|
|
|
MIRA
INFORM REPORT
|
Report No. : |
490794 |
|
Report Date : |
08.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
TJSB SAHAKARI BANK LIMITED |
|
|
|
|
Registered
Office : |
TJSB House, Plot No. B-5, Road No. 2, Wagle Industrial Estate, Thane (West) – 400604, Maharashtra |
|
Tel. No.: |
91-22-25878500 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
1972 |
|
|
|
|
RBI Licence No.: |
MH 419 P, 21.01.1985 |
|
|
|
|
Multi-State Licence
No.: |
MSCS/CR/287/2008 Date: 23/10/2008 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 1222.130
Million |
|
|
|
|
IEC No.: |
Not Applicable (As informed by the management that firm does not have export and import) |
|
|
|
|
Service Tax No.: |
AAAAT4062EST012 |
|
|
|
|
Central Sales
Tax No.: |
27885236882C |
|
|
|
|
Swift Code : |
TJSKINBBXXX |
|
|
|
|
GST No.: |
27AAAAT4062E1ZP |
|
|
|
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TIN No.: |
27885236882 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAAAT4062E |
|
|
|
|
Legal Form : |
Multi-State Scheduled Bank |
|
|
|
|
Line of Business
: |
Providing Banking Services. [Registered Activity and also Confirmed by
Management] |
|
|
|
|
No. of Employees
: |
1304 (Approximately) [Officers & Others: 1257 and Sub-Staff and Watchman: 47] |
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 : |
Exist |
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|
|
|
Comments : |
Subject was established in the year 1972 by Mr. B K Patwardhan (Chartered Accountant) to extend credit services to SMEs. It has 133 branches across western region of India i.e. Gujarat, Maharashtra, Goa and Karnataka. It received scheduled bank status in 1996 and became a multi-state scheduled co-operative bank in November 2008. It has 53,282 regular members as on 31st March 2017. As per the financials of March 2017, the subject has achieved a growth of 7.47% in its revenue as compared to its previous year’s revenue and has reported good profit margin of 9.90% under review. Rating takes into consideration the subject’s long established track record of business operations marked by sound net worth base along with strong debt coverage indicators and good liquidity position. Rating continues to reflect bank’s comfortable earnings position and its stable resources profile. Further, the company has reported Earnings Per Share of INR 43.16 against its face value of INR 50. However, rating strength is partially offset by the bank’s average asset quality marked by concentration of its loan portfolio among small and medium enterprises (SMEs) and micro MSMEs. Payments are reported to be regular as per commitments. In view of aforesaid, the company can be considered good for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
28.01.2018 |
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 08.02.2018.
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 PARTED BY [GENERAL DETAILS]
|
Name : |
Mr. Rajendra Tanpure |
|
Designation : |
Chief Manager |
|
Contact No.: |
91-9323128986 |
|
Date : |
06.02.2018 |
LOCATIONS
|
Registered/ Head Office : |
TJSB House, Plot No. B-5, Road No. 2, Wagle Industrial Estate, Thane (West) – 400604, Maharashtra, India |
|
Tel. No.: |
91-22-25878500 |
|
Mobile No.: |
91-9323128986 [Mr. Rajendra Tanpure] |
|
Fax No.: |
91-22-25878650 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Shukrawar Peth, Pune, Sathe Chambers, Ground & Mazzanine Floor Showroom, Sathe & Co. Private Limited, 678, Shivaji Road, Pune-411002, Maharashtra, India |
|
|
|
|
Other Branch Offices : |
Located at: 133 Branches |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. C. N. Menon |
|
Designation : |
Chairman |
|
Qualification : |
B.A., BGL |
|
|
|
|
Name : |
Mr. V.M. Patki |
|
Designation : |
Vice-Chairman |
|
Qualification : |
M. Com, LLB, AICWA, FCA |
|
|
|
|
Name : |
Mr. V. A. Vaishampayan |
|
Designation : |
Director |
|
Qualification : |
M. Tech. (Production), Chartered Engineer |
|
|
|
|
Name : |
Mrs. A. R. Apte |
|
Designation : |
Director |
|
Qualification : |
B.Sc., LLB |
|
|
|
|
Name : |
Mr. R. K. Agarwal |
|
Designation : |
Director |
|
Qualification : |
B.Sc. |
|
|
|
|
Name : |
Mr. R. K. Kanani |
|
Designation : |
Director |
|
Qualification : |
Diploma in Mech. Engg. |
|
|
|
|
Name : |
Mr. M. D. Khutade |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N. D. Mandge |
|
Designation : |
Director |
|
Qualification : |
M.Sc., DHE |
|
|
|
|
Name : |
Mr. P. D. Thakur |
|
Designation : |
Director |
|
Qualification : |
B. Com, LLB |
|
|
|
|
Name : |
Miss K. K. Railkar |
|
Designation : |
Director |
|
Qualification : |
B.Com., FCA, DISA (ICAI) |
|
|
|
|
Name : |
Mr. D. Y. Sule |
|
Designation : |
Director |
|
Qualification : |
Government Commercial Diploma (GCD) |
|
|
|
|
Name : |
Mr. Vinodkumar Bansal |
|
Designation : |
Co-Opted Director |
|
Qualification : |
FCA |
|
|
|
|
Name : |
Mr. S. P. Sathe |
|
Designation : |
Managing Director and CEO |
|
Qualification : |
B.Com., CAIIB, ACMA, CS |
KEY EXECUTIVES
|
Name : |
Mr. S. S. Kamat |
|
Designation : |
General Manager |
|
Qualification : |
B.Sc., DE, MCP, MCSE, CIISA, CISP Diploma in Cyber Law |
|
|
|
|
Name : |
Mr. S. V. Pathak |
|
Designation : |
General Manager |
|
Qualification : |
B.Com., CAIIB, BGL, CFA-Inter |
|
|
|
|
Name : |
Mr. G. A. Gangal |
|
Designation : |
Dy. General Manager |
|
Qualification : |
B.Com., JAIIB |
|
|
|
|
Name : |
Mr. N. N. Arekar |
|
Designation : |
Dy. General Manager |
|
Qualification : |
B.Com., CAIIB |
|
|
|
|
Name : |
Mr. S. L. Jambhale |
|
Designation : |
Dy. General Manager |
|
Qualification : |
B.E. (IT) |
|
|
|
|
Name : |
Mr. M. M. Phadke |
|
Designation : |
Dy. General Manager |
|
Qualification : |
B.Com., LLB, CAIIB, CS-Inter |
|
|
|
|
Name : |
Mr. M. P. Godse |
|
Designation : |
Dy. General Manager |
|
Qualification : |
B.Com., CAIIB |
|
|
|
|
Name : |
Mr. V. G. Navare |
|
Designation : |
Asst. General Manager |
|
Qualification : |
B.Com., CAIIB |
|
|
|
|
Name : |
Mr. S. M. Mayekar |
|
Designation : |
Asst. General Manager |
|
Qualification : |
B.Com., CAIIB |
|
|
|
|
Name : |
Mr. V. C. Mudgerikar |
|
Designation : |
Asst. General Manager |
|
Qualification : |
B.E.(MECH), PGDM, CISA, CIA, ISO 27000LA |
|
|
|
|
Name : |
Mr. H. R. BAPAT |
|
Designation : |
Asst. General Manager |
|
Qualification : |
B.Sc., CAIIB, LLB |
|
|
|
|
Name : |
Mrs. S. K. Kalke |
|
Designation : |
Asst. General Manager |
|
Qualification : |
B.Com., C.A., CS INTER (GR-I), CAIIB |
|
|
|
|
Name : |
Mr. D. L. Kulkarni |
|
Designation : |
Asst. General Manager |
|
Qualification : |
B.Com., JAIIB |
|
|
|
|
Name : |
Mr. V. G. Gore |
|
Designation : |
Asst. General Manager |
|
Qualification : |
B.Com., JAIIB |
|
|
|
|
Name : |
Mrs. A. N. Sule |
|
Designation : |
Asst. General Manager |
|
Qualification : |
B.Com., JAIIB, LLB, GDCA |
|
|
|
|
Name : |
Mr. P. P. Pandit |
|
Designation : |
Asst. General Manager |
|
Qualification : |
B.Com., CAIIB, GDCA |
|
|
|
|
Name : |
Mr. V. V. Gadgil |
|
Designation : |
Asst. General Manager |
|
Qualification : |
B.Com., CAIIB |
|
|
|
|
Name : |
Mr. D. N. Kamat |
|
Designation : |
Asst. General Manager |
|
Qualification : |
B.Com., CAIIB |
|
|
|
|
Name : |
Mr. A. D. Ranade |
|
Designation : |
Asst. General Manager |
|
Qualification : |
B.A. |
|
|
|
|
Name : |
Mr. R. A. Gore |
|
Designation : |
Asst. General Manager |
|
Qualification : |
B.Com., CAIIB |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT DIVULGED
BUSINESS DETAILS
|
Line of Business : |
Providing Banking Services. [Registered Activity and also Confirmed by
Management] |
|
|
|
|
Products/ Services : |
· Treasury and Forex · Other Banking Operations |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
Not Available |
|
Countries : |
Not Available |
|
|
|
|
Imports : |
|
|
Products : |
Not Available |
|
Countries : |
Not Available |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Advance Payment, L/C, Cheque and Credit |
|
|
|
|
Purchasing : |
Cash, Advance Payment, L/C, Cheque and Credit |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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|
||||||||||||||||||
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Customers : |
Others
|
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|
||||||||||||||||||
|
No. of Employees : |
1304 (Approximately) [Officers & Others: 1257 and Sub- staff and Watchman: 47] |
||||||||||||||||||
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|
||||||||||||||||||
|
Bankers : |
· Reserve Bank of India · State Bank of India |
||||||||||||||||||
|
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|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Gokhale and Sathe Chartered Accountants |
|
Address : |
Office - 308 / 309, Udyog Mandir No. 1, 7-C Bhagoji Keer Marg, Mahim, Mumbai – 400016, Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Shares |
INR 50/- each |
INR 5000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18805843 |
Individual Shares |
INR 50/- each |
INR 940.292 Million |
|
5636749 |
Others Shares |
INR 50/- each |
INR 281.838
Million |
|
|
Total |
|
INR 1222.130 Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
CAPITAL AND LIABILITIES |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
Capital |
1222.130 |
1153.062 |
1070.009 |
|
Reserve Fund and Other Reserves |
7530.252 |
6788.747 |
6222.123 |
|
Deposits and Other Accounts |
93514.232 |
81220.548 |
71803.810 |
|
Borrowings |
4044.256 |
3303.737 |
3184.390 |
|
Bills For Collection Being Bills Receivable (As Per Contra) |
1512.253 |
923.343 |
919.539 |
|
Branch Adjustments |
0.000 |
0.000 |
2.262 |
|
Overdue Interest Reserve |
721.444 |
616.303 |
804.291 |
|
Interest Payable |
310.641 |
172.758 |
158.558 |
|
Other Liabilities and Provisions |
8204.429 |
2389.271 |
3555.527 |
|
Amortisation Reserve |
292.950 |
292.950 |
292.950 |
|
Profit & Loss |
0.027 |
0.055 |
0.051 |
|
TOTAL
|
117352.614 |
96860.774 |
88013.510 |
|
|
|
|
|
|
Contingent
Liabilities |
6018.474 |
4520.706 |
4232.979 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
Cash on hand |
706.101 |
504.686 |
482.518 |
|
Balances with Other Banks |
18656.768 |
15731.539 |
13381.260 |
|
Money at Call, Short Notice & Laf Reverse Repo |
6350.000 |
1100.000 |
0.000 |
|
Investments |
29975.503 |
26803.795 |
23850.222 |
|
Advances |
49996.125 |
47568.043 |
44084.679 |
|
INTEREST RECEIVABLE |
|
|
|
|
(a) on Investments, Staff Loan & Others |
1282.756 |
1184.966 |
1063.245 |
|
(b) on Advances (considered bad & doubtful of recovery) (as per Contra) |
721.444 |
616.303 |
804.291 |
|
Branch Adjustments |
1.008 |
1.333 |
0.000 |
|
Bills Receivable Being Bills For Collection (as per Contra) |
1512.253 |
923.343 |
919.539 |
|
Fixed Assets |
640.956 |
665.085 |
695.239 |
|
Capital Work in Progress |
256.298 |
105.238 |
9.533 |
|
Deferred Tax Asset (Net) |
149.803 |
139.115 |
111.025 |
|
Other Assets |
6810.649 |
1224.378 |
2319.009 |
|
Cost of Acquisition |
292.950 |
292.950 |
292.950 |
|
TOTAL
|
117352.614 |
96860.774 |
88013.510 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I. |
INCOME |
|
|
|
|
|
Interest on Advances |
5810.546 |
5513.542 |
5418.602 |
|
|
Interest on Investment |
3380.787 |
3119.924 |
2736.337 |
|
|
Discount on G-Sec Maturity |
0.000 |
12.228 |
2.976 |
|
|
Dividend on Shares |
0.282 |
0.282 |
1.391 |
|
|
Commission, Exchange and Brokerage |
160.685 |
115.544 |
82.290 |
|
|
Rent on Safe Deposit Lockers |
29.634 |
26.810 |
24.748 |
|
|
Income from Sale of Securities |
154.647 |
160.132 |
75.538 |
|
|
Income from Mutual Fund |
195.020 |
62.852 |
0.000 |
|
|
Profit on Sale of HTM Securities |
0.000 |
0.000 |
0.891 |
|
|
Other Income |
300.717 |
246.771 |
237.586 |
|
|
Foreign Currencies Fluctuation Gain / Loss |
52.672 |
41.098 |
58.563 |
|
|
Written off Bad Debts Recovered |
10.252 |
2.928 |
1.407 |
|
|
BDDR Written Back |
178.416 |
261.410 |
1.455 |
|
|
Income from Data Centre Sharing |
26.367 |
27.454 |
26.339 |
|
|
Income from Sale of Software |
1.250 |
0.000 |
2.100 |
|
|
IT Consultancy Fees |
1.113 |
1.354 |
1.400 |
|
|
Profit on Sale of Asset |
6.025 |
0.000 |
5.214 |
|
|
TOTAL |
10308.413 |
9592.329 |
8676.837 |
|
|
|
|
|
|
|
II. |
EXPENDITURE |
|
|
|
|
|
Interest on Deposits |
6273.950 |
5871.707 |
5299.800 |
|
|
Interest on Borrowings |
178.324 |
178.883 |
191.576 |
|
|
Salaries and Allowances |
790.886 |
792.285 |
615.322 |
|
|
Contractual Expenses |
34.031 |
17.042 |
18.021 |
|
|
Outsourcing Expenses |
22.097 |
20.263 |
15.052 |
|
|
Honorarium to Directors |
1.383 |
1.527 |
0.815 |
|
|
Rent, Rates, Taxes, Insurance and Electricity |
419.539 |
362.502 |
316.294 |
|
|
Legal and Professional Charges |
21.377 |
19.980 |
22.853 |
|
|
Postage, Telegrams and Telephone Charges |
54.283 |
50.169 |
48.572 |
|
|
Travelling and Conveyance |
22.052 |
20.829 |
22.426 |
|
|
Audit Fees |
20.924 |
19.416 |
16.868 |
|
|
Repairs and Maintenance |
55.596 |
53.448 |
55.482 |
|
|
Amortisation of Premium on Securities |
45.369 |
28.341 |
25.910 |
|
|
Printing and Stationery |
30.021 |
27.483 |
23.130 |
|
|
Advertisement and Promotion |
57.809 |
81.850 |
66.472 |
|
|
Loss on Sale of Assets |
0.000 |
6.960 |
0.000 |
|
|
Loss on Sale to ARC |
0.000 |
7.503 |
0.000 |
|
|
Bank Charges |
8.664 |
4.930 |
4.922 |
|
|
Clearing & Encoding Charges |
5.126 |
4.408 |
4.542 |
|
|
Security Charges |
48.782 |
40.697 |
36.574 |
|
|
Other Expenses |
197.072 |
147.402 |
109.880 |
|
|
Bad debts Written Off |
178.416 |
261.410 |
1.455 |
|
|
Premium on G-Sec Maturity |
11.231 |
0.000 |
0.000 |
|
|
TOTAL |
8476.932 |
8019.035 |
6895.966 |
|
|
|
|
|
|
|
|
PROVISIONS AND CONTINGENCIES |
|
|
|
|
|
i) Amount Provided for Bad and Doubtful Debts |
116.500 |
90.000 |
113.000 |
|
|
ii) Provision for Impairment of SR |
9.685 |
0.000 |
0.000 |
|
|
iii) Provision for Restructured Advance |
18.708 |
8.296 |
(3.496) |
|
|
iv) Contingent provision against Std. assets |
5.300 |
17.400 |
23.000 |
|
|
v) Expenditure Provision and Contingencies |
0.000 |
0.000 |
0.693 |
|
|
TOTAL |
150.193 |
115.696 |
133.197 |
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
139.721 |
151.016 |
160.317 |
|
|
|
|
|
|
|
III. |
PROFIT BEFORE TAX |
1541.567 |
1306.582 |
1487.357 |
|
|
|
|
|
|
|
|
Income Tax |
493.200 |
329.600 |
470.744 |
|
|
Short / Excess provision of last year |
38.031 |
1.639 |
24.462 |
|
|
Deferred Tax |
(10.688) |
1003.434 |
(19.812) |
|
|
|
|
|
|
|
|
PROFIT FOR THE YEAR |
1021.024 |
1003.434 |
1011.963 |
|
|
|
|
|
|
|
|
BALANCE BROUGHT FORWARD |
10308.413 |
9592.329 |
8676.837 |
|
|
|
|
|
|
|
IV. |
APPROPRIATIONS
SUBJECT TO AGM APPROVAL |
|
|
|
|
|
Statutory Reserve Fund |
219.020 |
110.121 |
252.991 |
|
|
General Reserve |
194.400 |
0.400 |
14.625 |
|
|
Investment Fluctuation Reserve |
50.000 |
0.000 |
8.800 |
|
|
Proposed Dividend to Shareholders |
180.000 |
165.000 |
153.000 |
|
|
Charitable Fund |
8.761 |
4.405 |
10.120 |
|
|
Members Welfare Fund |
1.000 |
1.000 |
1.000 |
|
|
Co-operative Education Fund |
8.761 |
4.405 |
10.119 |
|
|
Contingency Reserve |
87.610 |
44.049 |
101.200 |
|
|
Ex-Gratia to Employees |
84.000 |
77.850 |
60.600 |
|
|
Bad & Doubtful Debts Fund |
145.000 |
563.000 |
360.000 |
|
|
Special Reserve (u/s 36(1) (viii) of Income Tax Act, 1961) |
42.500 |
33.200 |
39.500 |
|
|
TOTAL
|
1021.052 |
1003.430 |
1011.955 |
|
|
|
|
|
|
|
Add |
NET PROFIT CARRIED
TO BALANCE SHEET |
0.027 |
0.055 |
0.051 |
|
|
|
|
|
|
|
|
TOTAL
|
1021.079 |
1003.485 |
1012.006 |
|
|
|
|
|
|
|
|
PROFIT BROUGHT
FORWARD |
1021.024 |
1003.434 |
1011.963 |
|
|
|
|
|
|
|
Add |
PROFIT OF LAST YEAR |
0.055 |
0.051 |
0.043 |
|
|
|
|
|
|
|
|
TOTAL
|
1021.079 |
1003.485 |
1012.006 |
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
|
|
|
|
|
- Basic |
43.16 |
45.58 |
49.92 |
|
|
- Diluted |
43.16 |
45.58 |
49.92 |
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 |
2648.430 |
7706.201 |
20.289 |
|
|
|
|
|
|
Cash Generated from Operating Activities |
3908.719 |
8881.860 |
1262.038 |
FINANCIAL ANALYSIS
[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 |
|
Total Income |
8676.837 |
9592.329 |
10308.413 |
|
|
|
10.551 |
7.465 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Total Income |
8676.837 |
9592.329 |
10308.413 |
|
Profit/ (Loss) |
1011.963 |
1003.434 |
1021.024 |
|
|
11.66% |
10.46% |
9.90% |
LEGAL CASES
|
HIGH COURT OF BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
PRESENTATION
DATE:- 22.12.2017 |
|
LODGING NO: NMSL/2697/2017
FILING DATE: 22.12.2017 |
|
Main Matter Lodging No: SL/687/2017 |
|
PETITIONER:
THE SOUTH INDIAN CONCERNS LIMITED RESPONDENT: TJSB SAHKARI
BANK LIMITED Petn. Adv.:- FZB & ASSOCIATES (175) Resp. Adv: AKS LEGAL
CONSULTANTS (I4121)
DISTRICT: MUMBAI |
|
BENCH: SINGLE
STATUS: PRE-ADMISSION CATEGORY:
NOTICE OF MOTION Last Date: 29.01.2018
Stage:- FOR AD-INTERIM RELIEF [ORIGINAL SIDE MATTERS] Last Coram:- HON’BLE SHRI JUSTICE S.J. KATHAWALLA |
|
ACT: Code of Civil
Procedure 1908 |
|
HIGH COURT OF BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
PRESENTATION
DATE:- 22.12.2017 |
|
Lodging No: SL/687/2017 Filing Date: 22.12.2017 |
|
PETITIONER:
THE SOUTH INDIAN CONCERNS LIMITED RESPONDENT: TJSB SAHKARI
BANK LIMITED Petn. Adv.:- FZB & ASSOCIATES (175)
DISTRICT: MUMBAI |
|
BENCH: SINGLE
STATUS: PRE-ADMISSION CATEGORY: DECLARATORY
SUITS |
|
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 |
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 |
No |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
ECONOMIC SCENARIO:
CPI inflation
came down to 3.81% at the end of the financial year 2016-17 (i.e. for March
2017) as against 5.39% at the beginning of the year (for April 2016). Food
inflation has come down significantly as compared to the previous year but the
monsoon and especially El Nino syndrome can be risk factors to inflation in
future. Commodity prices in the international market will also be vital in
terms of imported inflation. Although there are up side risks to the inflation going
forward, CPI inflation still is expected to remain within the RBI’s target
of2%- 6%.
Industrial
output remained negative at the end of the financial year 2016-17 (-1.2% in
February 2017) which was in the same territory at the beginning of the year
(-0.8% in April 2016).
USD/ INR
exchange rate moved in the range of INR 64.79 to INR 68.87 during the financial
year 2016-17. Rupee was under pressure during November 2016 when it depreciated
up to INR 68.87 against USD but thereafter, it strengthened sharply at the end
of the financial year due to various reasons such as State election results in
UP, increased investment flows of FPI in March 2017 and also due to RBI’s
non-intervention to arrest rupee appreciation. Crude oil prices were low in the
international market at the beginning of the financial year 2016-17 around $
40.13 per barrel but remained on higher side at $ 52.83 per barrel at close of
the year. Although the crude prices have moved up as compared to the previous year,
these levels are still manageable as far as Indian economy is concerned.
In June 2016, an important event happened in the world. United Kingdom decided to withdraw from the European
Union (which is popularly known as BREXIT), following the referendum vote to leave. Accordingly, the UK government has started the withdrawal process, putting the UK on course to leave by April 2019. India is one of the most lucrative markets for foreign investors and hence, it attracts attention globally. So, any major change across the globe it political or economic, is bound to have an impact on India too. Britain always provided a gateway to the European Union. Many Indian businesses have their offices in Britain. However, BREXIT may result in companies relocating their business set ups to other places. BREXIT might also have a positive effect in future, but these results may not show up immediately. Thus, time only will tell its actual impacts on Indian economy.
Indian government took a very big and bold step in November 2016 and announced demonetisation of all INR 500 and INR 1,000 bank notes. This was intended mainly towards tackling black money in the system and cracking down on the use of counterfeit notes which were used for funding of illegal activities and terrorism. In the long run, this move will definitely have multiple positive impacts on Indian economy but for a short period, it left out some strains on the economy and the banking sector. The sudden nature of announcement and the prolonged cash shortage created disruption throughout the economy such as drop down in sales of industrial and agricultural products, slowing down payment cycles, lowering country’s GDP growth and job losses, etc.
Sudden increase in liquidity in the banking system after demonetisation, coupled with the weak demand for credit, necessitated a significant step up in the liquidity absorption operations by the Reserve Bank so that money market rates remained consistent with the policy repo rate. The Reserve Bank used a mix of conventional and unconventional instruments, viz, temporary application of an incremental CRR of 100% on the increase in NDTL of banks between September 16 and November 11, 2016; open market sales of cash management bills and variable rate reverse repos of various tenors. However, due to continuation of low credit off take and part of the deposit mobilised by the banks during the period of demonetisation still remaining in the banking sector, the excess liquidity position still persists.
Largely discussed and long awaited GST bill is now cleared by both the parliamentary houses and it is expected to come into effect by July 2017. Introduction of Goods and Services Tax (GST) would be a significant step in the reform of indirect taxation in India. The objective of GST is to replace several taxes levied by the central and state government with one central tax which would mitigate multiple taxation. The simplicity of the tax should lead to easier administration and enforcement as well. From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods. In the initial period, the GST might be fiscally neutral and there may be an increasing impact on the inflation to some extent. However, over a time, it is expected to boost productivity, lower costs, aid in the formalisation of the economy and result in large revenue benefits for the government. Banking is the back bone of the economy. Therefore, if GST results in increasing economic growth, banking sector will definitely be able to grow at a faster pace in future.
RBI MONETARY POLICY
The Monetary Policy stance of the Reserve Bank of India had been accommodative since last several months up till January 2017. In the financial year 2015-16, it reduced policy repo rate by 75 basis points in two tranches. On the same line, it reduced repo rate further by 50 basis points in F.Y. 2016-17 in two more tranches. However, considering rising inflationary expectations and likelihood of series of interest rate hikes by US Federal Reserve in future, RBI shifted its Monetary policy stance from ‘accommodative’ to ‘neutral’ in February 2017. In April policy review, RBI moved much along the market consensus view and did not change repo rate. However, RBI raised reverse repo rate this time by 25 basis points. The reverse repo rate hike was in view of excess liquidity in the banking system. Considering all these factors, repo rate cut appears to be little bit difficult in future, rather we might see some kind of hawkish stance from RBI going forward.
GROWTH OUTLOOK:
The effects of demonetisation are turning out to be short lived and modest. The outlook for 2017-18 has been brightened considerably by a number of factors. First, with the accelerated pace of remonetisation, discretionary consumer spending held back by demonetisation is expected to have picked up from the last quarter of 2016- 17 and will gather momentum over several quarters ahead. The recovery will also likely be aided by the reduction in banks’ lending rates due to large inflows of current and savings accounts (CASA) deposits, although, the fuller transmission impact might be delayed by stressed balance sheets of Banks and lack of demand for bank credit. Secondly, various proposals in the Union Budget 2017-18 such as, stepping up of capital expenditure, boosting the rural economy and affordable housing, the planned roll-out of the GST, and steps to attract higher foreign direct investment (FDI) through initiatives like abolishing the Foreign Investment Promotion Board (FIPB) are expected to be growth stimulating. As per RBI report, the real GVA growth will increase to7%in the first quarter of F.Y. 2017-18 and in the range of 7.4% - 7.6% in the remaining three quarters of F.Y. 2017-18.
EXPANSION:
The network of your Bank has reached to the total of 127 branches. During the year 2016-17, Bank opened 12 branches at various centres. The Bank will be opening 11 new branches in the year 2017-18. With this, the Bank is expected to reach the total number of 138 branches by the end of the financial year 2017-18. Strong Capital base of the Bank has been the premise of network expansion. Central Registrar has also approved Bye Law amendment in respect of permission to extend Bank’s area of operation to the entire state of Madhya Pradesh during the year under report. In view of it, the Bank will open a branch at Indore very soon.
PERFORMANCE
HIGHLIGHT OF THE BANK FOR THE FINANCIAL YEAR 2016-17:
The financial
performance of your Bank during the financial year 2016-17 remained healthy
with total business mix increasing by 11.43% to 14351.03 crores from 12878.85 crores
in the previous financial year. Total Revenue of the Bank has crossed a
milestone of 1000 crores for the first time in its history and it registered at
1030.84 crores during the year 2016-17. Revenue growth of the bank was driven
by an increase in both Net Interest Income as well as Other Income.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Bank Guarantees |
2290.241 |
1647.544 |
|
Letter of Credit |
918.767 |
984.906 |
|
Buyer's Credit |
1517.772 |
905.633 |
|
Forward Exchange Contracts |
1154.492 |
863.128 |
|
Amount transferred to DEAF (Net of payments made to eligible Depositors) |
137.202 |
119.495 |
|
|
|
|
|
Total |
6018.474 |
4520.706 |
FIXED ASSETS:
·
Land
·
Premises
·
Furniture & Fixture
·
Plant & Machinery
·
Computer & Peripherals
·
Electrical Fitting
·
Office Equipment
·
Capital Expenditure On Rental Premises
·
Vehicles
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 records 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 64.14 |
|
UK Pound |
1 |
INR 89.50 |
|
Euro |
1 |
INR 79.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
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 |
NO |
|
--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.