SBI Annual Report

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SBI Global Factors Ltd.

Contents Contents
List of Directors Board of Directors Directors’ Report Corporate Governance Report Management Discussion and Analysis Auditors’ Report Report of Comptroller & Auditor General of India Balance Sheet Profit and Loss Account Cash Flow Statement Schedules To Balance Sheet and Profit And Loss Account Balance Sheet in US $ Profit and Loss Account in US $ Market Share Events 2 3 5 11 14 16 20 22 23 24 25 54 55 58 59

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Annual Report 2009-2010

SBI Global Factors Ltd.

List of Directors List Director ectors
Name Shri. O. P. Bhatt Shri. R. Sridharan Smt. Bharati Rao Shri V. Kannan Shri. B.K.Vatsaraj Shri. Y. Vijayanand Smt. Bhama Krishnamurthy Shri. S. Rajendran Shri. Ashwin Ankhad Shri Sangeet Shukla Designation Chairman Director Director Director Independent Director Independent Director * Director* Director * Independent Director* Executive Vice-Chairman & C.E.O.

* as on 10th June 2010

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Annual Report 2009-2010

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SBI Global Factors Ltd.

Board of Directors Board Director ectors

Shri O.P. Bhatt Chairman

Shri R. Sridharan Director

Smt. Bharati Rao Director

Shri V. Kannan Director

Shri B.K. Vatsaraj Director

Shri Y. Vijayanand Director
(From 10th June, 2010)

Smt. Bhama Krishnamurthy Director
(From 10th June, 2010)

Shri S. Rajendran Director
(From 10th June, 2010)

Shri Ashwin Ankhad Director
(From 10th June, 2010)

Shri Sangeet Shukla (Executive Vice Chairman & C.E.O.)

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Annual Report 2009-2010

SBI Global Factors Ltd.

Bankers State Bank of India Axis Bank HDFC Bank Standard Chartered Bank Auditors Contractor Nayak & Kisnadwala Chartered Accountants Jash Chambers, 3rd Floor, 7A, Sir P.M.Road, Fort, Mumbai – 400001 Solicitors K Ashar & Company Meadows House, 4th & 5 th Floor, 39, Nagindas Master Road, Fort, Mumbai – 400023 Paras Kuhad & Associates 903, Peninsula Towers, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013 Registered Office 6 Floor, The Metropolitan, Bandra–Kurla Complex, Bandra (East), Mumbai - 400051 th

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SBI Global Factors Ltd.

Directors’ Report Director ectors’
For the Financial Year Ended March 31, 2010
Your Directors have a pleasure in presenting the ninth Annual Report of SBI Global Factors Limited (formerly Global Trade Finance Limited) along with the audited Balance Sheet as at March 31, 2010 and Profit and Loss Account for the year ended on that date.

Financial Performance
(i) During the year, the Company recorded a total turnover of Rs 129.78 billion (US $ 2.89 billion), export turnover of Rs 11.42 billion (US $ 0.25 billion), import turnover of Rs 0.38 billion (US $ 8.46 million) and domestic turnover of Rs 117.98 billion (US $ 2.63 billion). As at March 31, 2010, the Company had advances outstanding of Rs 30,298 million (US $ 674.79 million), of which the export outstandings stood at Rs 1,955 million (US $ 43.54 million), import outstandings at Rs 99 million (US $ 2.20 million) and domestic outstandings at Rs 28,244 million (US $ 629.04 million). Gross NPAs stand at Rs 6,352 million (US $ 141.47 million) and Net NPAs stand at Rs 5,068 million (US $ 112.87 million). The amount to be transferred to Reserve Fund is Rs 13.16 million (US $ 0.29 million).

Summary of Financial Results
2009-10 (in Rs. Mn.) 1,29,781 1,17,977 11,804 30,294 4,931 108 66 2008-09* (in Rs. Mn.) 1,82,825 1,55,562 27,263 45,139 6,765 1,850 1,219 Year-over-Year Growth (%) (29.01) (24.16) (56.70) (32.88) (27.11) (94.16) (94.59)

Total Turnover Domestic Turnover International Turnover Advances Outstanding Total Income Profit Before Tax Profit After Tax

* (includes figures of SBI Factors and Commercial Services Private Limited for the Year 200809, since merged with the Company) (ii) The Company recorded a total income of Rs 4,931 million (US $109.82 million)*, posted a profit before tax of Rs 108 million (US $ 2.41...
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