|
|
|
MIRA INFORM REPORT
|
Report No. : |
504453 |
|
Report Date : |
17.04.2018 |
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) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
31.01.1994 |
|
|
|
|
Com. Reg. No.: |
11-076333 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 5981.487 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65191PN1994PLC076333 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0300061676 |
|
|
|
|
TIN No.: |
27180000528 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI04657C MUMI03262A PNEI00321G MUMI04217D MUMI04623D MUMI02402B |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAACI1314G1Z3 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI1314G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
(Registered activity) |
|
|
|
|
No. of Employees
: |
25314 (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 : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Indusind Bank was incorporated in the year 1994. It is an old, well-established and reputed bank having excellent track record. The bank provides a wide range of banking products and Financial services to Corporate and retail clients besides undertaking treasury operations. The bank operates in India including at the international Financial Services Centers in India. It has a network of 1,320 branches and 2,162 ATMs across the country. For the financial year 2017, the subject has achieved 21.34% growth in its revenue as compared to previous year revenue and has maintained healthy profitability margin of 19.91% during the year under review. The robust financial profile of the company is marked by healthy networth base and adequate liquidity position along with comfortable debt coverage indicators. The subject has favourable Earning per Share (EPS) of INR 48.06 against a face value (FV) of INR 10. The rating takes into consideration the subject’s long established track record of business operations along with extensive experience of its promoters. The subject has its share price trading at around INR 1866.85 against the Face Value (FV) of INR 10 on BSE as on April 16, 2018. As per the unaudited quarterly financials of December 2017, the subject has achieved revenue of INR 42867.800 million and has reported profit margin of 21.84%.
Business is active. Payment seems to be regular. In view of aforesaid, Indusind Bank Limited 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 |
INDIA RATING |
|
Rating |
SENIOR UNSECURED REDEMMBLE = AA+ |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
29.03.2018 |
|
Rating Agency Name |
INDIA RATING |
|
Rating |
AT1 PERPETUAL DEBT = AA |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
29.03.2018 |
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
31-03-2018.
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 17.04.2018
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 DENIED
MANAGEMENT NON-COOPERATIVE: 91-22-66412200
LOCATIONS
|
Registered Office : |
2401, Gen Thimmayya Road, Contonment, Pune – 411 001, Maharashtra,
India |
|
Tel. No.: |
91-22-66412200 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
8th 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 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Anantha Narayanan Thiagarajan |
|
Designation : |
Director |
|
Address : |
Sri Niketan New No. 1, Raja Street, Mandaveli, Chennai –
600028, Tamilnadu, India |
|
Date of Appointment : |
25.03.2014 |
|
DIN No.: |
00007227 |
|
|
|
|
Name : |
Kanchan Uday Chitale |
|
Designation : |
Director |
|
Address : |
167/C, Poonawadi Dr. Ambedkar Road, Dadar, Mumbai –
400014, Maharashtra, India |
|
Date of Appointment : |
18.10.2011 |
|
DIN No.: |
00007267 |
|
|
|
|
Name : |
Mr. Ram Mohan Tiruvallur Thattai |
|
Designation : |
Director |
|
Address : |
306, IIM Campus Vastrapur Ahmedabad – 380015, Gujarat,
India |
|
Date of Appointment : |
12.05.2016 |
|
DIN No.: |
00008651 |
|
|
|
|
Name : |
Mr. Yashodhan Madhusudan Kale |
|
Designation : |
Additional Director |
|
Address : |
2, Sumit, 31, Carmichael Road, DR. G. Deshmukh Marg,
Mumbai - 400026, Maharashtra, India |
|
Date of Appointment : |
20.12.2017 |
|
DIN No.: |
00013782 |
|
|
|
|
Name : |
Mr. Romesh Sobti |
|
Designation : |
Managing Director |
|
Address : |
Apartment No. 29-30 33 South Opposite Sterling Apartments,
Peddar Road, Mumbai – 400026, Maharashtra, India |
|
Date of Appointment : |
01.02.2008 |
|
DIN No.: |
00031034 |
|
|
|
|
Name : |
Mr. Seshasayee Ramaswami |
|
Designation : |
Director |
|
Address : |
Krishna, 20 Luz Avenue II Street, Mylapore, Chennai –
600004, Tamilnadu, India |
|
Date of Appointment : |
07.06.2017 |
|
DIN No.: |
00047985 |
|
|
|
|
Name : |
Mr. Ranbir Singh Butola |
|
Designation : |
Director |
|
Address : |
B-2/2277, Vasant Kunj, New Delhi – 110070, India |
|
Date of Appointment : |
13.01.2015 |
|
DIN No.: |
00145895 |
|
|
|
|
Name : |
Mr. Shanker Annaswamy |
|
Designation : |
Director |
|
Address : |
Villa No A-265, East Drive Prestige Zone Whitefield Main
Road, Whitefield Bangalore – 560066, Karnataka, India |
|
Date of Appointment : |
12.01.2006 |
|
DIN No.: |
00449634 |
KEY EXECUTIVES
|
Name : |
Mr. Haresh Kishinchand Gajwani |
|
Designation : |
Company Secretary |
|
Address : |
901, Luv Kush Towers, Sindhi Society, Chembur, Mumbai –
400071, Maharashtra, India |
|
Date of Appointment : |
04.10.2006 |
|
PAN No.: |
AADPG3456D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on December 2017
|
Category of
shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares |
|
|
(A) Promoter & Promoter Group |
89827767 |
16.79 |
|
|
(B) Public |
445226013 |
83.21 |
|
|
Grand
Total |
535053780 |
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 |
|
|
A1) Indian |
0.00 |
|
|
|
A2) Foreign |
0.00 |
|
|
|
Any Other (specify) |
89827767 |
16.79 |
|
|
Indusind International Holdings Ltd |
66027767 |
12.34 |
|
|
Indusind Limited |
23800000 |
4.45 |
|
|
Sub Total A2 |
89827767 |
16.79 |
|
|
A=A1+A2 |
89827767 |
16.79 |
|
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/ |
65709080 |
12.28 |
|
|
Aditya Birla Sun Life Trustee Private
Limited A/C Aditya Birla Sun Life Tax Plan |
8247427 |
1.54 |
|
|
Uti - Sensex Exchange Traded Fund |
7490392 |
1.40 |
|
|
Sbi Equity Savings Fund |
6976825 |
1.30 |
|
|
Kotak Capital Protection Oriented Scheme -
Series 4 |
6796053 |
1.27 |
|
|
Alternate
Investment Funds |
352569 |
0.07 |
|
|
Foreign
Portfolio Investors |
267167507 |
49.93 |
|
|
Bridge India Fund |
21013458 |
3.93 |
|
|
Afrin Dia |
9096463 |
1.70 |
|
|
Tybourne Equity Master Fund |
6776128 |
1.27 |
|
|
New Leaina Investments Limited |
6410000 |
1.20 |
|
|
GOVERNMENT OF SINGAPORE |
6097028 |
1.14 |
|
|
Financial
Institutions/ Banks |
1475138 |
0.28 |
|
|
Insurance
Companies |
1572600 |
0.29 |
|
|
Any Other
(specify) |
842 |
0.00 |
|
|
Foreign Bank |
42 |
0.00 |
|
|
UTI |
800 |
0.00 |
|
|
Sub Total B1 |
336277736 |
62.85 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
Central
Government/ State Government(s)/ President of India |
1049641 |
0.20 |
|
|
Sub Total B2 |
1049641 |
0.20 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
30018611 |
5.61 |
|
|
Individual share
capital in excess of INR 0.200 Million |
9082704 |
1.70 |
|
|
Any Other
(specify) |
68797321 |
12.86 |
|
|
Trusts |
4695109 |
0.88 |
|
|
Foreign Individuals |
415 |
0.00 |
|
|
HUF |
663572 |
0.12 |
|
|
NRI – Non- Repat |
2008834 |
0.38 |
|
|
Director or Director's Relatives |
409569 |
0.08 |
|
|
NRI – Repat |
2408147 |
0.45 |
|
|
Overseas corporate bodies |
925000 |
0.17 |
|
|
Clearing Members |
859757 |
0.16 |
|
|
Icici Prudential Life Insurance Company
Limited |
8946496 |
1.67 |
|
|
Hinduja Ventures Ltd |
7608196 |
1.42 |
|
|
Aasia Corporation Llp |
6794250 |
1.27 |
|
|
Hinduja Group Limited |
6404117 |
1.20 |
|
|
Sub Total B3 |
107898636 |
20.17 |
|
|
B=B1+B2+B3 |
445226013 |
83.21 |
|
BUSINESS DETAILS
|
Line of Business : |
(Registered activity) |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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|
|
|
||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
25314 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg Shivaji Park, Dadar (West), Mumbai
– 400028, Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates: |
|
|
|
|
|
Subsidiaries : |
U67200TN2003PTC050551 |
CAPITAL STRUCTURE
After 26.07.2017
Authorised Capital : INR 7000.000 Million
Issued, Subscribed & Paid-up Capital : INR 6002.202 Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000000 |
Equity Shares |
INR 10/- each |
INR 7000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
598148705 |
Equity Shares |
INR 10/- each |
INR 5981.487
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
CAPITAL AND
LIABILITIES |
|
|
|
|
Capital |
5981.487 |
5949.863 |
5294.502 |
|
Employee Stock Options Outstanding |
152.007 |
137.664 |
140.531 |
|
Reserves and Surplus |
200327.715 |
170872.227 |
101010.311 |
|
Deposits |
1265722.228 |
930003.461 |
741343.642 |
|
Borrowings |
224536.943 |
249958.648 |
206180.562 |
|
Other Liabilities and Provisions |
89763.758 |
72048.065 |
63904.173 |
|
TOTAL |
1786484.138 |
1428969.928 |
1117873.721 |
|
ASSETS |
|
|
|
|
Cash and Balances with Reserve Bank of India |
77487.471 |
45210.405 |
40351.427 |
|
Balances with Banks and Money at Call and Short Notice |
108795.071 |
55908.310 |
67439.992 |
|
Investments |
367021.382 |
340543.147 |
228783.379 |
|
Advances |
1130805.076 |
884193.419 |
687881.990 |
|
Fixed Assets |
13352.328 |
12553.239 |
11575.774 |
|
Other Assets |
89022.810 |
90561.408 |
81841.159 |
|
TOTAL |
1786484.138 |
1428969.928 |
1117873.721 |
|
|
|
|
|
|
Contingent Liabilities |
4063871.915 |
2851013.208 |
2089731.021 |
|
|
|
|
|
|
Bills for Collection |
190069.091 |
137608.454 |
67289.177 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
INCOME |
|
|
|
|
|
Interest Earned |
144056.703 |
118717.437 |
96919.639 |
|
|
Other Income |
41714.922 |
32969.462 |
25480.033 |
|
|
TOTAL |
185771.625 |
151686.899 |
122399.672 |
|
|
EXPENDITURE |
|
|
|
|
|
Interest Expended |
83430.661 |
73551.713 |
62716.885 |
|
|
Operating Expenses |
47830.758 |
36721.009 |
28700.625 |
|
|
Provisions and Contingencies |
25831.279 |
18549.676 |
13045.009 |
|
|
TOTAL |
157092.698 |
128822.398 |
104462.519 |
|
|
|
|
|
|
|
|
PROFIT |
|
|
|
|
|
Net Profit for the
year |
28678.927 |
22864.501 |
17937.153 |
|
|
Profit brought forward |
50134.532 |
36640.165 |
26233.340 |
|
|
TOTAL |
78813.459 |
59504.666 |
44170.493 |
|
|
|
|
|
|
|
|
APPROPRIATIONS Transfer to |
|
|
|
|
|
a) Statutory Reserve |
7169.732 |
5716.125 |
4484.288 |
|
|
b) Capital Reserve |
455.366 |
132.100 |
122.749 |
|
|
c) Investment Reserve Account |
-- |
-- |
371.633 |
|
|
d) Dividend (Proposed) |
4.554 |
3521.909 |
2120.129 |
|
|
e) Corporate Dividend Tax |
-- |
-- |
431.529 |
|
|
|
7629.652 |
9370.134 |
7530.328 |
|
|
Balance carried over to the Balance Sheet |
71183.807 |
50134.532 |
36640.165 |
|
|
TOTAL |
78813.459 |
59504.666 |
44170.493 |
|
|
EARNING PER EQUITY
SHARE (Face value of INR10/- per share) (INR) |
|
|
|
|
|
Basic |
48.06 |
39.68 |
33.99 |
|
|
Diluted |
47.56 |
39.26 |
33.41 |
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 |
134540.790 |
(15780.846) |
(2990.520) |
|
Net Cash flows from operating activities |
115693.019 |
(29269.256) |
(14210.608) |
STOCK PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 1866.85/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Capital |
5294.502 |
5949.863 |
5981.487 |
|
Reserves & Surplus |
101010.311 |
170872.227 |
200327.715 |
|
Employee Stock Options Outstanding |
140.531 |
137.664 |
152.007 |
|
Net
worth |
106445.344 |
176959.754 |
206461.209 |
|
|
|
|
|
|
Borrowings |
206180.562 |
249958.648 |
224536.943 |
|
Total
borrowings |
206180.562 |
249958.648 |
224536.943 |
|
Debt/Equity
ratio |
1.937 |
1.413 |
1.088 |
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 |
|
Income |
96919.639 |
118717.437 |
144056.703 |
|
|
|
22.491 |
21.344 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Income |
96919.639 |
118717.437 |
144056.703 |
|
Profit |
17937.153 |
22864.501 |
28678.927 |
|
|
18.51% |
19.26% |
19.91% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
CAPITAL AND
LIABILITIES |
|
|
|
|
Capital |
|
5981.487 |
5949.863 |
|
Employee Stock Options Outstanding |
|
152.007 |
137.664 |
|
Reserves and Surplus |
|
200342.547 |
170884.278 |
|
Deposits |
|
1265722.228 |
930003.461 |
|
Borrowings |
|
224536.943 |
249958.648 |
|
Other Liabilities and Provisions |
|
89763.758 |
72048.065 |
|
TOTAL |
|
1786498.970 |
1428981.979 |
|
ASSETS |
|
|
|
|
Cash and Balances with Reserve Bank of India |
|
77487.471 |
45210.405 |
|
Balances with Banks and Money at Call and Short Notice |
|
108795.071 |
55908.310 |
|
Investments |
|
367036.214 |
340555.198 |
|
Advances |
|
1130805.076 |
884193.419 |
|
Fixed Assets |
|
13352.328 |
12553.239 |
|
Other Assets |
|
89022.810 |
90561.408 |
|
TOTAL |
|
1786498.970 |
1428981.979 |
|
|
|
|
|
|
Contingent Liabilities |
|
4063871.915 |
2851013.208 |
|
|
|
|
|
|
Bills for Collection |
|
190069.091 |
137608.454 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
INCOME |
|
|
|
|
|
Interest Earned |
|
14056.703 |
118717.437 |
|
|
Other Income |
|
41714.922 |
32969.462 |
|
|
TOTAL |
|
55771.625 |
151686.899 |
|
|
EXPENDITURE |
|
|
|
|
|
Interest Expended |
|
83430.661 |
73551.713 |
|
|
Operating Expenses |
|
47830.758 |
36721.009 |
|
|
Provisions and Contingencies |
|
25831.279 |
18549.676 |
|
|
TOTAL |
|
157092.698 |
128822.398 |
|
|
|
|
|
|
|
|
PROFIT |
|
|
|
|
|
Net Profit for the
year |
|
28678.927 |
22864.501 |
|
|
Add: Share in Profit / (Loss) of Associates |
|
2.781 |
2.768 |
|
|
Profit brought forward |
|
50146.548 |
36649.413 |
|
|
TOTAL |
|
78828.256 |
59516.682 |
|
|
|
|
|
|
|
|
APPROPRIATIONS Transfer to |
|
|
|
|
|
a) Statutory Reserve |
|
7169.732 |
5716.125 |
|
|
b) Capital Reserve |
|
455.366 |
132.100 |
|
|
c) Investment Reserve Account |
|
-- |
-- |
|
|
d) Dividend (Proposed) |
|
4.554 |
3521.909 |
|
|
e) Corporate Dividend Tax |
|
-- |
-- |
|
|
|
|
7629.652 |
9370.134 |
|
|
Balance carried over to the Balance Sheet |
|
71198.604 |
50146.548 |
|
|
TOTAL |
|
78828.256 |
59516.682 |
|
|
EARNING PER EQUITY
SHARE (Face value of INR10/- per share) (INR) |
|
|
|
|
|
Basic |
|
48.06 |
39.68 |
|
|
Diluted |
|
47.56 |
39.26 |
LEGAL
CASES
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Presentation:- 18.11.2016 |
|||||||
|
Lodging No:- |
WPST/31566/2016 |
Failing Date:- |
18.11.2016 |
Reg. No.:- |
WP/6649/2017 |
Reg. Date:- |
20.06.2017 |
|
|
|||||||
|
Petitioner:- |
CENTRAL BOARD OF TRUSTEES, EMPLOYMENT |
Respondent:- |
INDUSIND BANK LIMITED |
||||
|
Petn.Adv:- |
WASNIK VASANT KISANJI (I5939) |
Resp.Adv.: |
A.P. WACHASUNDAR (I8154) |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
SINGLE |
|
|||||
|
Status:- |
Pre-Admission |
Stage: |
PRESH ADMISSION |
||||
|
Next Date:- |
01.05.2018 |
||||||
|
Coram:- |
ACCORDING TO SITTING LIST |
||||||
|
Act:- |
Employment Provident Fund and Misc. P. Act |
||||||
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Presentation:- 27.04.2016 |
|||||||
|
Lodging No:- |
ARPST/12830/2016 |
Failing Date:- |
27.04.2016 |
Reg. No.:- |
RC/2334/2017 |
Reg. Date:- |
00/00/0000 |
|
Main Matter |
|||||||
|
Petitioner:- |
CHAKRAM TRAVELS, THR. PART.UMASH |
Respondent:- |
INDUSIND BANK LIMITED |
||||
|
Petn.Adv:- |
KEVIN ANDREW CHETTIAR (I6001) |
||||||
|
District:- |
PALGHAR |
||||||
|
Bench:- |
SINGLE |
Category: |
ARP-COMMERCIAL APPELLATE DIVISION |
||||
|
Status:- |
Rejected |
Remark:- |
Office objection
not removed |
||||
|
Rejected Date:- |
03.10.2017 |
||||||
|
Act:- |
Arbitration and Conciliation Act 1996 Specific Relief Act C.P.C.- (Interlocutory Order) |
||||||
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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 |
FINANCIAL
PERFORMANCE
During the year, despite a persistently challenging operating environment, the Bank improved its
business, with Deposits growing by 36.10% and Advances by 27.89% over the previous year.
The Bank continued to focus on increasing earnings from its core banking business, strengthening the fee income
streams, and maintaining control on operating costs.
Operating profit (before depreciation and provision and Contingencies) rose robustly by 31.27% to INR 56417.100 Million as compared to INR 42979.400 Million in the previous year.
The net profit of the Bank, after considering all expenses and necessary Provision and Contingencies, was higher by 25.43% at INR 28678.900 Million, as against INR 22864.500 Million in the previous year.
GENERAL
IndusInd Bank Limited (“the Bank”) was incorporated in 1994 under the Companies Act, 1956 and is licensed by the Reserve Bank of India (RBI) to operate as a commercial bank under the Banking Regulation Act, 1949. The Bank is publicity held and provides a wide range of banking products and financial services to corporate and retail clients besides undertaking treasury operations. The Bank operates in India including at the International Financial Service Centres in India, and does not have a branch in any foreign country.
The accompanying financial statement have been prepared under the historical cost convention except where otherwise stated, and in accordance with statutory requirements prescribed under the Banking Regulation Act, 1949, circulars and guidelines issued by RBI from time to time (RBI guidelines), accounting standards referred to in Section 133 of the Companies Act, 2013 (the Act) and practices prevailing within the banking industry in India.
The preparation of the financial statement in conformity with generally accepted accounting principles in India requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and disclose of contingent liabilities on the date of the financial statements. Management believes that the estimates and assumptions used in the preparation of the financial statements are prudent and reasonable, Any revision to accounting estimate is recognized prospectively in current and future periods.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Borrowings |
|
|
|
Unsecured Non-Convertible Redeemable Non-Cumulative Bonds (Subordinated Upper Tier-2 Bonds) |
0.000 |
3089.000 |
|
Unsecured Non-Convertible Perpetual Non-Cumulative Bonds (Subordinated Debt qualifying as Additional Tier 1 Capital) |
10000.000 |
0.000 |
|
Total |
10000.000 |
3089.000 |
INDEX
OF CHARGES: NO CHARGES EXIST FOR THE COMPANY
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER 2017
|
|
|
Particulars |
quarter ended |
quarter ended |
Nine months ended |
|
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
|
Interest Earned |
|
|
|
|
|
|
Interest / Discount on Advance / Bills |
42867.800 |
42083.500 |
126306.400 |
|
|
|
Income on Investment |
34696.100 |
32902.800 |
100305.900 |
|
|
|
Interest on balances with Reserve Bank of India and Other inter bank
funds |
7494.600 |
7679.400 |
22438.700 |
|
|
|
Others |
368.000 |
1108.000 |
2461.000 |
|
|
|
|
|
|
|
|
2. |
|
Other Income |
11867.600 |
11875.700 |
35415.900 |
|
|
|
|
|
|
|
|
3 |
|
Total Income |
54735.400 |
53959.200 |
161722.300 |
|
|
|
|
|
|
|
|
4 |
|
Interest Expended |
23919.700 |
13873.600 |
71407.800 |
|
|
|
|
|
|
|
|
5 |
|
Operating expenses |
14168.800 |
13850.600 |
41447.300 |
|
|
|
Employees Cost |
4599.600 |
4450.400 |
13271.700 |
|
|
|
Other Operating expenses |
9569.200 |
9300.200 |
28175.600 |
|
|
|
|
|
|
|
|
6 |
|
Total Expenditure
Excluding Provision and Contingencies |
38088.500 |
37624.200 |
112855.100 |
|
|
|
|
|
|
|
|
7 |
|
Operating Profit
before Provision and Contingencies |
16646.900 |
16335.000 |
48867.200 |
|
|
|
|
|
|
|
|
8 |
|
Provisions (other than tax) Contingencies |
2361.600 |
2937.500 |
8398.800 |
|
|
|
|
|
|
|
|
9 |
|
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
10 |
|
Net Profit / Loss
from Ordinary Activities before tax |
14285.300 |
13397.500 |
40468.400 |
|
|
|
|
|
|
|
|
11 |
|
Tax Expense |
4922.800 |
4596.500 |
13939.400 |
|
|
|
|
|
|
|
|
12 |
|
Net Profit / Loss
from Ordinary Activities after tax |
9362.500 |
8801.000 |
26529.000 |
|
|
|
|
|
|
|
|
13 |
|
Extraordinary Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
14 |
|
Net profit for the
period |
9362.500 |
8801.000 |
26529.000 |
|
|
|
|
|
|
|
|
15 |
Paid up equity share capital (Eq. shares of INR 10/- each |
5997.400 |
5988.700 |
5997.400 |
|
|
|
|
|
|
|
|
|
16 |
Reserve excluding revaluation reserves |
|
|
|
|
|
|
|
|
|
|
|
|
17 |
Analytical Ratios |
|
|
|
|
|
i |
Percentage of share held by Government of India |
0.00 |
0.00 |
0.00 |
|
|
Ii |
Capital Adequacy Ratio (%) Basis |
15.83 |
15.63 |
15.83 |
|
|
iii |
Earning per Share |
|
|
|
|
|
|
Basic EPS before Extraordinary Items |
15.62 |
14.70 |
44.31 |
|
|
|
Diluted Extraordinary Items |
15.47 |
14.54 |
43.88 |
|
|
|
|
|
|
|
|
|
|
NPA Ratios: |
|
|
|
|
|
a |
Gross NPA |
14987.000 |
13452.800 |
14987.000 |
|
|
|
Net NPA |
5922.000 |
5368.900 |
5922.000 |
|
|
b |
Gross NPA (%) |
1.16 |
1.08 |
1.16 |
|
|
|
Net NPA (%) |
0.46 |
0.44 |
0.46 |
|
|
|
Return on assets
(%) |
1.96 |
1.90 |
1.91 |
|
SEGMENT REPORTING FOR
THE QUARTER / NINE MONTHS ENDED DCEMBER 31, 2017
|
|
Particulars |
quarter ended |
quarter ended |
Nine months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
(a) |
Segment Revenue: |
|
|
|
|
|
Treasury Operations |
9129.300 |
10925.800 |
30606.500 |
|
|
Corporate / Wholesale Banking |
17385.100 |
17243.200 |
51859.400 |
|
|
Retail Banking |
30174.200 |
27887.200 |
85663.800 |
|
|
Other Banking Business |
152.000 |
158.000 |
458.200 |
|
|
Other Items |
56840.600 |
56214.200 |
168587.900 |
|
|
Less: Inter-segment Revenue |
2105.200 |
2255.000 |
6565.600 |
|
|
Total Income |
54735.400 |
53959.200 |
161722.300 |
|
(b) |
Segment Results: |
|
|
|
|
|
Treasury Operations |
1395.600 |
1864.600 |
4957.600 |
|
|
Corporate / Wholesale Banking |
5286.100 |
5228.600 |
15613.000 |
|
|
Retail Banking |
10440.500 |
9728.700 |
29725.600 |
|
|
Other Banking Business |
52.600 |
55.100 |
159.000 |
|
|
Total |
17174.800 |
16877.000 |
50455.200 |
|
|
Add: Unallocated Revenue |
-- |
-- |
-- |
|
|
Less: Unallocated Expenses |
527.900 |
542.000 |
1588.000 |
|
|
Operating Profit |
16646.900 |
16335.000 |
48867.200 |
|
|
Less: provision and Contingencies |
2361.600 |
2937.500 |
8398.800 |
|
|
Net profit before
tax |
14285.300 |
13397.500 |
40468.400 |
|
|
Less: Taxes including Deferred Taxes |
4922.800 |
4595.600 |
13939.400 |
|
|
Extraordinary Profit / Loss |
-- |
-- |
-- |
|
|
Net Profit |
9362.500 |
8801.000 |
26529.000 |
|
(c) |
Other Information: |
|
|
|
|
|
Segment Assets: |
|
|
|
|
|
Treasury Operations |
541849.500 |
510868.800 |
541849.500 |
|
|
Corporate / Wholesale Banking |
563355.600 |
562118.700 |
563355.600 |
|
|
Retail Banking |
815612.900 |
795406.800 |
815612.900 |
|
|
Other Banking Business |
-- |
-- |
-- |
|
|
Unallocated Assets |
86207.600 |
81922.600 |
86207.600 |
|
|
Total Assets |
2007025.600 |
1950316.900 |
2007025.600 |
|
|
|
|
|
|
|
|
Segment liabilities |
|
|
|
|
|
Segment |
|
|
|
|
|
Treasury Operations |
238736.600 |
241518.600 |
238736.600 |
|
|
Corporate / Wholesale Banking |
643387.400 |
632834.100 |
643387.400 |
|
|
Retail Banking |
830898.900 |
796566.700 |
830898.900 |
|
|
Other Banking Business |
-- |
-- |
-- |
|
|
Unallocated liabilities |
64601.300 |
59682.000 |
64601.300 |
|
|
Capital and Other
Reserves |
229401.400 |
219715.500 |
229401.400 |
|
|
Total liabilities |
2007025.600 |
1950316.900 |
2007025.600 |
Note:
1. There has been no material change in the accounting policies adopted during the quarter / nine months ended December 31, 2017 as compared to those followed for the year ended March 31, 2017.
2. The working results for the quarter / nine months ended December 31, 2017
have been arrived at after considering provision for standard assets, including
requirements for exposures to entities with Unhedged Foreign Currency Exposure,
non-performing assets (NPAs), depreciation on investments, income-tax and other
usual and necessary provisions.
3. The above financial results for the quarter / nine months ended December 31,
2017 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 January 11, 2018.
4. RBI Master Circular DBR.No.BP.BC.1/21.06.201/2015-16 dated July 01, 2015, as
amended, on Basel III Capital Regulations contain 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- http: / /
www.indusind.com/content/home/important-links/regulatory-disclosures-section
.html These disclosures have not been subjected to the Limited Review.
5. The Capital Adequacy Ratio is computed on the basis of RBI guidelines
applicable on the relevant reporting dates and the ratio for the corresponding
previous period is not adjusted to consider the impact of subsequent changes if
any, in the guidelines.
6. In line with the Policy approved by the Board of Directors, the Bank has
transferred an amount of Rs.7000 lacs towards floating provision for advances
during the quarter ended June 30,2017. The floating provision has been
considered while computing the Net NPAs and Provision Coverage Ratio (PCR).
7. On October 14, 2017, the Board of Directors of the Bank and Bharat Financial
Inclusion Limited (BFIL), at their respective meetings, approved a merger of
BFIL with the Bank in an all-stock transaction through a Composite Scheme of
Arrangement. The Scheme is subject to the approval of, the Reserve Bank of
India (RBI), the Competition Commission of India (CCI), the Securities and
Exchange Board of India (SEBI) / stock exchanges, the respective shareholders
and creditors of the Bank and BFIL, and the National Company Law Tribunal
(NCLT). While the Scheme has been approved by the CCI, certain other approvals
are still pending, and as such, the proposed transaction does not have any
impact on the current financial results or the financial position of the Bank
as at December 31, 2017.
8. On March 14, 2017, the Bank made an announcement of entering into an
agreement with Infrastructure Leasing and Financial Services Ltd., (IL&FS)
the Promoter Shareholders of IL&FS Securities Services Ltd., (ISSL) to
acquire 100% of ISSL. The proposed transaction is conditional on definitive
agreements and approvals including regulatory approvals, and as such, does not
have any bearing on the current financial results or the financial position of
the Bank as at December 31, 2017.
9. During the quarter / nine months ended December 31, 2017, the Bank allotted
8,63,706 shares and 15,86,639 shares respectively, pursuant to the exercise of
stock options by certain employees.
10. Previous period / year figures have been regrouped / reclassified, where
necessary to conform to current period / year classification.
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the Bank not acknowledged as debts |
5226.884 |
6485.909 |
|
Liability on account of outstanding Forward Exchange Contracts |
2150132.026 |
1437613.122 |
|
Liability on account of outstanding Derivative Contracts |
1380285.833 |
997415.369 |
|
Guarantees given on
behalf of constituents: |
|
|
|
- In India |
389034.644 |
327221.960 |
|
- Outside India |
608.261 |
0.000 |
|
Acceptances, Endorsements and Other Obligations |
127394.755 |
65120.948 |
|
Other Items for which the Bank is contingently liable |
11189.512 |
17155.900 |
PRESS RELEASE
INDUSIND BANK PARTNERS
WITH SAMSUNG ELECTRONICS
APRIL 6, 2018
To offer Samsung Pay services to its credit card customers
IndusInd Bank announced collaboration with Samsung Electronics to enable its MasterCard and Visa Credit Card customers to use 'Samsung Pay'. IndusInd credit card holders can now 'tap and pay' at merchant outlets having Point of Sale (PoS) terminals using a wide range of Samsung Smartphones.
Samsung Pay is a revolutionary payments system, which is 'Simple, Secure and accepted Almost Everywhere'. Samsung Pay allows customers to simply tap and 'pay on the go' using their registered IndusInd Bank Credit Cards. Samsung Pay works with patented Magnetic Secure Transmission (MST) technology as well as Near Field Communication (NFC) and hence can be used seamlessly at around 3.1 million Point of Sale (PoS) card machines across the country.
As a part of the launch and customer engagement strategy, IndusInd Bank Credit Card customers who have an eligible Samsung device can get 100% Cashback on their first 3 transactions till 30 April 2018.
INDUSIND BANK IN PACT
WITH WHATSAPP TO CONNECT CUSTOMERS
APRIL 03, 20
It will allow the bank to communicate important transaction alerts to customers on WhatsApp.
Private sector lender IndusInd Bank has announced a pilot with WhatsApp enterprise solution in India to communicate with its customers
The arrangement with WhatsApp will allow IndusInd Bank to start appearing as a verified account when it communicates with its customers.
The initial test phase will allow the bank to communicate important transaction alerts to the customers on WhatsApp.
It also allows two-way communication with replies to customer messages and provides basic banking services such as checking balance, mini statement, checking reward points as well as updation of Aadhaar through WhatsApp.
``The messaging on WhatsApp is being rolled out to customers in phases; however, customers can save the official WhatsApp number of the bank and initiate conversation,’’ said a release for IndusInd.
Ritesh Raj Saxena, Head Savings, Digital and Payments, IndusInd Bank, said, “We will be working with WhatsApp closely to bring more and more services to our retail and business clients, post this pilot phase.”
INDUSIND BANK GETS
RBI NOD TO ACQUIRE IL&FS ARM
Apr 04, 2018
NEW DELHI: Private sector lender IndusInd BankNSE -0.15 % today said it has received RBI's approval to buy the securities services arm of IL&FS.
The deal size was however not known.
"The Reserve Bank has granted approval for the proposed
acquisition," IndusInd Bank said in a regulatory filing.
In March 2017, the bank entered an agreement with Infrastructure Leasing and
Financial Services, the promoter shareholder of IL&FS Securities Services
Ltd (ISSL), to acquire 100 per cent stake in ISSL.
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 65.22 |
|
|
1 |
INR 92.77 |
|
Euro |
1 |
INR 80.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
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.