|
|
|
MIRA INFORM REPORT
|
Report No. : |
503305 |
|
Report Date : |
12.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
UNION BANK OF INDIA LIMITED |
|
|
|
|
Registered
Office : |
239, Vidhan Bhavan Marg, Nariman Point, Union Bank Bhavan, Mumbai –
400021, Maharashtra |
|
Tel. No.: |
91-22-22892000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
11.11.1919 |
|
|
|
|
Com. Reg. No.: |
11-000615 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 6874.411 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1919PTC000615 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAACU0564G2ZG |
|
|
|
|
TIN No.: |
27240027267 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU0564G |
|
|
|
|
Legal Form : |
Public Sector Bank.
The Bank’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in Providing Banking and Financial services to its customers and majority of the Bank’s products and services broadly falls under three categories: 1. Deposits, 2. Loans and Advances and 3. Remittances and Collections. [Registered Activity] |
|
|
|
|
No. of Employees
: |
36877 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Union Bank of India was established in 1919 and is amongst the top 10 public sector banks in India in terms of asset size. Government of India owns 63.44% outstanding shares of Union Bank of India as on March 31, 2017. The Bank has an asset base of around INR 4.5 trillion as on March 31, 2017. For the financial year 2017, the company has achieved 1.43% growth in its revenue and has reported profitability margin of 1.70%. The company possesses strong financial profile marked by above average net worth base and adequate liquidity position. Rating takes into consideration the bank’s established track record of more than 95 years with a strong franchise with over 4,000 branches and large pan India network, demonstrated by adequate CASA deposit base and comfortable liquidity position of the bank. The company has its share price trading at around INR 101.35 on BSE as on April 11, 2018 as against the Face Value (FV) of INR 10. Business is active. Payments are reported to be regular and as per commitment. In view of aforesaid, the Union Bank of India can be considered 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 |
CRISIL |
|
Rating |
Long Term Loans=AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
25.01.2018 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 12.04.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
(Contact No: 91-22-22892000)
[91-22-22024647/ 22026049
numbers are ringing]
LOCATIONS
|
Registered/ Head/ Central Office/ Investor Services Division : |
239, Vidhan Bhavan Marg, Nariman Point, Union Bank Bhavan, Mumbai –
400021, |
|
Tel. No.: |
91-22-22024647/ 22026049/ 22892000 |
|
Fax No.: |
91-22-22881979/ 22851167/ 22043654 |
|
E-Mail : |
webmaster@unionbankofindia.com ibdhelpdesk@unionbankofindia.com |
|
Website : |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Arun Tiwari |
|
Designation : |
Chairman
& Managing Director |
|
|
|
|
Name : |
Mr. Vinod Kathuria |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
57 Years |
|
Date of Appointment : |
22.01.2016 |
|
Brief Resume : |
Shri Vinod
Kathuria has joined Union Bank of India as an Executive Director on 22nd
January, 2016. Shri Vinod
Kathuria is Masters in Commerce from Delhi University and is a Certified
Associate of the Indian Institute of Bankers. He joined Punjab National Bank
as a Management Trainee in 1983 and has gained vast experience spanning over
more than 32 years in various facets of Banking. During his tenure at Punjab
National Bank, Mr Kathuria headed the Treasury Division at Bandra Kurla
Complex (BKC), Mumbai for 2 years plus. He has also handled Corporate Credit,
Foreign Exchange Business and Treasury with a focus on Corporate Credit &
Investment. Before joining Union Bank of India, Shri Kathuria headed the Agra
Zone of Punjab National Bank which covers the Central Region of Uttar Pradesh
State. With knowledge and experience gained by Shri Kathuria in the field of
Treasury and Corporate Credit, he was entrusted the assignment of formation
of Bhartiya Mahila Bank by the Ministry of Finance (MoF) wherein he was
member of the Core Management Team. Similarly, Shri Kathuria was also member
of the Committee of Tier I Perpetual Bonds under Basel III Norms, the
initiative taken by the Department of Financial Services (DFS), Ministry of
Finance (MoF), Government of India. Having niche in market operations, Shri
Kathuria also served as the member of the committee formed by SEBI overseeing
working of the Board of MCX-SX. He was a
Director on the Board of Principal Trustee Co. Pvt. Ltd., a Nominee Director
on the Board of India Factoring and Finance Solutions Private Ltd. and
Managing Director of PNB Insurance Broking Pvt. Ltd. |
|
|
|
|
Name : |
Mr. Anil Kumar Misra |
|
Designation : |
RBI Nominee Director |
|
Date of Birth/Age : |
57 Years |
|
Date of Appointment : |
06.07.2015 |
|
Brief Resume : |
As a career
central banker, Shri Anil Kumar Misra, a Chief General Manager with the
Reserve Bank of India (RBI), Central Office, Mumbai, has over three decades of
cross-functional financial-sector experience, with significant exposure to
regulation and supervision of the Indian banking and non-banking credit
intermediaries, an area where he spent over a decade. His
international experience includes four-and-a-half years’ secondment from the
RBI to the Financial Stability Board (FSB), which is the financial regulatory
arm of the G20 and is hosted by the Bank for International Settlements,
Basel, Switzerland. As a Member of Secretariat of the FSB and given the unique
G20-mandated role of the FSB in coordinating the work of the international
standard setters for promoting global financial stability, he gained rich
exposure to a range of global systemic issues and the evolution of various
cross-sectoral international financial standards to address them. He was
closely involved in disseminating the major G20-endorsed global initiatives
for financial sector reforms through the FSB’s outreach strategy via its
world-wide six Regional Consultative Groups, comprising over 65 countries
(apart from the 24 member countries of the FSB) including many emerging
market and developing economies. He also made critical contribution to
evolving and implementing the G20-mandated governance reforms of the FSB,
which led to structural changes in the FSB. He holds Master’s degrees in
Business Management (Banaras Hindu University) and in Public Administration
(Harvard University, USA). |
|
|
|
|
Name : |
Mr. Gopal Krishan Lath |
|
Designation : |
Shareholder Director |
|
Date of Birth/Age : |
63 Years |
|
Date of Appointment : |
27.06.2015 |
|
Brief Resume : |
Shri Lath
from Lucknow aged 64 years is a commerce graduate with gold medal from
Lucknow University and is a practicing Chartered Accountant with more than 36
years of experience. He is a senior managing partner of M/s. A. Sachdev &
Co., Chartered Accountants, Lucknow since more than 29 years. Shri Lath is in
the panel of “Peer Reviewers” nominated by the ICAI and has also conducted
peer reviews of various CA firms in accordance with the ICAI regulations in
the last few years. Apart from vast experience of audits of banking industry,
he has also handled various types of audit and other assignments of many
private and public sector corporations, insurance companies, local bodies,
central cooperative societies, government departments and several World Bank
aided projects. Shri Lath was also a member of the “Standing Tripartite
Committee” and also the member of “Minimum Wages Advisory Board” nominated by
the “Ministry of Labour and Employment, Government of India”. He was also
nominated by the Government of UP in the High Powered Committee constituted
for “fixation of fees of private engineering colleges in U.P.” |
|
|
|
|
Name : |
Dr. K. Ramesha |
|
Designation : |
Part time Non-Official Director |
|
|
|
|
Name : |
Dr.
Ravindrarai Harshadrai Dholakia |
|
Designation : |
Shareholder Director |
|
Date of Birth/Age : |
62 Years |
|
Date of Appointment : |
27.06.2015 |
|
Brief Resume : |
Dr. Dholakia from
Ahmedabad aged 63 years is a Professor of Economics and Public Systems in IIM
Ahmedabad and has 37 years of experience. He is Master of Arts (Gold
Medalist), Ph. D. in Economics (MSU, Baroda) and Post-Doctoral Fellow (Univ.
of Toronto). He is a Director on the Boards of Air India, Adani Enterprises
Limited and Gujarat State Petroleum Corporation Limited. He was a Member of
the Sixth Central Pay Commission and has worked as an expert Member on
numerous High Powered Committees appointed by the Government of India and
State Government of Gujarat. He has published several books, monographs and
research papers in the field of economic development and policies. |
|
|
|
|
Name : |
Dr. Uttam Kumar Sarkar |
|
Designation : |
Shareholder Director |
|
Date of Birth/Age : |
50 Years |
|
Date of Appointment : |
27.06.2015 |
|
Brief Resume : |
Dr. Uttam
Kumar Sarkar did his B. Tech, M. Tech, and Ph. D in the department of
Computer Science and Engineering of IIT Kharagpur. Having served a Design
Automation multinational industry in a senior position and IIT Delhi as an
Assistant Professor he is with IIM Calcutta since 1997 where he is presently
a Professor in Management Information System Group and also the Dean of New Initiatives
and External Relations. He had spent four years as a visiting faculty in a
University in Florida, USA. His primary teaching interests include data
mining and business analytics. His research publications appeared in major
international journals and he carried consulting assignments for the
Government of India in areas including education, food processing,
agriculture, and automation. |
|
|
|
|
Name : |
Mr. Raj Kamal Verma |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Atul Kumar Goel |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Dr. Madnesh Kumar Mishra |
|
Designation : |
Government Nominee Director |
KEY EXECUTIVES
|
Name : |
Mr. Atul Kumar |
|
Designation : |
Chief Vigilance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoter & Promoter Group |
475094778 |
55.52 |
|
Public |
380658800 |
44.48 |
|
|
|
|
|
Grand Total |
855753578 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category
of shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares (calculated as per SCRR, 1957)As a % of
(A+B+C2) |
|
|
A1) Indian |
0.00 |
|
|
|
Central
Government/ State Government(s) |
47,50,94,778 |
55.52 |
|
|
President of India |
47,50,94,778 |
55.52 |
|
|
Sub Total A1 |
47,50,94,778 |
55.52 |
|
|
A2) Foreign |
0.00 |
|
|
|
A=A1+A2 |
47,50,94,778 |
55.52 |
|
Statement showing
shareholding pattern of the Public shareholder
|
Category
& Name of the Shareholders |
No.
of fully paid up equity shares held |
Shareholding
% calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
97736378 |
11.42 |
|
|
HDFC TRUSTEE COMPANY LTD - A/C HDFC MID -
CAPOPPORTUNITIES FUND |
39729328 |
4.64 |
|
|
ICICI PRUDENTIAL BALANCED ADVANTAGE FUND |
26576523 |
3.11 |
|
|
RELIANCE CAPITAL TRUSTEE COMPANY LIMITED
A/C RELIANCE GROWTH FUND |
10306725 |
1.20 |
|
|
Alternate
Investment Funds |
2376350 |
0.28 |
|
|
Foreign
Portfolio Investors |
62980333 |
7.36 |
|
|
Financial Institutions/
Banks |
12572740 |
1.47 |
|
|
Insurance
Companies |
126888879 |
14.83 |
|
|
LIFE INSURANCE CORPORATION OF INDIA |
113323195 |
13.24 |
|
|
Sub Total B1 |
302554680 |
35.36 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
Central
Government/ State Government(s)/ President of India |
10740 |
0.00 |
|
|
Sub Total B2 |
10740 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
53718225 |
6.28 |
|
|
Individual share
capital in excess of INR 0.200 Million |
6531813 |
0.76 |
|
|
NBFCs registered
with RBI |
23612 |
0.00 |
|
|
Any Other
(specify) |
17819730 |
2.08 |
|
|
NRI – Repat |
682212 |
0.08 |
|
|
NRI – Non- Repat |
293822 |
0.03 |
|
|
Trusts |
777927 |
0.09 |
|
|
Overseas corporate bodies |
3059 |
0.00 |
|
|
Foreign Individuals |
218 |
0.00 |
|
|
Clearing Members |
1198402 |
0.14 |
|
|
Bodies Corporate |
14836341 |
1.73 |
|
|
Unclaimed or Suspense or Escrow Account |
27749 |
0.00 |
|
|
Sub Total B3 |
78093380 |
9.13 |
|
|
B=B1+B2+B3 |
380658800 |
44.48 |
|
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Providing Banking and Financial services to its customers and majority of the Bank’s products and services broadly falls under three categories: 1. Deposits, 2. Loans and Advances and 3. Remittances and Collections. [Registered Activity] |
|
|
|
|
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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|
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|
No. of Employees : |
36877 (Approximately) |
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|
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|
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|
Bankers : |
Reserve Bank of India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors 1 : |
|
|
Name : |
S Bhandari and Company Chartered Accountants |
|
|
|
|
Auditors 2 : |
|
|
Name : |
G P Kapadia and Company Chartered Accountants |
|
|
|
|
Auditors 3 : |
|
|
Name : |
Ashwani and Associates Chartered Accountants |
|
|
|
|
Auditors 4 : |
|
|
Name : |
GBCA and Associates Chartered Accountants |
|
|
|
|
Auditors 5 : |
|
|
Name : |
Sundar Srini and Sridhar Chartered Accountants |
|
|
|
|
Auditors 6 : |
|
|
Name : |
P A and Associates Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
·
Union Asset Management Co. Private Limited ·
Union Trustee Company Private Limited ·
Union Bank of India (UK) Limited |
|
|
|
|
Joint Venture : |
Star Union
Dai-ichi Life Insurance Co. |
|
|
|
|
Associate : |
Regional
Rural Bank sponsored by the Parent Bank viz., Kashi Gomti Samyut Gramin Bank |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000000 |
Equity Shares |
INR 10/- each |
INR 30000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
436106597 |
Equity Shares held by Central Government |
INR 10/- each |
INR 4361.066
Million |
|
251334520 |
Equity Shares held by Public |
INR 10/- each |
INR 2513.345
Million |
|
|
|
|
|
|
|
Total |
|
INR 6874.411 Million |
FINANCIAL DATA
[all figures are
in Indian Rupees Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
CAPITAL AND
LIABILITIES |
|
|
|
|
Capital |
6874.411 |
6874.411 |
6357.788 |
|
Reserves and Surplus |
227477.559 |
222037.658 |
191251.031 |
|
Share Application Money |
5410.000 |
0.000 |
0.000 |
|
Deposits |
3783915.755 |
3427200.092 |
3168699.172 |
|
Borrowings |
412258.730 |
309573.518 |
353599.816 |
|
Other Liabilities &
Provisions |
91107.947 |
81273.345 |
96251.500 |
|
|
|
|
|
|
TOTAL |
4527044.402 |
4046959.024 |
3816159.307 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
Cash and Balances with Reserve Bank of India |
165204.474 |
156047.209 |
150630.783 |
|
Balances with Banks and Money at Call and Short Notice |
163020.545 |
136714.995 |
73149.436 |
|
Investments |
1121489.595 |
892083.461 |
844617.290 |
|
Advances |
2864665.770 |
2673540.019 |
2556545.654 |
|
Fixed Assets |
38944.150 |
39398.728 |
26819.532 |
|
Other Assets |
173719.868 |
149174.612 |
164396.612 |
|
|
|
|
|
|
TOTAL |
4527044.402 |
4046959.024 |
3816159.307 |
|
|
|
|
|
|
CONTINGENT
LIABILITIES |
2316008.631 |
3937164.014 |
3491053.269 |
|
|
|
|
|
|
Bills for Collection |
161193.973 |
150303.409 |
137005.408 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
INCOME |
|
|
|
|
Interest Earned |
326599.801 |
321988.008 |
320839.621 |
|
Other Income |
49645.989 |
36317.354 |
35230.022 |
|
|
|
|
|
|
TOTAL |
376245.790 |
358305.362 |
356069.643 |
|
|
|
|
|
|
EXPENDITURE |
|
|
|
|
Interest Expended |
237566.448 |
238857.021 |
236400.656 |
|
Operating Expenses |
64378.448 |
63022.157 |
61434.288 |
|
Provisions and contingencies |
68748.763 |
42910.161 |
40418.304 |
|
|
|
|
|
|
TOTAL |
370693.659 |
344789.339 |
338253.248 |
|
|
|
|
|
|
Net Profit for the
year |
5552.131 |
13516.023 |
17816.395 |
|
|
|
|
|
|
Add : Profit Brought Forward |
0.036 |
4.162 |
4.102 |
|
|
|
|
|
|
TOTAL |
5552.167 |
13520.185 |
17820.497 |
|
|
|
|
|
|
Appropriations |
|
|
|
|
Transfer to Statutory Reserves |
1387.500 |
4055.000 |
5345.000 |
|
Transfer to Capital Reserves |
2314.667 |
448.470 |
269.974 |
|
Transfer to Revenue and
Other Reserves |
0.000 |
5481.700 |
5559.700 |
|
Proposed Dividend |
0.000 |
1340.510 |
3814.673 |
|
Provision for Div. On PNCPS |
0.000 |
0.000 |
52.835 |
|
Dividend Tax |
0.000 |
274.469 |
774.153 |
|
Transfer to Special Reserve [Sec36(I)(Viii) of the Income Tax Act, 1961] |
1850.000 |
1920.000 |
2000.000 |
|
Balance in Profit and Loss Account |
0.000 |
0.036 |
4.162 |
|
|
|
|
|
|
TOTAL |
5552.167 |
13520.185 |
17820.497 |
|
|
|
|
|
|
Earnings Per Share
(Basic and Diluted) |
8.08 |
20.42 |
28.05 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash Flow From Operating Activities |
4642.400 |
87578.200 |
(37994.800) |
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 101.35/- |
FINANCIAL DATA
[all figures are
in INR Million]
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Interest earned |
320839.621 |
321988.008 |
326599.801 |
|
|
|
0.358 |
1.432 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Interest earned |
320839.621 |
321988.008 |
326599.801 |
|
Profit |
17816.395 |
13516.023 |
5552.131 |
|
|
5.55% |
4.20% |
1.70% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
CAPITAL AND
LIABILITIES |
|
|
|
|
Capital |
6874.411 |
6874.411 |
6357.788 |
|
Reserves and Surplus |
228836.386 |
223606.717 |
192633.863 |
|
Share Application |
54100.000 |
0.000 |
0.000 |
|
Minority Interest |
0.000 |
0.000 |
88.081 |
|
Deposits |
3796872.645 |
3441175.091 |
3174503.424 |
|
Borrowings |
412254.965 |
306366.148 |
351679.979 |
|
Other Liabilities &
Provisions |
106438.814 |
95623.269 |
110426.365 |
|
|
|
|
|
|
TOTAL |
4605377.221 |
4073645.636 |
3835689.500 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
Cash and Balances with Reserve Bank of India |
165223.731 |
156069.164 |
150638.683 |
|
Balances with Banks and Money at Call and Short Notice |
163835.505 |
140098.893 |
75391.395 |
|
Investments |
1134412.641 |
905732.138 |
858181.535 |
|
Advances |
2879498.285 |
2682495.642 |
2559211.167 |
|
Fixed Assets |
39054.086 |
39518.547 |
26944.294 |
|
Other Assets |
174662.973 |
149731.252 |
165322.426 |
|
|
|
|
|
|
TOTAL |
4556687.221 |
4073645.636 |
3835689.500 |
|
|
|
|
|
|
CONTINGENT
LIABILITIES |
2318864.350 |
3974371.390 |
3491053.269 |
|
|
|
|
|
|
Bills for Collection |
161193.973 |
150303.409 |
137005.408 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
INCOME |
|
|
|
|
Interest Earned |
328169.789 |
323156.664 |
321642.796 |
|
Other Income |
54299.859 |
39344.352 |
39571.167 |
|
|
|
|
|
|
TOTAL |
382469.648 |
362501.016 |
361213.963 |
|
|
|
|
|
|
EXPENDITURE |
|
|
|
|
Interest Expended |
237763.056 |
238940.433 |
236395.474 |
|
Operating Expenses |
70212.916 |
67159.185 |
66832.739 |
|
Provisions and contingencies |
68826.181 |
42972.463 |
40411.169 |
|
|
|
|
|
|
TOTAL |
376802.153 |
349072.081 |
343639.382 |
|
|
|
|
|
|
Consolidated Net
Profit Before Minority Interest and Share of Earnings in Associates |
5667.495 |
13428.935 |
17574.581 |
|
Add:-Share of Earning in Associates |
58.949 |
45.199 |
134.173 |
|
Consolidated Net Profit for the year before deducting Minorities Interest |
5726.444 |
13474.134 |
17708.754 |
|
(Less):-Minorities Interest |
0.000 |
(90.298) |
(103.606) |
|
Consolidated Net Profit for the year Attributable to the Group |
5726.444 |
13564.432 |
17605.148 |
|
Add : Profit Brought Forward |
0.036 |
4.162 |
4.102 |
|
Amount Available
for Appropriations |
5726.480 |
13568.594 |
17609.250 |
|
|
|
|
|
|
Appropriations |
|
|
|
|
Transfer to Statutory Reserves |
1387.500 |
4055.000 |
5345.000 |
|
Transfer to Capital Reserves |
2314.667 |
448.470 |
269.974 |
|
Transfer to Revenue and
Other Reserves |
174.277 |
5530.109 |
5348.453 |
|
Proposed Dividend |
0.000 |
1340.510 |
3814.673 |
|
Dividend Tax |
0.000 |
274.469 |
774.153 |
|
Transfer to Special Reserve {Sec36(I)(Viii)} |
1850.000 |
1920.000 |
2000.000 |
|
Provision for Dividend on PNCPS |
0.000 |
0.000 |
52.835 |
|
Balance in Profit and Loss Account |
0.036 |
0.036 |
4.162 |
|
|
|
|
|
|
TOTAL |
5726.480 |
13568.594 |
17609.250 |
|
|
|
|
|
|
Earnings Per Share
(Basic and Diluted) |
8.33 |
20.50 |
27.67 |
LEGAL CASES
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 22.02.2018 |
|
Stamp No: WPST/5686/2018 Filing Date:
22.02.2018 |
|
Petitioner: VAST
INDIA PRIVATE LIMITED, THROUGH Respondent: UNION BANK OF INDIA AND ANR– District: MUMBAI |
|
Bench: SINGLE Status: Pre-Admission
Last Date: 01.03.2018
Stage: Last Coram: REGISTRAR (JUDICIAL) |
|
Act: Securitisation and Reconstruction of Financial Assets Act |
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 23.01.2018 |
|
Lodging No: COMSL/86/2018 Filing Date: 23.01.2018
|
|
Petitioner: PRATIBHA
INDUSTRIES LTD- Respondent: UNION
BANK OF INDIA – District: MUMBAI |
|
Bench: SINGLE Status: Pre-Admission Category: CONSTRUCTION
AND INFRASTRUCTURE CONTRACTS, INCLUDING TENDERS |
|
Act: Code of Civil Procedure 1908 |
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 |
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 |
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
HIGHLIGHTS
The Bank has emerged as a
front runner in the on-going Digital India initiatives with two-third of
transactions routing through digital channels. During the year, the Bank
primarily focused on providing technology driven services to optimize its
customer service and enhance product quality. For this, several internal
processes were digitalized during the financial year 2016-17. The Bank
consistently focusedon delivering financial services to various sections of the
society with greater ease and efficiency. The challenging banking environment
intensified with the onset of demonetization, however the Bank exhibited
agility during the entire period and stood up to expectations of the stakeholders.
The regulatory landscape
during the year evolved to impact banking in multiple ways. These included new
framework on benchmark lending rate, new monetary policy framework, insolvency
and bankruptcy code, phased reduction in statutory liquidity ratios etc. There
was also positive impetus from various policy announcements by the Government.
Your Bank showed resilience amidst challenging global & domestic
macroeconomic environment by continuing to invest in organizational capacity
building in order to remain ready to seize future opportunities in emerging
India.
AWARDS AND
ACCOLADES:
During FY 2016-17, the Bank
received various awards for continuous efforts to enhance its digital
deepening, HR management and vigilance.
|
AWARDS & ACCOLADES
RECEIVED BY THE BANK DURING FY 2016-17 |
|||
|
AREA |
AWARDS |
AWARDED BY |
AWARDED FOR |
|
Human Resources |
Golden Peacock award |
10th
International Conference
Of Corporate Social Responsibility |
Excelling
in Human Resource Management |
|
Innovative HR practice |
Times ascent |
Excellent
HR practices under top 50 PSU category |
|
|
Corporate
Social Responsibility |
Bank with Best CSR practices |
World CSR Congress |
Contribution
for the social upliftment and nation building |
|
CSR Leadership Award |
National
Association for Blind |
promoting
Employment for the Physically Challenged |
|
|
Advancing Financial inclusion |
CNBC TV 18 |
Channelizing
CSR budget into financial aids |
|
|
Financial Inclusion |
Best
Financial Inclusion Initiatives |
Indian Banks’ Association |
Stepping
one more stone in
the field of technological excellence |
|
Skoch
award for Financial Inclusion |
Skoch |
Merit in Financial Inclusion |
|
|
MSME |
Top
performer in Financial Institution |
FECO |
MSME |
|
Vigilance |
Best
Corporate Vigilance Excellence Award FY 2016-17 |
Institute of Public Enterprise |
Initiating anti-corruption drive |
|
Technology & Digital |
National
Payments Excellence Awards 2016 |
National
Payment Corporation of India |
Rupay
card Issuance & e-commerce transactions |
MANAGEMENT DISCUSSION AND ANALYSIS
GLOBAL
ECONOMY
Global economy continued
its fragile recovery driven by growth up-turns in advanced economies. The US economy
posted stronger growth signals in the second half of the Calendar Year (CY)
2016 with expected fiscal stimulus and other policy reforms in the new
government regime. Prevailing threats of protectionism and its adverse impact
on trade and employment continued to pose downside risks to global growth.
Economic activities in emerging markets were on recovery path on account of
additional fiscal stimulus in China. Crude oil prices recovered from its
initial low value since the OPEC (Organization of the petroleum exporting
countries) decision to control excess supply. Monetary policy stance of major
central banks remained growth oriented and addressed price stability concerns.
On the backdrop of evolving economic and political factors and expected cyclical
recovery
in manufacturing
activities, global growth is expected at 3.5 per cent in CY 2017 and 3.6 per
cent in CY 2018 over 3.1
per cent in CY 2016.
DOMESTIC
ECONOMY:
Indian economy emerged as
the growth driver of the emerging economies by virtue of its strong macro
fundamentals. In the second half of Financial Year (FY) 2016-17, Indian economy
stands par on its growth targets and inflation remains contained at its target
level. Pro-active policy reform announcements by the Government
led to revival in external
sector and strengthened business environment. Agricultural activities marked
sustainable growth during the year driven by adequate rainfall and
uninterrupted credit supply. Overall industrial and services sector remained
muted dragged by low investment scenario. Although Demand conditions of the
economy faced short-term volatility during demonetization, it recovered
gradually after economy adjusted for new cash inflows. After accounting for all
the volatilities, overall growth outlook remains positive with expected growth
of 7.1 per cent in FY 2016-17.
Union Budget FY 2017-18
remained balanced for all the segments of the society with greater emphasis on
Technology, Energy efficiency and Cleanliness (TEC) with policy transparency
and infrastructure spending being the prime agenda. Sector specific focus of
the budget reveals equitable distribution of resources and puts a step ahead on
sustainable growth of the economy. Union Budget also focused on maintaining
fiscal prudence and to keep the fiscal deficit at 3.2 percent for FY 2017-18.
EXTERNAL SECTOR
Trade performance of the
economy gained pace since November 2016. Improvement in export import
performance revived the external sector outlook for the economy. Current
account deficit remained higher at 1.4 per cent of GDP in Q3 (Oct-Dec) FY
2016-17 compared to 0.6 per cent of GDP in the previous quarter. Foreign
portfolio investment (FPI) inflows for the FY 2016-17 remained robust at INR
48110.000 Million compared to outflow of INR 181760.000 in FY 2015-16. Driven
by healthy FPI inflows and growing investor confidence, Rupee surged to 64.8
per US$ on March 31, 2017, from 66.3 per US$ on March 31, 2016 noting
appreciation of 2.3 per cent. Gradually appreciating rupee also strengthened
external sector confidence of the economy.
PRICE SCENARIO
Price scenario of Indian
economy underwent remarkable changes during FY 2016-17. Retail inflation as
measured by Consumer Price Index (CPI), reached to its multi-year low of 3.6
percent in November 2016 due to large decline in food prices. Demonetization
led cash shortages weighted on consumption demand and resulted into falling of
food prices, mainly vegetables. Crude oil prices were moderate in the first
half of the FY 2016-17; however, OPEC agreement in August, 2016, reversed the
initial low price scenario and resulted in gradual increase. Core inflation
(excluding food & fuel) remained upward sticky at average 4.9 per cent in
FY 2016-17.
Wholesale Price Index (WPI)
remained on upward trajectory during FY 2016-17. After remaining in negative
zone for seventeen consecutive months, WPI started to reverse its path from
April 2016. Gradual upward movement of WPI since June 2016 was observed due to
increasing prices of manufacturing products mainly intermediate inputs. After
September 2016, Wholesale price index smoothly converged with consumer price
index and then after gathered momentum to surpass the commodity price
inflation.
STOCK MARKET PERFORMANCE
5.1. Equity markets
performed well during FY 2016-17 led by various financial and political
developments. S&P Sensex gained by 16.9 per cent in FY 2016- 17, Nifty also
improved by 18.6 per cent. Bankex climbed 32.8 per cent. Business confidence
improved in the second half of FY 2016-17 on the backdrop of remarkable policy
initiatives. However, slow pace of growth in manufacturing and services sector
activities after demonetization hampered the market sentiments. Increase in the
US treasury yields also brought volatility in the bond markets of major
emerging economies. Despite strong external uncertainties viz. Brexit,
protectionist policies by the US etc., Indian financial market remained mainly
supported by domestic policy corrections and reform agenda brought out by the
government at various points of time.
BOND MARKET SCENARIO
On April 01, 2016 10 year
g-sec yield was 7.4 per cent, whereas on March 31, 2017, it was down to 6.7 per
cent driven by various financial and structural variations in the economy. It
also traversed a higher variable path since the onset of demonetization. Excess
liquidity with banking system necessarily called for higher investments in SLR
securities and increased the bond prices in the markets. SLR investments by
banks increased to 17.9 per cent in March 2017, compared to 5.9 per cent in
March 2016.
As per budgetary
announcement, government remains committed to adhere to its fiscal discipline
targets. Net market borrowing target for FY 2017-18 was lower at INR 3.5
trillion in FY 2017-18 over INR 4.3 trillion in FY 2016-17.
LIQUIDITY CONDITIONS
Liquidity conditions have
remained comfortable with the monetary authority’s regular conduct of repo and
reverse repo auctions as and when needed. Since the onset of demonetization,
economy faced transient challenges for liquidity adjustments; however, seemless
efforts of the regulator to balance the liquidity positions have helped in
regaining pace of cash flows in the system. As on March 31, 2017, net liquidity
absorption stood at INR 3.2 lakh crore. Owing to excess flow of funds, many
banks cut their MCLR rates to pass-on the liquidity surplus to its customers.
In its last policy action,
RBI decided to narrow the policy corridor to 25 bps from 50 bps with effect
from April 07, 2017. Although Repo rate remained unchanged, reverse repo rate
increased to 6.0 per cent. This policy action remains in line with RBI’s
liquidity management system. RBI’s recent change in policy stance to neutral
from accommodative drives its focus on price stability
BANKING
ENVIRONMENT:
In the midst of varying
global and domestic environment, Indian banking industry faced shortterm credit
constraints in FY 2016-17. Despite global headwinds, Credit portfolio of the
banking industry managed to grow by 5.1 per cent in FY 2016-17 whereas,
aggregate deposits reached double digit figure of 11.8 per cent during FY
2016-17 owing to demonetization. Reduction in MCLR rate, gradual decrease in
SLR rates, narrowed monetary policy corridor and change in monetary policy
stance to neutral from accommodative, have been recognized as the vital reforms
impacting the banking industry during the current and next financial year.
Incremental credit growth
during the year was mainly led by retail & agriculture sector, though
overall Credit portfolio of the banking industry remained concentrated towards
industry especially infrastructure sector. With prolonged shortage of funds and
weak debt servicing ratio, infrastructure loans continued to affect the balance
sheets of the banks. Profitability of the banks faced downside risks due to
higher adjustments for provisioning requirements. Stringent regulatory
initiatives by central bank including clean-up of balance sheet under Asset
Quality Review(AQR), revision in restructuring and provisioning norms,
mitigation of concentration of risk by capping large borrower exposure limits
at lower lever and increasing other compliance regularities, were aimed at
mitigating the system level asset quality risk and revamp the asset portfolio
of the banking industry.
Banking industry showed
mixed signals of growth with gaining confidence in digital front and expanding
business matrix in the reviving economic environment. Challenges in the form of
capital constraints, slow repaying capacity of large industrial houses and
cyber security threats are yet to be addressed appropriately to revive the growth of this sector.
OUTLOOK:
The role of banking sector
in India’s emergence as an economic giant cannot be underestimated. The banking
sector journey has been challenging and transformational. The number of banked
population has almost tripled since the liberalization of Indian economy.
Public sector banks (PSBs) continue to dominate the banking landscape, with
more than 70 percent of outstanding credit. In the past few years, due to a
variety of legacy issues and slowdown in global and domestic macroeconomic many
large projects have been stalled and it has been resulted in lower
profitability for PSBs as whole. While their profitability is not expected to
be that weak in FY 2018, an exponential hike in profit figures is less likely
over the next 1-2 years.
Against this backdrop and
with the ongoing developments in the environment, the Bank has adopted a
balanced approach to growth, profitability and risk management. This strategy
has helped the Bank to further strengthen its
position with continued
improvements in the key financial parameters, a strong deposit portfolio, a
large and expanding distribution network and a healthy capital position;
thereby creating a platform for robust growth in subsequent years.
During the next fiscal, the
credit growth of the banking sector is expected to be moderate, with robust
retail loan demand being offset by muted demand from the corporate sector.
While retail asset quality may remain stable, the challenges facing the
corporate sector is also likely to recede to some extent. Thus for the next
fiscal the Bank will take proactive efforts for sustaining the robust funding
profile by capitalizing on opportunities while calibrating growth to
developments in the environment; extend the digital deepening and further
strengthen the customer base by expanding access to finance to small and medium
enterprises, unorganized sector and the remote underserved areas that have been
brought into streamline by demonetization and the ‘Digital India’ initiative.
Also the Bank will continue to focus on cost efficiency and capital efficiency
for maximizing the returns, thus increasing shareholder value in a responsible
and conscientious manner.
In summary, FY 2016-17 was
a year in which the Bank focused on further strengthening businesses, network,
technological capabilities and operating and financial parameters. At the same
time Bank was cognizant of the risks in the environment and calibrated its approach
accordingly. The outlook for the future is positive – with the various policy
responses during the year that alleviated the immediate pressure in the banking
system and their focus on growth to help realize India’s vast potential. Bank’s
strong and diversified workforce, large distribution network, healthy capital
position and sustained improvements in balance sheet & profitability have
made it capable of leveraging future opportunities for profitable growth.
Further, the Bank is committed to maintain the highest standards of corporate
governance, with a view to ensure that the Bank is well-placed to address risks
as well as capitalize on growth opportunities, within a framework of regulatory
compliance and adherence to the highest ethical standards.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims against the bank not acknowledged as debts |
35324.629 |
38571.536 |
|
Liability for partly paid investments |
5.920 |
5.920 |
|
Liability on
account of outstanding forward exchange contracts |
1804391.057 |
3474370.438 |
|
Guarantees given on behalf of Constituents |
|
|
|
In India |
145667.778 |
136498.225 |
|
Outside India |
5186.748 |
3227.160 |
|
Acceptances, endorsements and other obligations |
300311.904 |
274601.135 |
|
Other items for which the bank is contingently liable |
|
|
|
Disputed
Tax demands under appeals |
24298.375 |
2840.600 |
|
Amt. Trfd. to DEAF Scheme 2014 |
822.220 |
7049.000 |
|
|
|
|
|
Total |
2316008.631 |
3937164.014 |
FIXED ASSETS:
· Land
· Other Assets
· Computer Software
PRESS RELEASES:
UNION BANK, BANK OF INDIA SEEK TO BE PARTY TO NIRAV MODI-OWNED FIRESTAR
DIAMOND'S US CASE
Mar 17, 2018
MUMBAI: Union Bank and Bank of India have jointly approached a US court, seeking its approval to participate in the proceedings under the Chapter 11Bankruptcy filing of Nirav Modi-owned Firestar Diamond.
Through US law firm Hill Rivkins, the state-run banks have sought appearance opportunities and copies of the notices served and papers filed in the case. ET has seen a copy of the application. The banks didn’t respond to emails seeking comment.
Under Chapter 11 of the US Bankruptcy Code, companies are given protection from creditors as they try to reorganise their business with a court monitoring the process.
As part of the process, if an entity, like the Indian banks
in this case, believes it has an “interest” or a claim in the case, it could
file for appearance and request for service of notices and papers through an
attorney.
This way, it is asking to be copied on all correspondences
related to the process and for participation in the proceedings.
Nirav Modi, who is being probed by several Indian agencies for illegal transfer
of about INR 136000.000 Million from Punjab National Bank NSE -0.78 %, has a
majority stake in Firestar Diamond and its sister companies.
Union Bank had revealed that it had a exposure of $300 million (around INR 19150.000 Million) to the PNB fraud case, but that this was fully secured by letters of undertaking and other documents and it was confident to receive the payment.
Bank of India had not revealed any exposure.
“The proactive appearance of Union Bank of India NSE -0.49 % in the Firestar Diamond and A Jaffe Chapter 11 cases seems appropriate in light of the reported $18.4 million direct exposure to Nirav Modi as well as the $300 million related to the PNB bank guarantees,” said Seth Freeman, a certified insolvency and restructuring advisor and managing director of EM Capital Management in San Francisco.
Firestar Diamond filed its Chapter 11 petition in the New York Southern
Bankruptcy Court claiming that liquidity and supplychain challenges were to be
blamed for its financial situation. The company listed about $100 million in
assets and debt. The court has convened a meeting of its creditors in New York
on March 30.
MADE 100% PROVISION IN TOTEM FRAUD: UNION BANK
Mar 23, 2018
NEW DELHI: Union
Bank of India NSE -0.40 %, whose share prices plunged 8 per cent, today said it
made 100 per cent provision against Totem Infrastructure Limited fraud case, so
there is no material impact on the lender.
"The said company had availed credit facilities from consortium of 8 banks
having aggregate exposure of INR 13944.300 Million and within which total
exposure of our bank is INR 3138.400 Million as on January 31, 2018 (including
unapplied interest of INR 1636.400 Million)," the bank said in a statement.
The account was classified as non-performing asset in the year 2012 and thereafter recovery action with consent of other consortium members was initiated in this account, it said.
100 per cent provision has been made in the account, it said, adding that there is no material impact of this article on the bank.
Meanwhile, shares of the Union Bank of India tanked over 8 per cent to hit a one-year low during the day amid concerns over losses incurred in a INR 13940.000 Million loan fraud case.
The stock dived 8.29 per cent to close at INR 86.85 on BSE. Intra-day, it slumped 9.13 per cent to INR 86.05 - its 52-week low.
At NSE, shares of the company tumbled 8.28 per cent to end at INR 86.85.
The company's market valuation declined INR 6707.800 Million to INR 74322.200 Million.
The CBI has booked a Hyderabad-based construction and infrastructure company for allegedly defrauding a consortium of eight banks to the tune of over INR 13940.000 Million, officials said yesterday.
Totem Infrastructure, which worked as a sub-contractor for several major infrastructure companies, and its promoters Tottempudi Salalith and Tottempudi Kavita were named in a CBI FIR, registered on the basis of a complaint from Union Bank of India, one of the eight banks, they said.
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 records 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
|
INR |
|
US Dollar |
1 |
INR 65.13 |
|
|
1 |
INR 92.52 |
|
Euro |
1 |
INR 80.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHA |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.