MIRA
INFORM REPORT
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Report Date : |
18.07.2007 |
IDENTIFICATION DETAILS
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Name : |
Trust Bank Limited |
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Registered Office : |
Sena Kalyan Bhaban, 195, Motijheel Commercial Area, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
15th July,1999 |
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Com. Reg. No.: |
C-37964 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Engaged in general banking |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Report on
Trust
Bank Limited
Address
Sena Kalyan Bhaban,
195, Motijheel Commercial Area,
Telephones : 880-2-9570261, 9570263,9572012-3
Fax : 880-2-9572315
E-mail :
tbl@global-bd.net
info@trustbankbd.com
SUMMARY
Established : July,1999
Incorporation
No. : C-37964
Incorporation
Dated : 15th
July,1999
Managing Director & CEO :
Mr. Iqbal U. Ahmed
Employees
438
Executives- 42
Senior Executives- 152
Junior
Officer- 163
Assistance
Officers- 81
NO BRANCES
16
OFFICE AREA
3,900 sq.
ft. (rented)
FACTORY AREA
N/A
WAREHOUSE AREA
2,500 sq. ft
(rented)
DIRECTORS
Lt. Gen. Moeen U Ahmed -Chairman
Mr. Iqbal U.
Ahmed -Managing Director
Brig. Gen.
S. M. Mahabubul Karim
Brig. Gen.
Md. Rafiqul Islam
Brig. Gen.
Muhammad Anisur Rahman
Brig. Gen.
Md. Zillur Rahman
Brig. Gen.
Md. Shawkat Hossain
Brig. Gen.
Mohd.Mahabubul Hasan
HISTORY
The subject was established in July, 1999 by Bangladesh Sena
Kalayan Sangstha (Army Well Fair Foundation) for doing the general banking
business.
BUSINESS
The subject is engaged in general banking
Current Deposit
Account
Savings Deposit Account
Fixed
Deposit
Saving Certificate
Trust Smart
Savers Scheme
Trust Digoon Laay Scheme
Trust Money
Making Scheme
Trust Education Scheme
Corporate
Financing
Trust
Consumer Durable Scheme
Trust Marriage Loan Scheme
Trust Car
Loan Scheme
Trust Micro
Credit for Renovation & Reconstruction of Dwelling Houses
Car Loan
International
Banking
Private Foreign Currency Accounts
Non-Resident
Foreign Currency Deposit Account
Travelers Endorsement
Remittance
of Foreign Currency
Purchase of Foreign Currency, Cheque, Draft, Travelers Cheque,
Wage Earner’s Development Bond
Trust Locker Service
Trust Tele Banking
Authorised Capital
Tk.2 billion
Paid Up Capital
Tk.0.5
billion
Total Deposits
Tk.18.98
billion
Total Loan &
Advances
Tk.13.18
billion
Earning Per Share
52.54
BALANCE SHEET
As of 31 December, 2006
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PROPERTY AND ASSETS |
31.12.2006 |
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Cash in
hand (including foreign currencies) |
139,754,152 |
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Balance
with |
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(including
foreign currencies) |
1,121,385,751 |
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1,261,139,943 |
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Balance with other banks and
financial institutions |
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In |
2,636,123,081 |
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Outside |
186,464,490 |
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2,822,587,571 |
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Money at call and short notice |
67,500,000 |
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Investments |
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Government |
2,543,038,200 |
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Others |
717,334,399 |
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3,260,372,599 |
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Loan and Advances |
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Loan, Cash
Credit, Overdrafts, etc. |
12,323,004,330 |
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Bills
purchased and discounted |
865,088,555 |
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13,188,092,885 |
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Fixed Assets including premises,
furniture and fixture |
146,054,811 |
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Other assets |
451,844,391 |
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Non-banking assets |
--------- |
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Total Aseets |
21,197,592,200 |
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Liabilities and Capital |
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Borrowing
from other banks, financial institutions and agents |
426,000,000 |
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Deposit and other accounts |
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Current
Deposits |
791,794,948 |
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Bills
Payable |
122,678,874 |
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Savings
Bank Deposits |
1,456,592,033 |
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Fixed
Deposits |
14,333,275,178 |
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Other
Deposits |
2,281,610,061 |
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18,985,951,094 |
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Other Liabilities |
631,379,123 |
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Total Liabilities |
20,043,330,217 |
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Capital/Shareholder’s Equity |
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Paid up
Capital |
500,000,000 |
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Share
Money Deposit |
200,000,000 |
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Statutory
Reserve |
214,677,986 |
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Retained
Earnings |
239,583,997 |
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Total Shareholders’ Equity |
1,154,261,983 |
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Total Liabilities and Shareholder
Equity |
21,197,592,200 |
PROFIT & LOSS
ACCOUNT
For
the year ended 31 December,2006
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PARTICULARS |
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Interest
Income |
1,771,362,525 |
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Less : Interest
Paid on Deposits and Borrowings |
1,371,361,160 |
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Net
Interest Income |
400,001,365 |
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Income
from Investments |
170,817,002 |
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Commission,
Exchange and Brokerage |
247,921,395 |
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Other
Operating Income |
33,172,756 |
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451,911,153 |
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Total Operating Income |
851,912,518 |
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Salaries
and Allowances |
133,200,114 |
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Staffs
Gratuity |
9,039,220 |
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Rent,
Taxes, Insurance, Electricity, etc |
49,780,953 |
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Legal
Expenses |
266,004 |
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Postage,
Stamps, Telecommunications etc |
16,057,202 |
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Stationery,
Printing, Advertisement etc |
8,793,963 |
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Managing
Director’s salary and benefits |
5,036,666 |
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Directors’
Fees |
664,500 |
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Auditors’
fee |
100,000 |
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Depreciation
on Fixed Assets |
23,734,416 |
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Repairs
and maintains |
9,599,529 |
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Other Expenses |
48,740,455 |
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Total Operating Expenses |
305,013,022 |
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Profit before Provisions |
546,899,496 |
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Provision for loans and advances |
38,555,000 |
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Provision
for Diminution in value of Investment |
649,147 |
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Total Profit before Income Tax for
the year |
507,695,349 |
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Provision
for Income Tax |
245,000,000 |
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Net Profit after Tax for the year |
262,695,349 |
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Profit/(Loss)
brought forward from previous year |
178,833,393 |
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Dividend
for the year |
(60,000,000) |
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Income Tax
Provision for the Income year 2004 |
(40,405,675) |
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78,427,718 |
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341,123,067 |
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Appropriations |
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Statutory
Reserve @ 20% on profit before tax |
101,539,070 |
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Accumulated
Retained Earnings Transferred To BalanceSheet |
239,583,997 |
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341,123,067 |
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Earning Per Share (EPS) |
52.54 |
LEGAL FORM
The subject is a public limited company incorporated with
the Registrar of Joint Stock of Companies Dhaka.
EXCHANGE RATE
GB
Pound 1.00=Tk.129.1870
US Dollar 1.00=Tk.
68.6654
Japanese
Yen 1.00=Tk. 0.5831
Australian
Dollar 1.00=Tk.
52.3228
COMMENTS
The subject is a public limited company engaged in General
banking and other related services. The bank has branches all over the country
and they are quite popular among their clients.
The subject has been established by Sena Kalayan Sangstha
(Army Welfare Foundation) and all the profits goes to the foundation. The
subject has got branches in all the Cantonments and Army keeps their all the
founds in this banks.
Mr. Iqbal U. Ahmed, the managing director of the bank is an
experienced bankers who knows his job well. The other executives are senior
bankers who has been recruited from other banks.
The subject is good for normal
business engagements.
RATING EXPLANATIONS
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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%)