitors :
Name :	Crawford Bayley and Company Solicitors and Advocates
Address :	State Bank Building, NGN Vaidya Marg, Mumbai – 400 023, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Associates :	IndusInd Marketing and Financial Services Private Limited
Subsidiaries :	ALF Insurance Services Private Limited (Under Liquidation)

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
550000000	Equity Shares	Rs.10/- each	Rs.5500.000 million

Issued, Subscribed & Called-up Capital :

No. of Shares	Type	Value	Amount
529450209	Equity Shares	Rs.10/- each	Rs.5294.502 million

Paid-up Capital :

No. of Shares	Type	Value	Amount
529450209	Equity Shares	Rs.10/- each	Rs.5294.502 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	5294.502	5256.386	5228.698
Employee Stock Options Outstanding	140.531	110.196	107.119
Reserves and Surplus	101010.311	85063.042	70966.719
Deposits	741343.642	605022.853	541167.150
Borrowings	206180.562	147619.570	94595.561
Other Liabilities and Provisions	37189.639	27187.259	20999.907
TOTAL	1091159.187	870259.306	733065.154
ASSETS
Cash and Balances with Reserve Bank of India	40351.427	44139.156	32498.445
Balances with Banks and Money at Call and Short Notice	67439.992	23555.261	35988.879
Investments	248593.697	215629.530	196541.657
Advances	687881.990	551018.359	443206.100
Fixed Assets	11575.774	10164.472	7561.418
Other Assets	35316.307	25752.528	17268.655
TOTAL	1091159.187	870259.306	733065.154
Contingent Liabilities	2089731.021	1478042.644	1349028.880
Bills for Collection	67289.177	57745.685	63375.073

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2015	31.03.2014	31.03.2013
INCOME
Interest Earned	96919.639	82535.344	69832.323
Other Income	24038.733	18905.290	13629.608
TOTAL	120958.372	101440.634	83461.931
EXPENDITURE
Interest Expended	62716.885	53628.213	47503.662
Operating Expenses	27259.325	21852.828	17563.627
Provisions and Contingencies	13045.009	11879.373	7782.814
TOTAL	103021.219	87360.414	72850.103
PROFIT
Net Profit for the year	17937.153	14080.220	10611.828
Profit brought forward	26233.340	17909.295	11875.901
TOTAL	44170.493	31989.515	22487.729
APPROPRIATIONS Transfer to
a) Statutory Reserve	4484.288	3520.055	2652.957
b) Capital Reserve	122.749	81.754	83.641
c) Investment Reserve Account	371.633	0.745	4.031
d) Dividend (Proposed)	2120.129	1840.781	1570.860
e) Corporate Dividend Tax	431.529	312.840	266.945
	7530.328	5756.175	4578.434
Balance carried over to the Balance Sheet	36640.165	26233.340	17909.295
TOTAL	44170.493	31989.515	22487.729
EARNING PER EQUITY SHARE (Face value of Rs.10/- per share) (Rs.)
Basic	33.99	26.85	21.83
Diluted	33.41	26.41	21.40

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 / (used in) operations	8005.761	(33265.164)	773.193
Net cash used in Operating Activities	(3214.327)	(41057.575)	(4857.635)

QUARTERLY RESULTS

PARTICULARS	30.06.2015
Unaudited	1^st Quarter
Interest Earned	27235.000
Income On Investments	4428.000
Interest On Balances With RBI Other Inter Bank Funds	1572.000
Interest / Discount On Advances / Bills	21064.300
Others	170.700
Other Income	7243.400
Total Income	34478.400
Interest Expended	17428.400
Operating Expenses	7822.800
Total Expenditure	7822.800
Operating Profit Before Provisions and Contingencies	9227.200
Exceptional Items	NA
Provisions and contingencies	1233.300
Profit Before Tax	7993.900
Tax	2743.500
Profit After Tax	5250.400
+/- Extraordinary Items	NA
+/- Prior period items	NA
Net Profit	5250.400

STOCK PRICES

Face Value	Rs.10/-
Market Value	Rs.844.50/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Capital	5228.698	5256.386	5294.502
Employee Stock Options Outstanding	107.119	110.196	140.531
Reserves and Surplus	70966.719	85063.042	101010.311
Net worth	76302.536	90429.624	106445.344
Borrowings	94595.561	147619.570	206180.562
Total borrowings	94595.561	147619.570	206180.562
Debt/Equity ratio	1.240	1.632	1.937

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
Total Income	83461.931	101440.634	120958.372
		21.541	19.241

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	83461.931	101440.634	120958.372
Profit	10611.828	14080.220	17937.153
	12.71%	13.88%	14.83%

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	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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS:

Case Details

Bench:-Bombay

Presentation Date:-				13.06.2014
Lodging No.:-	ITXAL/1136/2014	Filing Date:-	13.06.2014	Reg. No.:-	ITXA/1080/2014	Reg. Date:-	04.07.2014

Petitioner:-			Commissioner of Income Tax-2	Respondent:-	THE INDUSIND BANK LIMITED
Petitioner Adv.:-			Suresh Kumar (I2100)
				Resp. Adv.:-	Dave and Girish and Company (0)
	District:-	Mumbai

Bench:-	Division
Status:-	Pre-Admission	Category:-	Tax Appeals

Next Date:-

19.06.2015

Stage:-

--

Coram:-

According to Sitting List According to Sitting List

Act :-	Income Tax Act, 1961
Under Section:-	260A

BORROWINGS DETAILS:

BORROWINGS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
I Borrowings in India
i) Reserve Bank of India	0.000	550.000
ii) Other Banks	87633.836	42613.042
iii) Other Institutions and Agencies	89795.226	58852.668
iv) Unsecured Non-Convertible Redeemable Debentures/Bonds (Subordinated Tier-II Bonds)	5350.000	7601.000
v) Unsecured Non-Convertible Redeemable Non-Cumulative Subordinated Upper Tier II Bonds	3089.000	3089.000
vi) Long Term Infrastructure Bonds	5000.000	0.000
II Borrowings outside India	15312.500	34913.860
Total	206180.562	147619.570

OPERATIONS:

During the year, despite a weak growth in the Indian economy and a persistently challenging operating environment, the Bank improved its business, with Deposits growing by 22.53% and Advances by 24.84% over the previous year. 

The Bank continued to focus on increasing earnings from core banking business, and on strengthening the fee income streams.

Operating Profit (before Depreciation and Provisions and, Contingencies) rose by 19.71% to Rs.32250.700 million, as compared to Rs.26941.100 million in the previous year.

The Net Profit of the Bank, after considering all expenses and necessary Provisions and, Contingencies, was higher by 27.39% at Rs.17937.200 million as against Rs.14080.200 million in the previous year. 

FINANCIAL PERFORMANCE:

Despite benign WPI inflation, softening oil prices in the latter half of the year, and manageable levels of Current Account Deficit, the domestic interest rate scenario remained at elevated levels, especially for Deposits. During the last quarter of the financial year, RBI reduced Repo Rate to 7.50% from 8.00% while CRR was kept unchanged at 4.00% during the year.

The year was the first year of new triennial planning cycle for the Bank (Planning Cycle 3, for Financial Years 2015-17) with the theme of 'Intelligent Domination and Specialization' with a strategy to gain 'Market Share with Profitability' through Dominance, Diversification and Differentiation (3D). The Bank continued to leverage its business on the three performance planks of Productivity, Profitability and Efficiency.

Backed by improved volumes, the Total Income of the Bank grew by 19.24% to Rs.120958.400 million from Rs.101440.600 million.

The healthy rise in profitability was the result of growth in Net Interest Income as well as Non-Interest Income. Net Interest Income improved by 18.32% to Rs.34202.800 million from Rs.28907.100 million, while Non-Interest Income rose to 124038.700 million from Rs.18905.300 million, a rise of 27.15%.

Yield on Advances dropped to 13.12% during the year as against 13.56% in the previous year, even as the Cost of Deposits fell to 7.92% as against 8.17% in the previous year. Net Interest Margin (NIM) dropped to 3.65% during the year, as compared to 3.71% in 2013-14.

Fee and Miscellaneous Income at Rs.24038.700 million, as compared to Rs.18905.300 million in the previous year, showed strong annual growth of 27.15%. Core Fee Income such as commission, exchange, loan processing and account management fees, fees on Investment Banking and distribution of third-party products and earnings from foreign exchange business grew by 29.63% to Rs.20866.600 million from Rs.16097.100 million earned during the previous year.

The Bank expanded its branch network rapidly to reach 801 branches, as against 602 branches at the beginning of the year. Revenue per employee during the year remained steady at Rs.3.000 million.

The quality of the Loan Book remained stable, with Net Non-Performing Assets (Net NPAs) at 0.31% as at March 31, 2015 as against 0.33% last year. The Provisioning Coverage Ratio (PCR) stood at 62.61% as compared to 70.35% previous year.

On the Liabilities side, the emphasis continued to be on broad-basing and deepening the deposit franchise. This was facilitated through leveraging the expanded branch network and the pan-India marketing setup, introduction of innovative products and service propositions, sustained promotional campaigns and enabling customers with alternate channels such as Video Branch, Mobile Banking, Internet Banking, ATMs, etc., as well as improving delivery of products online and client engagement through Digital channels. The Bank enhanced customer delight through more than 50 tie-ups in e-Commerce and Cards that also helped to drive spends.

The Bank introduced several new products and services for select client segments through its Consumer Banking, Transaction Banking and Global Markets Groups. The Consumer Banking Group expanded its product range with the launch of Loans against Credit Card Receivables (LACR), Loans against Securities (LAS), Commercial Cards, Agri Loans, etc. Deeper understanding of client requirements and the ability to put technology to efficient use formed the edifice on which new products and service propositions were built.

The Bank kept up its focus on deepening as well as strengthening the fee-based income streams, resulting in smart growth in Non-Interest Income. Going forward, the Bank plans to upscale the growth momentum through further enhancements in diverse revenue streams such as foreign exchange business, investment banking, structured trade and treasury products, distribution of third-party products like mutual funds and insurance, international remittances, Bullion operations and Transaction Banking activities, including the Depository business and financing the Commodity Market segment.

PERFORMANCE OF SUBSIDIARY AND ASSOCIATE COMPANY:

ALF Insurance Services Private Limited, the Bank's subsidiary company which was set up to do the business of Insurance Corporate Broking, is currently under voluntary winding up.

Indusind Marketing and Financial Services Private Limited (IMFS) is an Associate Company of the Bank and is engaged in the business of providing manpower services.

During the year, no company has become or ceased to be, a subsidiary, a joint venture or an associate company of the Bank.

SHARE CAPITAL:

The Paid-up Share Capital of the Bank as at March 31, 2015 consisted of 529450209 equity shares of Rs.10 each.

During the year, the Bank allotted 4003725 shares pursuant to exercise of Options under its Employees Stock Option Scheme, 2007.

Accordingly, the Paid-up Share Capital and Share Premium Account increased by Rs.40.000 million and Rs.622.500 million, respectively.

During the year, as an efficient housekeeping exercise, the Bank cancelled the shares forfeited till date. Consequently, the moneys collected on forfeited shares amounting to Rs.8.600 million, consisting of Rs.1.900 million lying in the Share Forfeiture Account and Rs.6.700 million lying in the Share Premium Account, were transferred to the Capital Reserve Account.

AWARDS AND ACCOLADES:

During the year, the Bank has received many awards and accolades for excellence in managing the Risk, Information Technology and for innovations, etc. Mr. Romesh Sobti, Managing Director and CEO received 'Banker of the Year' award from 'Business Standard', a leading financial newspaper.

INDEX OF CHARGES:

No Charges Exist for Company.

CONTINGENT LIABILITIES

Particulars	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Claims against the Bank not acknowledged as debts	5477.397	5358.256
Liability on account of outstanding Forward Exchange Contracts	961873.118	784912.124
Liability on account of outstanding Derivatives Contracts	792176.710	453916.266
Guarantees given on behalf of constituents
- In India	279879.220	185023.314
- Outside India	--	--
Acceptances, Endorsements and Other Obligations	50199.318	48832.684
Other Items for which the Bank is contingently liable - The Depositor Education and Awareness Fund (DEAF)	125.258	--
Total	2089731.021	1478042.644

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2015

(Rs. In Million)

Sr. No.	Particulars	Quarter Ended 30.06.2015 (Unaudited)
1.	Interest Earned (a)+(b)+(c)+(d)	27235.000
(a)	Interest / Discount on Advances / Bills	21064.300
(b)	Income on Investments	4428.000
(c)	Interest on balances with Reserve Bank of India and other interbank funds	1572.000
(d)	Others	170.700
2.	Other Income	7243.400
3.	Total Income (1+2)	34478.400
4.	Interest Expended	17428.400
5.	Operating Expenses	7822.800
(i)	Employees Cost	2722.500
(ii)	Other Operating Expenses	5100.300
6.	Total Expenditure (4+5) Excluding Provisions and Contingencies	25251.200
7.	Operating Profit Before Provisions and Contingencies (3-6)	9227.200
8.	Provisions (other than tax) and Contingencies	1233.300
9.	Exceptional items	--
10.	Profit(+) / Loss(-) from Ordinary Activities before Tax (7-8-9)	7993.900
11.	Tax Expense	2743.500
12.	Net Profit (+) / Loss (-) from Ordinary Activities after Tax (10-11)	5250.400
13.	Extraordinary items (net of tax expense)	--
14.	Net Profit for the period (12-13)	5250.400
15.	Paid up Equity Share Capital (Face Value: Rs.10/- each)	5311.900
16.	Reserves excluding revaluation reserves	--
17.	Analytical Ratios
(i)	Percentage of shares held by Government of India	Nil
(ii)	Capital Adequacy Ratio (%)	12.43
	Basel III
(iii)	Earnings per share - (Basic and Diluted) (Rs.)
a)	Basic EPS before / after Extraordinary items (not annualized)	9.90
b)	Diluted EPS before / after Extraordinary items (not annualized)	9.74
(iv)	NPA Ratios
a)	Gross NPA	5701.200
	Net NPA	2248.000
b)	Gross NPA (%)	0.79
	Net NPA (%)	0.31
c)	Return on Assets (%) (annualized)	1.90
18.	Public Shareholding
	- No. of Shares	451293753
	- Percentage of Shareholding	84.96
19.	Promoters and Promoter Group Shareholding
a)	Pledged / Encumbered
	- Number of Shares	Nil
	- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	Nil
	- Percentage of Shares (as a % of total share capital)	Nil
b)	Non-encumbered
	- Number of Shares	79899984
	- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	100.00
	- Percentage of Shares (as a % of total share capital)	15.04

Notes:

1. There has been no material change in the accounting policies adopted during the quarter ended June 30, 2015 as compared to those followed for the year ended March 31, 2015.

2. The working results for the quarter ended June 30, 2015 have been arrived at after considering provision for standard assets, non-performing assets (NPAs), depreciation on investments, income-tax and other usual and necessary provisions.

3. The above financial results for the quarter ended June 30, 2015 were subjected to a "Limited Review" by the Statutory Auditors of the Bank. A clean report has been issued by them thereon. These financial results were reviewed by the Audit Committee and subsequently have been taken on record and approved by the Board of Directors at its meeting held on July 13, 2015.

4. RBI master circular dated July 01, 2014, as amended, on Basel III Capital Regulations and in terms of RBI circular dated January 8, 2015 on revised framework for leverage ratio contains guidelines on certain Pillar 3 and leverage ratio disclosure requirements that are to be made along with the publication of financial results. Accordingly, such applicable disclosures have been placed on the website of the Bank which can be accessed at the following link:

5. In terms of RBI circular dated February 26, 2014, in respect of assets sold to SC/RCs, during the quarter ended March 31, 2015, the shortfall arrived at by deducting sale consideration and provisions held as on the date of sale from the outstanding amount, is being amortized over two years. Accordingly, the Bank has charged to the Profit and Loss account an amount of Rs.320.900 million during the current quarter.

6. During the quarter ended June 30, 2015, the Bank allotted 1743528 shares pursuant to the exercise of stock options by certain employees.

7. On April 10, 2015, the Bank entered into an agreement with Royal Bank of Scotland N. V. to acquire on a 'slump sale' basis its Diamond and Jewellery financing business of approximately Rs.45000.000 million in size and related deposit portfolio subject to certain regulatory approvals. The process of taking over of the business is under way. On completion of the formalities related to the transaction, the advances and related deposit portfolio of the Bank will increase to the extent of acquisition.

8. The Bank allotted 51218640 equity shares of Rs.10/- each at a price of Rs.845.00 per share, aggregating to Rs.43279.800 million on July 3, 2015 through a Qualified Institutions Placement (QIP).

9. The Bank has sought approval of shareholders through postal ballot vide notice dated June 25, 2015 for preferential allotment of 8781360 equity shares to promoters of the Bank in compliance with Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2009, as amended, the results of which will be announced on July 30, 2015.

10. Previous period figures have been regrouped / reclassified, where necessary to conform to current period classification.

SEGMENT REPORTING FOR THE QUARTER ENDED JUNE 30, 2015

(Rs. In Million)

Particulars	Quarter Ended 30.06.2015 (Unaudited)
(a) Segment Revenue
i) Treasury Operations	7882.800
ii) Corporate / Wholesale Banking	11507.700
iii) Retail Banking	18122.900
iv) Other banking Business	68.500
Total	37581.900
Less : Inter-segment Revenue	(3103.500)
Total Income	34478.400
(b) Segment Results
i) Treasury Operations	1513.600
ii) Corporate / Wholesale Banking	2548.900
iii) Retail Banking	5496.600
iv) Other banking business	20.800
Total	9579.900
Unallocated Revenue	--
Unallocated Expenses	(352.700)
Operating Profit	9227.200
Less: Provisions & Contingencies	(1233.300)
Net Profit before tax	7993.900
Taxes including deferred Taxes	(2743.500)
Extraordinary Profit / loss	--
Net Profit	5250.400
c) OTHER INFORMATION:
Segment Assets
I) Treasury Operations	296337.200
ii) Corporate / Wholesale Banking	290672.700
iii) Retail Banking	518394.800
iv) Other banking business	--
Unallocated assets	38754.300
Total Assets	1144159.000
Segment Liabilities
I) Treasury Operations	217210.300
ii) Corporate / Wholesale Banking	389247.500
iii) Retail Banking	396788.700
iv) Other banking business	--
Unallocated liabilities	29100.700
Capital & Other Reserves	111811.800
Total Liabilities	1144159.000

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.23
UK Pound	1	Rs.101.22
Euro	1	Rs.74.33

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		81

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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

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