|
|
|
MIRA
INFORM REPORT
|
Report No. : |
494640 |
|
Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
IDFC BANK LIMITED |
|
|
|
|
Registered
Office : |
KRM
Tower, 8th Floor, No. 1 Harrington Road, Chetpet, Chennai - 600031, Tamilnadu |
|
Tel. No.: |
91-44-45644000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
21.10.2014 |
|
|
|
|
Com. Reg. No.: |
18-097792 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 33990.062 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65110TN2014PLC097792 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Divulged |
|
|
|
|
GST No.: |
Not Divulged |
|
|
|
|
Legal Form : |
A Public Limited Liability Bank. The Bank Shares are Listed on the
Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject engaged in the business of Providing Banking/ Financial Services. [Registered Activity] |
|
|
|
|
No. of Employees
: |
3905 (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 : |
Clear |
|
|
|
|
Comments : |
IDFC Bank Limited was incorporated in the year 2014. It is also known as “The Bank”. IDFC Limited was granted an in-principle approval by the RBI in April 2014, for undertaking banking business in India. As per the terms and conditions of RBI, IDFC limited was required to transfer its lending and borrowing business (Finance undertaking) to IDFC bank. Accordingly, the financing was demerged into IDFC bank pursuant to the scheme of arrangement amongst IDFC limited and IDFC bank. IDFC Bank Limited started its operations on October 01, 2015 after receiving the final license from RBI in July 2015. IDFC Limited holds 52.9% stake in the bank as on December 31, 2016. The Bank have already established a network of over 8,613 PoPs across 20 states, 19 major cities, 150 districts and 33,000 villages across the country. The network comprises 74 bank branches, 47 ATMs, 350 corporate Business Correspondent branches (which include NBFCs and finance companies representing IDFC Bank for micro lending) and 8,142 outlets, which include Micro ATMs, cashless PDS outlets and Aadhaar Pay merchant points. As per the financial record of 2017, the bank has achieved a decent growth in its revenue and has reported favourable profitability margin of 111.87%. The bank possesses a favourable financial profile marked by healthy resource profile with decent asset size and deposit base along with comfortable capitalization. Business is active. Payment seems to be regular. In view of aforesaid, the bank can be considered for business dealings at usual trade terms and condition. NOTE: During the year ended March 31, 2017, the Bank has acquired 100% equity share capital of IDFC Bharat Limited (formerly known as Grama Vidiyal Microfinance Limited), a non-banking finance company - microfinance institution (NBFC-MFI). On receipt of final approval from RBI and satisfaction of all the conditions (including surrender of the NBFC-MFI registration on October 18, 2016), IDFC Bharat Limited has become a wholly owned subsidiary of the Bank with effect from October 13, 2016. The Bank acquired 5579996 equity shares of IDFC Bharat Limited for a total consideration of INR 310.520 million. National Housing Bank (NHB) has given final approval to Capital First for its merger with IDFC Bank. The ally would be initiated between Capital Home Finance and Capital First Securities Limited with IDFC Bank. Earlier in month of February 2018, the Capital First had announced the approval of this merger by its board of directors with IDFC Bank Limited. Capital First Home Finance Limited and Capital First Securities Limited (collectively, the ‘Amalgamating Companies’) are now awaiting its final approval from the Reserve Bank of India and other statutory and regulatory bodies. With this merger, the bank is set to create INR 880,000 million combined entity. The new entity will offer a distribution network consisting of 194 branches, 353 dedicated banking correspondent outlets, more than 9,100 micro ATM points, and will be catering to over 5 million customers. Capital First is a non-banking financial company supported by US-based PE firm Warburg Pincus. The merger is most likely to complete in the next two-three quarters. |
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
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 |
ICRA |
|
Rating |
Long Term Loans = AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest credit risk |
|
Date |
22.01.2018 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Loans = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
22.01.2018 |
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 03.03.2018
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 [91-44-45644000/ 22-42222000]
LOCATIONS
|
Registered Office : |
KRM
Tower, 8th Floor, No. 1 Harrington Road, Chetpet, Chennai - 600 031,
Tamilnadu, India |
|
Tel. No.: |
91-44-45644000 |
|
Fax No.: |
91-44-45644022 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office: |
Naman Chambers, C-32, G-Block, Bandra-Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India |
|
Tel. No.: |
91-22-42222000 |
|
Fax No.: |
91-22-26540354 |
|
|
|
|
Branch Offices: |
Bank has 74 Branches as on 31.03.2017 |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Abhijit Sen |
|
Designation : |
Director |
|
Address : |
A 92, Grand Paradi, 572 Dady Seth Hill, August Kranti Marg, Mumbai - 400036, Maharashtra, India |
|
Date of Appointment :: |
27.07.2015 |
|
DIN No.: |
00002593 |
|
|
|
|
Name : |
Mrs. Veena Vikas Mankar |
|
Designation : |
Director |
|
Address : |
801, Park Heights, 10th Road, Plot - E/656 Khar (West), Near Madhu Park, Mumbai - 400052, Maharashtra, India |
|
Date of Appointment : |
27.07.2015 |
|
DIN No.: |
00004168 |
|
|
|
|
Name : |
Mr. Rajiv Behari Lall |
|
Designation : |
Wholetime Director |
|
Address : |
Sanghi House, 3rd Floor, 94, Nepean Sea Road, Mumbai - 400006, Maharashtra, India |
|
Date of Appointment : |
21.10.2014 |
|
DIN No.: |
00131782 |
|
|
|
|
Name : |
Mr. Avtar Singh Monga |
|
Designation : |
Wholetime Director |
|
Address : |
29/4, Ashok Nagar, New Delhi - 110018, India |
|
Date of Appointment : |
25.04.2017 |
|
DIN No.: |
00418477 |
|
|
|
|
Name : |
Mr. Anand Sinha |
|
Designation : |
Additional Director |
|
Address : |
F/1101, Tower 2, Wing F, Ashok Gardens, T. J. Road, Mumbai - 400015, Maharashtra, India |
|
Date of Appointment : |
01.08.2016 |
|
DIN No.: |
00682433 |
|
|
|
|
Name : |
Mr. Ajay Sondhi |
|
Designation : |
Director |
|
Address : |
8 Cuscaden Walk # 23-02 Singapore 249692 SG |
|
Date of Appointment : |
27.07.2015 |
|
DIN No.: |
01657614 |
|
|
|
|
Name : |
Mr. Rajan Jei Anandan |
|
Designation : |
Director |
|
Address : |
Spring Leaf Apt, No. 3, Ground Floor, Brunton Cross Road, Bangalore-560001, Karnataka, India |
|
Date of Appointment : |
01.02.2015 |
|
DIN No.: |
02395272 |
|
|
|
|
Name : |
Mr. Sunil Kakar |
|
Designation : |
Nominee Director |
|
Address : |
47 Floor, D 4707-08 , Ashok Towers, Dr. SS Rao Road, Parel, Mumbai - 400012, Maharashtra, India |
|
Date of Appointment : |
16.07.2017 |
|
DIN No.: |
03055561 |
|
|
|
|
Name : |
Mrs. Anindita Sinharay |
|
Designation : |
Nominee Director |
|
Address : |
K-3/1, Sector-13, R K Puram, (Main) South West Delhi, Delhi - 110066 Delhi 110066, India |
|
Date of Appointment : |
01.02.2014 |
|
DIN No.: |
07724555 |
KEY EXECUTIVES
|
Name : |
Mr. Mahendra Narandas Shah |
|
Designation : |
Company Secretary and Chief Compliance Officer |
|
Address : |
1801, Tower 1 (Terra Tower) Planet Godrej, Simplex Mill Compound, Keshavrao Khadye Marg, Mahalaxmi (East) Mumbai - 400011, Maharashtra, India |
|
Date of Appointment : |
09.12.2014 |
|
PAN No.: |
ABRPS7427F |
|
|
|
|
Name : |
Mr. Bipin Narandas Gemani |
|
Designation : |
Chief Finance Officer |
|
Address : |
101/102, Satyanarayan Bhavan,7/1, Dr. R G Thadani Marg, Worli, Mumbai-400018, Maharashtra, India |
|
Date of Appointment : |
13.01.2018 |
|
PAN No.: |
AACPG6412A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 15.02.2018
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter &
Promoter Group |
1797512668 |
52.81 |
|
|
(B) Public |
1606201687 |
47.19 |
|
|
Grand Total |
3403714355 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
Total nos. 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 |
||
|
Any Other
(specify) |
1797512668 |
52.81 |
|
|
IDFC FINANCIAL
HOLDING COMPANY LIMITED |
1797512668 |
52.81 |
|
|
Sub Total A1 |
1797512668 |
52.81 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
1797512668 |
52.81 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR 1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
123843606 |
3.64 |
|
|
Foreign Portfolio
Investors |
508367693 |
14.94 |
|
|
PLATINUM
INTERNATIONAL FUND |
49475422 |
1.45 |
|
|
Financial Institutions/
Banks |
10198399 |
0.30 |
|
|
Insurance
Companies |
48388678 |
1.42 |
|
|
Any Other
(specify) |
94703868 |
2.78 |
|
|
FOREIGN CORPORATE
BODIES |
4601271 |
0.14 |
|
|
FOREIGN NATIONALS |
12400 |
0.00 |
|
|
BODIES CORPORATES |
90090197 |
2.65 |
|
|
Sub Total B1 |
785502244 |
23.08 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0.00 |
||
|
Central
Government/ State Government(s)/ President of India |
261400000 |
7.68 |
|
|
PRESIDENT OF INDIA |
261400000 |
7.68 |
|
|
Sub Total B2 |
261400000 |
7.68 |
|
|
B3)
Non-Institutions |
0.00 |
||
|
Individual share
capital up to INR 0.200 Million |
335169572 |
9.85 |
|
|
Individual share
capital in excess of INR 0.200 Million |
184290624 |
5.41 |
|
|
NBFCs registered
with RBI |
754584 |
0.02 |
|
|
Any Other
(specify) |
39084663 |
1.15 |
|
|
Clearing Members |
2471995 |
0.07 |
|
|
NRI |
17836152 |
0.52 |
|
|
NRI – Non- Repat |
7607965 |
0.22 |
|
|
Trusts |
11168551 |
0.33 |
|
|
Sub Total B3 |
559299443 |
16.43 |
|
|
B=B1+B2+B3 |
1606201687 |
47.19 |
BUSINESS DETAILS
|
Line of Business : |
Subject engaged in the business of Providing Banking / Financial Services. [Registered Activity] |
|
|
|
|
Brand Names : |
“IDFC” |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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|
|
|||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
3905 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
Reserve Bank of India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
· ^ Borrowings from banks include long term infrastructure bonds of INR 2815.000 million (Previous Year INR 3565.000 million). · $ Borrowings from other institutions and agencies include long term infrastructure bonds of INR 101525.000 crore (Previous Year · INR 95975.000 crore) and Bonds under section 80CCF of the Income tax Act, 1961 of INR 17577.500 million (Previous Year INR 23252.200 million). ·
* Borrowings outside India include External
Commercial Borrowings (ECB) of INR 13309.600 million (Previous Year INR 64674.600
million). |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
19TH Floor, Shapath-V, S G Highway, Ahmedabad-380015,
Gujarat, India |
|
Tel. No.: |
91-79-66827300 |
|
Fax No.: |
91-79-66827400 |
|
|
|
|
Solicitors and Advocates |
|
|
Name : |
· Shardul Amarchand Mangaldas and Company · AZB AND Partners · Wadia Ghandy and Company |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Ultimate Holding
Company: |
IDFC Limited |
|
|
|
|
Holding Company : |
IDFC Financial Holding Company Limited |
|
|
|
|
Fellow Subsidiaries
: |
· IDFC Alternatives Limited · IDFC Asset Management Company Limited · IDFC AMC Trustee Company Limited · IDFC Finance Limited (Merged with IDFC Projects w.e.f. April 1, 2016) · IDFC Foundation · IDFC Infrastructure Finance Company Limited (formerly known as IDFC Infra Debt Fund Limited) · IDFC Projects Limited · IDFC Securities Limited · IDFC Trustee Company Limited · IDFC Capital (USA) Inc. · IDFC Capital (Singapore) Pte. Limited · IDFC Investment Advisors Limited · IDFC Investment Managers (Mauritius) Limited · IDFC Securities Singapore Pte. Limited |
|
|
|
|
Subsidiary
Companies : |
· IDFC Bharat Limited (formerly known as Grama Vidiyal Micro Finance Limited) (wholly owned subsidiary w.e.f. October 13, 2016) |
|
|
|
|
Associates
Companies: |
Direct · Feedback Infra Private Limited · Millennium City Expressways Private Limited Indirect (through fellow subsidiaries) · Jetpur Somnath Tollways Private Limited · Delhi Integrated Multi-Modal Transit System Limited · Infrastructure Development Corporation (Karnataka) Limited · Uttarakhand Infrastructure Development Company Limited (under liquidation) · India PPP Capacity Building Trust |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
INR 10/- each |
INR 50000.0000 Million |
|
|
|
|
|
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3399006184 |
Equity Shares |
INR 10/- each |
INR
33990.062 Million |
|
|
|
|
|
^ Includes 6,382,848 equity shares (Previous Year
1,090,000 equity shares) allotted pursuant to the exercise of options under the
IDFC Bank Limited Employee Stock Option Scheme.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
CAPITAL AND
LIABILITIES |
|
|
|
|
Capital |
33990.062 |
33926.233 |
0.500 |
|
|
|
|
|
|
Employees' stock options outstanding |
10.714 |
22.235 |
0.000 |
|
|
|
|
|
|
Reserves and surplus |
112779.714 |
102366.054 |
(25.849) |
|
|
|
|
|
|
Deposits |
402082.246 |
82190.453 |
0.000 |
|
|
|
|
|
|
Borrowings |
502621.857 |
571598.308 |
0.000 |
|
|
|
|
|
|
Other liabilities and provisions |
70111.988 |
42044.422 |
25.857 |
|
|
|
|
|
|
TOTAL |
1121596.581 |
832158.705 |
0.508 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
Cash and balances with Reserve Bank of India |
30362.908 |
19008.369 |
0.000 |
|
|
|
|
|
|
Balances with banks and money at call and short notice |
20657.063 |
10030.700 |
0.500 |
|
|
|
|
|
|
Investments |
504716.961 |
297286.099 |
0.000 |
|
|
|
|
|
|
Advances |
494016.832 |
456994.297 |
0.000 |
|
|
|
|
|
|
Fixed assets |
7865.515 |
6728.549 |
0.000 |
|
|
|
|
|
|
Other assets |
63977.302 |
42110.691 |
0.008 |
|
|
|
|
|
|
TOTAL |
1121596.581 |
832158.705 |
0.508 |
|
|
|
|
|
|
Contingent
liabilities |
2036112.298 |
729367.008 |
0.000 |
|
|
|
|
|
|
Bills for
collection |
-- |
-- |
-- |
PROFIT & LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Interest Earned |
85327.145 |
36488.324 |
0.000 |
|
|
Other Income |
10131.156 |
4031.974 |
0.000 |
|
|
TOTAL |
95458.301 |
40520.298 |
0.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Interest Expended |
65153.943 |
28015.025 |
0.000 |
|
|
Operating Expenses |
12769.764 |
5105.816 |
25.858 |
|
|
Provisions and contingencies |
7337.216 |
2730.924 |
(0.009) |
|
|
TOTAL |
85260.923 |
35851.765 |
25.849 |
|
|
|
|
|
|
|
|
NET PROFIT FOR THE YEAR |
10197.378 |
4668.533 |
(25.849) |
|
|
|
|
|
|
|
|
Balance in Profit and Loss Account Brought Forward from Previous year |
12129.256 |
(25.84)9 |
0.000 |
|
|
Profit brought forward on demerger of Financing Undertaking of IDFC Limited |
0.000 |
11962.952 |
0.000 |
|
|
|
|
|
|
|
Add |
Amount Available For Appropriation |
22326.634 |
16605.634 |
(25.849) |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to Statutory Reserve |
2550.000 |
1180.000 |
0.000 |
|
|
Transfer to/ Investment Reserve |
5.500 |
0.000 |
0.000 |
|
|
Transfer to Capital Reserve |
55.000 |
825.000 |
0.000 |
|
|
Transfer to Special Reserve |
3250.000 |
1450.000 |
0.000 |
|
|
Proposed Dividend [Including tax on dividend] |
0.263 |
1021.380 |
0.000 |
|
|
Balance in Profit and Loss Account Carried Forward |
16465.871 |
12129.256 |
(25.849) |
|
|
TOTAL |
22326.634 |
16605.636 |
(25.849) |
|
|
|
|
|
|
|
|
Earnings/[Loss]
Per Share (INR) |
|
|
|
|
|
Basic |
3.00 |
2.34 |
(516.98) |
|
|
Diluted |
2.98 |
2.34 |
(516.98) |
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 generated from / (used in) operating activities |
142465.340 |
(130336.163) |
0.000 |
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 52.15/- |
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 |
|
Interest Earned |
0.000 |
36488.324 |
85327.145 |
|
|
|
|
133.848 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
0.000 |
36488.324 |
85327.145 |
|
Profit/ (Loss) |
(25.849) |
4668.533 |
10197.378 |
|
|
|
12.79% |
11.95% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
|
31.03.2017 |
|
CAPITAL AND
LIABILITIES |
|
|
|
|
Capital |
|
|
33990.062 |
|
|
|
|
|
|
Employees' stock options outstanding |
|
|
10.714 |
|
|
|
|
|
|
Reserves and surplus |
|
|
112772.506 |
|
|
|
|
|
|
Deposits |
|
|
400978.295 |
|
|
|
|
|
|
Borrowings |
|
|
502621.857 |
|
|
|
|
|
|
Other liabilities and provisions |
|
|
70269.682 |
|
|
|
|
|
|
TOTAL |
|
|
1120643.116 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
Cash and balances with Reserve Bank of India |
|
|
29951.365 |
|
|
|
|
|
|
Balances with banks and money at call and short notice |
|
|
21449.912 |
|
|
|
|
|
|
Investments |
|
|
501641.112 |
|
|
|
|
|
|
Advances |
|
|
494016.832 |
|
|
|
|
|
|
Fixed assets |
|
|
7988.695 |
|
|
|
|
|
|
Other assets |
|
|
65595.200 |
|
|
|
|
|
|
TOTAL |
|
|
1120643.116 |
|
|
|
|
|
|
Contingent
liabilities |
|
|
2037000.515 |
|
|
|
|
|
|
Bills for
collection |
|
|
-- |
PROFIT & LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
|
31.03.2017 |
|
|
SALES |
|
|
|
|
|
Interest Earned |
|
|
85782.765 |
|
|
Other Income |
|
|
10190.983 |
|
|
TOTAL |
|
|
95973.748 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Interest Expended |
|
|
65154.729 |
|
|
Operating Expenses |
|
|
13321.116 |
|
|
Provisions and contingencies |
|
|
6870.460 |
|
|
TOTAL |
|
|
85346.305 |
|
|
|
|
|
|
|
|
NET PROFIT FOR THE YEAR |
|
|
10627.443 |
|
|
|
|
|
|
|
|
Add : Share in
profits / (Loss) of associates |
|
|
(440.627) |
|
|
Consolidated profit for the year attributable to the Group |
|
|
10186.816 |
|
|
Balance in profit and loss account brought forward from
previous year |
|
|
12129.256 |
|
|
|
|
|
|
|
Add |
Amount Available For Appropriation |
|
|
22316.072 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to Statutory Reserve |
|
|
2550.000 |
|
|
Transfer to/ Investment Reserve |
|
|
5.500 |
|
|
Transfer to Capital Reserve |
|
|
55.000 |
|
|
Transfer to Special Reserve |
|
|
3250.000 |
|
|
Proposed Dividend [Including tax on dividend] |
|
|
0.263 |
|
|
Balance in Profit and Loss Account Carried Forward |
|
|
16455.309 |
|
|
TOTAL |
|
|
22316.072 |
|
|
|
|
|
|
|
|
Earnings/[Loss]
Per Share (INR) |
|
|
|
|
|
Basic |
|
|
3.00 |
|
|
Diluted |
|
|
2.98 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders if available |
Yes |
|
31 |
External Agency Rating if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
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
BACKGROUND
IDFC Bank Limited (“the Bank”) was incorporated on October 21, 2014 as a Company under the Companies Act, 2013. Further, to the grant of the universal banking license issued by the Reserve Bank of India (‘the RBI’) on July 23, 2015 and pursuant to the filing and approval of the Scheme of Arrangement under Section 391-394 of the Companies Act, 1956, between IDFC Limited and IDFC Bank Limited and their respective shareholders and creditors (‘Scheme of Arrangement’), by the Hon’ble Madras High Court vide its order dated June 25, 2015 and on fulfilment of all conditions specified under the Scheme and final banking license, the Bank has commenced its Banking operations on October 1, 2015, mainly in Commercial & Wholesale, Personal & Business Banking and Bharat (rural) Banking business. The Bank is regulated by the RBI and governed under the Banking Regulation Act, 1949. The Bank’s shares are listed on National Stock Exchange of India Limited and BSE Limited since November 6, 2015.
During the year ended March 31, 2017, the Bank has acquired 100% equity share capital of IDFC Bharat Limited (formerly known as Grama Vidiyal Microfinance Limited), a non-banking finance company - microfinance institution (NBFC-MFI). On receipt of final approval from RBI and satisfaction of all the conditions (including surrender of the NBFC-MFI registration on October 18, 2016), IDFC Bharat Limited has become a wholly owned subsidiary of the Bank with effect from October 13, 2016. The Bank acquired INR 5579996 equity shares of IDFC Bharat Limited for a total consideration of INR 3105.200 million.
STATE OF AFFAIRS OF
THE BANK
The Bank has successfully and steadily diversified its business mix and added new revenue streams. It has expanded its reach to serve new customer segments both on the retail as well as wholesale side of the business.
The Bank is building a national footprint with presence across 20 States, 150 districts, 19 major cities and 33,000 villages.
As on March 31, 2017, the Bank’s network comprised of 74 branches, 57 of which were Bharat branches, 13 were Bharat Plus branches and 4 were Wholesale Bank branches. The Bank had a total of 47 ATMs, out of which 26 were White Label ATMs. Further, the Bank had a total of 8,142 outlets, which include MicroATMs, cashless PDS outlets and Aadhaar Pay merchant points.
As on March 31, 2017, the Bank had a total of 13.8 lacs customers out of which 9.6 lacs were customers of subsidiary company of the Bank i.e. IDFC Bharat Limited (formerly known as Grama Vidiyal Micro Finance Limited).
The Bank is now offering a wide gamut of products to cater to the needs of customers from all segments which can be viewed on their website: www.idfcbank.com.
During the year, the Bank was recognised in various ways and the significant awards presented to the Bank are highlighted at the beginning of this Annual Report
ACQUISITION
During FY17, the Bank acquired 100% equity stake of Grama Vidiyal Micro Finance Limited (‘GVMFL’) thereby making it a wholly owned subsidiary of the Bank.
GVMFL had I 1,502 crore of Asset Under Management, over 300 branches in 7 states and over a million customers. It was a profitable entity with net profits of I 42 crore in FY16, with Return on Assets of 3.4% and Return on Equity of 31%. Its net worth was I 155 crore and its portfolio at risk as on March 31, 2016 was 0.001%.
Post-acquisition, GVMFL surrendered its NBFC-MFI Licence issued by the Reserve Bank of India (‘RBI’).
GVMFL has now been renamed and is known as IDFC Bharat Limited.
IDFC Bharat Limited (‘IDFC Bharat’) is presently acting as a Business Correspondent for distribution of the products of IDFC Bank and has given an added momentum to the financial inclusion plan of the Bank
As on March 31, 2017, IDFC Bharat had a widespread network
comprising of 326 branches, with operations in seven states namely Tamil Nadu,
Maharashtra, Madhya Pradesh, Puducherry, Kerala, Karnataka and Gujarat.
SEGMENT REPORTING
BUSINESS SEGMENTS:
The business of the Bank is divided into three segments:
Treasury, Corporate / Wholesale Banking, Retail Banking Business and Other
Banking Business. These segments have been identified and reported taking into
account, the target customer profile, the nature of products and services, the
differing risks and returns, the organisation structure, the internal business
reporting system and the guidelines prescribed by the RBI.
|
SEGMENT |
PRINCIPAL ACTIVITIES |
|
Treasury |
The treasury segment primarily consists of Bank’s
investment portfolio, money market borrowing and lending, investment
operations and entire foreign exchange and derivative portfolio of the Bank.
Revenue of treasury segment consist of interest income on investment
portfolio, gains or losses from trading operations, fees on FX &
derivative trades and capital market deals. The principal expenses consists
of interest expenses from external sources, premises expenses, personnel
cost, direct and allocated overheads |
|
Corporate /
Wholesale Banking |
The wholesale banking segment provides loans, non-fund
facilities and transaction services to corporate relationship not included
under Retail Banking, corporate advisory, project appraisal placement and
syndication. Revenues of the wholesale banking segment consist of interest
earned on loans to customers, interest / fees earned on transaction services,
earnings from trade services and other non-fund facilities. The principal
expenses of the segment consist of interest expense on funds borrowed from
internal segments, premises expenses, personnel costs, other direct overheads
and allocated expenses of delivery channels, specialist product groups,
processing units and support groups |
|
Retail Banking |
Retail Banking constitutes lending to individuals /
business banking customers through the branch network and other delivery
channels subject to the orientation, nature of product, granularity of the
exposure and the quantum thereof. Revenues of the retail banking segment are
derived from interest earned on retail loans and fees from services rendered.
Expenses of this segment primarily comprise interest expense on deposits,
commission paid to retail assets sales agents, infrastructure and premises
expenses for operating the branch network and other delivery channels,
personnel costs, other direct overheads and allocated expenses of specialist
product groups, processing units and support groups. |
|
Other Banking
Business |
This segment includes revenue from distribution of third
party products |
|
Unallocated |
All items which are reckoned at an enterprise level are
classified under this segment. This includes unallocable assets and
liabilities such as taxes (including deferred tax), prepaid expenses,
provision for expenses etc. Revenue & expense of this segment includes
income & expenditure which are not directly attributable to any of the
above segments. Revenue includes interest on income tax refund and expense of
this segment mainly includes employee cost, establishment & technology
expense which is not directly attributable to any segment. |
sUNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF
YEAR ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
Quarter Ended 31.12.2017 |
Quarter Ended 30.09.2017 |
For Nine
Months 31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Interest Earned |
22837.192 |
22198.379 |
66487.028 |
|
|
|
|
|
|
Interest discount on advances/ bills |
12229.272 |
12111.513 |
35827.635 |
|
Income on Investment |
10278.555 |
9734.099 |
29734.825 |
|
Interest on balances with Reserve Bank of India and other interbank
funds |
24.395 |
11.446 |
48.319 |
|
Others |
304.970 |
341.321 |
876.249 |
|
Other Income |
2307.868 |
1452.255 |
10248.464 |
|
Total Income |
25145.060 |
23650.634 |
76735.492 |
|
Interest expended |
17887.557 |
17579.560 |
53038.381 |
|
Operating Expenses |
4110.279 |
3623.170 |
11627.060 |
|
Employees cost |
1714.046 |
1580.155 |
4948.309 |
|
Depreciation on Banks Property |
406.245 |
401.690 |
1199.692 |
|
Professional Fees |
412.655 |
282.323 |
1118.582 |
|
Other operating expenses |
1577.333 |
1359.002 |
4360.477 |
|
Total
Expenditure |
21997.836 |
21202.730 |
64665.441 |
|
Operating Profit
[Profit before provisions and contingencies] |
3147.224 |
2447.904 |
12070.051 |
|
Provisions
[Other than Tax] |
1086.079 |
(1003.726) |
(63.641) |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
Profit from ordinary activities before tax |
2061.145 |
3451.630 |
12133.62 |
|
Tax
expense |
600.000 |
1115.000 |
3960.000 |
|
Net profit from ordinary activities after
tax |
1461.145 |
2336.630 |
8173.692 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Net profit/ loss for the year |
1461.145 |
2336.630 |
8173.692 |
|
Paid - up Equity Share Capital (Face value of INR 10/- per share) |
34026.761 |
34018.826 |
34026.761 |
|
Reserves excluding revaluation reserves |
|
|
|
|
Analytical Ration |
|
|
|
|
Percentage of Shares held by Government of
India |
7.68% |
7.68% |
7.68% |
|
Capital Adequacy Ratio |
19.15% |
19.32% |
19.15% |
|
Earnings Per Share (EPS) |
|
|
|
|
a) Basic |
|
|
|
|
b) Diluted |
0.43 |
0.69 |
2.40 |
|
NPA Ratios |
0.43 |
0.69 |
2.39 |
|
Amount of Gross Non-Performing Assets |
27766.680 |
20015.392 |
27766.680 |
|
Amount of Net Non-performing Assets |
12062.799 |
8049.884 |
12062.799 |
|
% of Gross NPAs |
5.62 |
3.92 |
5.62 |
|
% of Net NPAs |
2.52 |
1.61 |
2.52 |
|
Return of Assets [annualized %] |
0.49 |
0.78 |
0.94 |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars |
Quarter Ended 31.12.2017 |
Quarter Ended 30.09.2017 |
For Nine
Months 31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
1] Segment Revenue |
|
|
|
|
Treasury |
15731.925 |
14668.206 |
50094.509 |
|
Wholesale
Banking |
11389.373 |
11339.681 |
34163.868 |
|
Retail Banking |
2013.210 |
1669.542 |
5038.657 |
|
Others Banking
Business |
24.874 |
7.869 |
48.494 |
|
Unallocated |
(9.585) |
13.009 |
8.147 |
|
Total |
29149.797 |
27698.307 |
89353.675 |
|
Less: Inter Segment Revenue |
4004.737 |
4047.673 |
12618.183 |
|
Income from Operations |
24145.060 |
23650.634 |
76735.492 |
|
|
|
|
|
|
2] Segment Results After Provision and
Before Tax |
|
|
|
|
Treasury |
597.102 |
2288.706 |
8625.231 |
|
Wholesale
Banking |
3684.481 |
2897.798 |
9572.539 |
|
Retail Banking |
(881.339) |
(544.543) |
(2224.328) |
|
Others Banking
Business |
(2.571) |
(15.587) |
(26.070) |
|
Unallocated |
(1336.527) |
(1174.744) |
(3813.680) |
|
Total Profit Before Tax |
2061.145 |
3451.630 |
12133.692 |
|
|
|
|
|
|
3] Segment Assets
|
|
|
|
|
Treasury |
666322.870 |
668611.645 |
666322.870 |
|
Wholesale
Banking |
421658.456 |
447844.745 |
421658.456 |
|
Retail Banking |
71651.360 |
60249.957 |
71651.360 |
|
Others Banking
Business |
49.087 |
18.183 |
49.087 |
|
Unallocated |
22309.230 |
22797.907 |
22309.230 |
|
Total |
1181991.003 |
1199522.437 |
1181991.003 |
|
|
|
|
|
|
Segment Liabilities |
|
|
|
|
Treasury |
559753.743 |
568944.087 |
559753.743 |
|
Wholesale
Banking |
402827.963 |
424056.314 |
402827.963 |
|
Retail Banking |
66125.436 |
54709.066 |
66125.436 |
|
Others Banking
Business |
26.070 |
23.499 |
26.070 |
|
Unallocated |
1178.037 |
1230.671 |
1178.037 |
|
Total |
1029911.249 |
1048963.637 |
1029911.249 |
|
Capital Employed [Segment Asset-Segment
Liability] |
152079.754 |
150558.800 |
15079.754 |
NOTES:
1. The above financial results of the Bank have been prepared in accordance with the provisions of the Banking Regulation Act, 1949, Generally Accepted Accounting Principles in India, including Accounting Standards as specified under Section 133 of the Companies Act, 2013, Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015 in so far as they apply to Banks, and the guidelines issued by the RBI. In addition, the Bank has automated its key operations with the key applications largely integrated with the core banking solutions and general ledger system. Accordingly, branch returns are not required to be submitted. These results for the quarter and nine months ended December 31. 2017 were reviewed by the Audit Committee on January 18, 2018, approved by the Board of Directors on January 19,2018 and have been subjected to a 'Limited Review" by the Statutory Auditors.
2. On January 13, 2018, the Board of Directors of the Bank approved a merger of Capital First Limited and its wholly owned subsidiaries, Capital First Home Finance Limited & Capital First Securities Limited 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 each entities and the National Company Law Tribunal [NCLT). The appointed date for the transaction is proposed to be April 1, 2018 and the effective date is based on the receipt of the aforesaid approvals Pending the same, 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.
3. "Other Income" includes non-fund based income such as commission, fees, earnings from foreign exchange and derivative transactions and profit / (loss) from sale of investments Other income for the nine months ended December 31, 2017 includes profit on sale of investments in the 'Held to Maturity (HTM)1 category of INR 4101.700 Million. Profit on sale of investments in the HTM category (net of applicable taxes and statutory reserves) of approximately INR 202 Million will be appropriated to Capital Reserve at year end in accordance with the RBI guidelines.
4.
During the quarter ended September 30, 2017,
provisions include net write back of
INR 1145.300 Million towards provision for diminution against shares on account
of realized loss on sale of shares of INR 1269.800 Million which is netted off
in Other Income.
5. During the quarter and nine months ended December 31, 2017, the Bank has issued 793519 and 3669944 equity shares respectively of face value of INR 10 each pursuant to the exercise of options under the Employee Stock Option Scheme.
6. The disclosures for NPA referred to in point 17(iv) above correspond to non performing advances.
7. In accordance with the RBI circular DBR.No.BP.BC.1/21.06.201/2015-16 dated July 1, 2015 on Basel III Capital Regulations1 and the RBI circular DBR. No. BP BC. 80/21/21.06.201/ 2014-15 dated March 31, 2015 on 'Prudential Guidelines on Capital Adequacy and Liquidity Standards Amendments1, banks are required to make Pillar 3 disclosures including leverage ratio and liquidity coverage ratio under the Basel III framework. The Bank has made these disclosures on its website at the link: http://www idfcbank.com/regulatory-disclosures.html these disclosures have not been subjected to audit or limited review by the Statutory Auditors of the Bank.
8. The Bank has followed the same significant accounting policies in the preparation of these financial results as those followed in the annual financial statements for the year ended March 31, 2017.
9. The figures for the previous quarter / period have been regrouped wherever necessary, in order to make them comparable.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims against the bank not acknowledged as debts |
1425.877 |
1432.238 |
|
Liability for partly paid investments |
2452.917 |
4242.482 |
|
Liability on
account of outstanding forward exchange and derivative contracts : |
|
|
|
Forward Contracts |
979287.494 |
399058.585 |
|
Interest rate swaps, currency swaps, forward rate agreement and interest rate futures |
757121.514 |
234278.073 |
|
Foreign currency options |
108788.055 |
36517.210 |
|
Guarantees given on
behalf of constituents |
|
|
|
In India |
136747.944 |
24714.487 |
|
Outside India |
|
|
|
Acceptances, endorsements and other obligations |
49299.568 |
26349.676 |
|
Other items for which the bank is contingently liable (capital commitments) |
988.929 |
2774.257 |
FIXED ASSETS:
· Building
· Computers
· Vehicles
· Furniture
· Office Equipment
· Leasehold Improvements
PRESS RELEASE:
CAPITAL FIRST GETS
NHB NOD FOR MERGER WITH IDFC BANK
22.02.2018
National Housing Bank (NHB) has approved the merger of the company along with Capital Home Finance and Capital First Securities Limited with IDFCBSE -0.47 % Bank.
"We would like to inform you that the National Housing Bank (NHB) has vide its letter dated February 19, 2018 intimated that NHB has no objection to the aforesaid amalgamation subject to its compliance with the applicable provisions of relevant acts, rules, regulations, etc. in the matter," Capital First said in a regulatory filing.
Earlier in January, the company had informed the decision of the board of directors approving amalgamation of the company, Capital First Home Finance Limited, and Capital First Securities Limited (collectively, the 'Amalgamating Companies') with IDFC Bank Limited.
The amalgamation is subject to the receipt of approval from the Reserve Bank of India and other statutory and regulatory approvals, it added.
The US based PE firm Warburg Pincus backed non-banking
financial company and one of the youngest private lenders IDFC Bank with this
merger in an all-stock deal, are set to create a INR 880000.000 million
combined entity.
The share swap ratio for the merger is fixed at 139:10, meaning IDFC Bank will issue 139 shares for every 10 shares of Capital First.
The merger is likely to be completed in the next two- three quarters
Capital First has a customer base of 3 million and a distribution network in 228 locations across the country.
It's gross and net NPA stood at 1.63 per cent and 1 per cent, respectively as on September 2017.
Post-merger, the combined entity will have an AUM of INR 880000.000 million.
The new entity will have a distribution network comprising 194 branches, 353 dedicated banking correspondent outlets, over 9,100 micro ATM points, and will be serving more than 5 million customers.
Currently, private equity firm Warburg Pincus holds 35.97 per cent in Capital First. Infrastructure lender IDFC, which entered the banking space in 2015, has been on the lookout to grow its retail portfolio.
IDFC BANK LAUNCHES
SERVICES IN TELANGANA
FEBRUARY 22, 2018
It has 13,000 micro-ATMs
The IDFC Bank has announced the opening of its first retail branch in Jubilee Hills thereby beginning services with four more such branches in the pipeline in the twin cities. In the next six months it has a target of opening 80 branches throughout the country.
Having obtained universal banking license in 2015, the IDFC Bank has been concentrating mostly on the rural market and has decided to focus on speedier expansion in the urban areas starting with Tier 1 cities and gradually moving on to Tier II cities like Vijayawada and Visakhapatnam armed with latest banking technology platforms. “We are the first bank to go for Aadhaar Pay and our interoperable micro-ATMs have become popular as people can make transactions including cash to any account. We have 13,000 micro-ATMs across the country and intend to take up to 25,000 or more for offering banking at the door step,” said Avtar Monga, ED, and Amit Kumar, Head-Personal Banking.
At a press conference on Wednesday they said Hyderabad and Telangana is an “exciting market with a huge potential” with 767 micro-ATMs already operational through the ‘banking correspondents’ trained as per the RBI regulations and 182 Aadhaar Pay merchants.
A newly opened Aadhaar-based account could be made operational within four minutes and all the ATM transactions are free with the debit card carrying INR 2.500 million personal accident cover and a seven-day window to report loss or misuse of card with a limited sum assured, they explained.
Among the other attractive features are having round-the-clock ‘bankers’ on call and not an “IVR”, accessible throughout the year. The IDFC Bank has tied up with the A.P. Government for cashless transactions at all the public distribution scheme outlets.
The bank serves INR 2.400 million customers across 670 cities, 45,000 villages with net profit of INR 1461. 00million as on December 31.
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 65.23 |
|
UK Pound |
1 |
INR 89.71 |
|
Euro |
1 |
INR 79.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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.