MIRA
INFORM REPORT
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Report Date : |
23.08.2007 |
IDENTIFICATION DETAILS
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Name : |
Sonali Bank |
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Registered Office : |
Shapla Chattar, Motijheel Commercial Area, Dhaka-1000 |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1972 |
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Legal Form : |
State Owned Bank |
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Line of Business : |
Engaged in general banking |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Report on
Sonali Bank
Address
Shapla Chattar
Motijheel Commercial Area,
Dhaka-1000,
Telephones : 880-2-9114409
Fax : 880-2-9561410
E-mail :
sbtiadabd@dhaka.com
sbhoid@bdmail.net
sbhorcd@bttb.net.bd
sbhoicd@bttb.net
SUMMARY
Established : 1972
Presidential
Order No : 26 of 1972
Incorporation
No. : N/A
Incorporation
Dated : N/A
Managing
Director & CEO : Mr. S. M.
Aminur Rahman
Employees
75
Executives- 15
Senior
Executives- 25
Junior
Officer- 10
Assistance
Officers- 25
NO BRANCES
1,183
OFFICE AREA
15,000 sq.
ft.
FACTORY AREA
N/A
WAREHOUSE AREA
5,500 sq. ft (rented)
DIRECTORS
Dr. ABM Mohammad Azizul Ialm - Chairman
Mr. S. M. Aminur Rahman - Managing Director
Mr. Sheikh
Abdul Hafiz, FCA
Mr. M. Shahiduzzaman
Mr. M. Shafiqur Rahman Patwary
Mr. M. Humayun Kabir
Brig. Gen. M. Zahirul Islam
HISTORY
The subject was established in 1972 by for doing the general
banking business.
BUSINESS
The subject is engaged in general banking
Current
Deposit Account
Savings
Deposit Account
Fixed Deposit
Saving
Certificate
General
Banking
Corporate
Financing
International
Banking
Private
Foreign Currency Accounts
Non-Resident
Foreign Currency Deposit Account
Travelers
Endorsement
Remittance
of Foreign Currency
Purchase of
Foreign Currency, Cheque,
Authorised
Capital : Tk.10
billion
Paid Up
Capital :
Tk.3.272 billion
Total
Deposits :
Tk.277 billion
Total Assets : Tk.337 billion
BALANCE SHEET
As of 31 December, 2005
|
PROPERTY
& ASSETS |
Taka |
|
Cash in hand
(including foreign currencies) |
2,277,397,513 |
|
Balance
with Bangladesh Bank (including foreign currencies) |
15,113,749,967 |
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|
17,391,147,480 |
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In |
2,700,000,000 |
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Outside |
6,823,162,413 |
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|
9,523,162,413 |
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Money at call
on short notice |
202,041,000 |
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|
|
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Government |
42,191,462,692 |
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Others |
1,444,933,789 |
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|
43,636,396,481 |
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Loan, Cash
Cre4dits, Overdraft etc |
172,898,380,473 |
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Bills
discounted and purchased |
54,111,239,733 |
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|
227,009,620,206 |
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Fixed
Assets Including Premises, Furniture and Fixtures |
924,961,982 |
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Other
Assets |
38,999,787,510 |
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Non
banking Assets |
------------------- |
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Total Assets |
337,687,117,072 |
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Liabilities
and Capital |
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Borrowing
from other banks, financial institutions and agents |
13,061,034,407 |
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Deposit
and other accounts |
277,079,059,813 |
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Current
Account s and other Accounts |
129,626,521,976 |
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Bills
Payable |
4,203,981,763 |
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Savings
Bank Deposits |
92,042,130,534 |
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Fixed
Deposits |
51,206,425,540 |
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Bearer
Certificates of Deposits |
---------------- |
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Other
Liabilities |
41,240,822,852 |
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Total Liabilities |
331,380,917,072 |
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Paid Up
Capital |
3,272,200,000 |
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Statutory
Reserve |
2,800,000,000 |
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Other
Reserves |
234,000,000 |
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Surplus in
Profit and Loss A/C |
------------------- |
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Total
Shareholders Equity |
6,306,200,000 |
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Total Liabilities and Shareholders
Equity |
337,687,117,072 |
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Contingent
Liabilities |
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Acceptance
and Endorsements |
---------------- |
|
Letter of
Guarantee |
8,030,252,197 |
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Irrevocable
Letters of Credit |
42,865,286,260 |
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Bills for
Collection |
9,362,650,748 |
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Other
Contingent Liabilities |
------------ |
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Total |
60,258,189,187 |
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Other Commitments |
-------------- |
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Documentary
credit and short term trade-related transaction |
-------------- |
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Forward
Assets purchased and forward deposits placed |
-------------- |
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Undrawn
note issuance and revolving underwriting facilities |
------------- |
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Undrawn
formal standby facilities, credit lines and other commitments |
4,874,600,000 |
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Other
Commitments |
--------------------- |
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Total |
4,874,600,000 |
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Total off Balance Sheet items
including continent liabilities |
65,132,789,187 |
PROFIT & LOSS
ACCOUNT
For
the year ended 31 December, 2005
|
|
Taka |
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Interest
income |
11,968,455,635 |
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Less :
Interest paid on deposits and borrowing etc |
11,413,075,053 |
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Net interest income |
555,380,582 |
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Investment
income |
2,951,176,894 |
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Commission
Exchange and Brokerage |
4,918,838,573 |
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Other
Operating Income |
25,394,339 |
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Total Operating Income |
8,450,790,388 |
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Salaries and
Allowances |
3,283,471,770 |
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Rent,
Taxes, Insurance, Electricity etc |
289,338,910 |
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Legal
Expenses |
59,894,647 |
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Postage,
Stamps, telecommunication etc |
64,414,625 |
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Stationery,
Printing, Advertisement etc |
95,401,667 |
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Chief Executives
Salaries and fees |
276,000 |
|
Directors
fees |
771,811 |
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Auditor
Fees |
855,000 |
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Charges on
Loan Losses |
---------- |
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Depreciation
and Repairs of Banks Assets |
110,463,244 |
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Other
Expenses |
582,295,991 |
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Total Operating Expenses |
4,487,183,665 |
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Profit/ (Loss) before provision |
3,963,606,723 |
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Provision
for loan |
2,500,000,000 |
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Provision
for diminution in valve of Investments |
10,000,000 |
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Other
Provisions |
1,245,568,000 |
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Total provision |
3,755,568,000 |
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Total Profit/ (loss) before Tax |
208,038,723 |
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Less :
provision for Tax |
----------- |
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Net Profit
(Loss) after Tax |
208,038,723 |
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Statutory
Reserve |
200,000,000 |
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General
Reserve |
----- |
|
Benevolent
Fund |
8,038,723 |
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|
208,038,723 |
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Retained
Surplus |
------ |
LEGAL FORM
It is a state owned bank
EXCHANGE RATE
GB
Pound 1.00=Tk.140.1706
US Dollar 1.00=Tk.
69.4850
Japanese
Yen 1.00=Tk. 0.5712
Australian
Dollar 1.00=Tk.
59.7270
COMMENTS
The subject is subject is the branch of the biggest bank in
the country. The bank is owned by the government of
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)