MIRA
INFORM REPORT
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Report Date : |
10.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
MUTUAL TRUST BANK LIMITED |
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Registered Office : |
Bhuiyan Centre (4th Floor), Motijheel Commercial Area, Dhaka-1000 |
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Country : |
Bangladesh |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
29.09.1999 |
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Com. Reg. No.: |
C-38707 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
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 |
COMPANY DETAILS
Name: Mutual Trust Bank Limited
Address: Bhuiyan Centre
(4th Floor),
Motijheel
Commercial Area,
Dhaka-1000,
Country: Bangladesh
Tel No : 880-2- 711 3237-8, 7110930-1,
Fax No : 880-2- 956 6181,
E-Mail: mtbpb@bangla.net
Incorporation No : C-38707
Incorporation Date: 29th September, 1999
Legal Structure:
The subject is a Public
Limited Company that was
Incorporated in the Registrar of
Joint Stock of
Companies, Dhaka.
Listed in: 1 Dhaka Stock Exchange Ltd (DSE)
1 Chittagong Stock Exchange Ltd (CSE)
Stock Code : mtbnk
Business Type:
General Banking
Status: Satisfactory
LOCATIONS
Head Office: Bhuiyan Centre (4th
Floor),
Motijheel
Commercial Area,
Dhaka-1000,
Branch: 30 branches
Factory: N/A
Warehouse: N/A
DIRECTORS & SHAREHOLDERS
Name: Mr. Samson H. Chowdhury
Designation: Chairman
Name: Dr. Arif Dowla
Designation: Vice Chairman
Name: Mr. Kazi Md. Shafiqur Rahman
Designation: Managing Director
Name : Mr. Syed Manzur Elahi
Designation : Director
Name : Mr. Md. Hedayetullah
Designation : Director
Name : Mr. Kh. Rashiduzzaman
Designation : Director
Name : Al-haj Syed Abul Hossain
Designation : Director
Name: Mr. Mohammed Abdur Rouf
Designation: Director
Name: Mr. Md. Abdul Malek
Designation: Director
Name: Mr. Rashed Ahmed Chowdhury
Designation: Director
Name: Mrs. Yasmeen Haque
Designation: Director
Name: Mr. A.F.M. Mahfuzul Hassan
Designation: Director
Name: Mr. Md. Wakiluddin
Designation: Director
Name: Mr. Saidur Rahman Ratan
Designation: Director
BUSINESS DETAILS
Line of Business: General
Banking
Range of Services 1 ATM Service
1 Brick
by Brick Savings Scheme
1
Monthly Benefit Plan
1
Save Everyday Plan
1
Children’s Education Plan
1
Consumer Credit Scheme
1
Best Invest Plan
1
Import Letter of Credit
1
Post Import Financing (LIM,LTR etc)
1
Import collection services & Shipping
Guarantees
FINANCIAL INFORMATION
BALANCE
SHEET
As
on 31 December, 2006
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PROPERTY AND
ASSETS |
Taka |
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Cash |
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Cash in hand (Including Foreign Currency) |
233,425,245 |
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Balance with Bangladesh Bank & its agent bank (including Foreign
Currency) |
1,413,425,408 |
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1,646,850,653 |
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Balance with
Other banks & Financial Institutions : |
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In Bangladesh |
783,960,394 |
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Outside Bangladesh |
175,569,497 |
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|
959,529,891 |
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Money & Call
& Short Notice Investments |
970,000,000 |
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Government |
2,990,909,400 |
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Others |
64,778,000 |
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|
3,055,687,400 |
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Loan &
Advances |
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Loan Cash, Credit overdraft etc |
16,356,416,377 |
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Bill purchased and discounted |
2,235,104,254 |
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18,591,520,631 |
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Fixed Assets
including Premises, Furniture & Fixture |
276,186, |
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Other Assets |
718,210,820 |
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Non Banking
Assets |
--------------- |
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Total property
& Assets |
26,217,985,597 |
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Liabilities
& Capital |
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Borrowing from other banks financial institutions and agent |
----------------- |
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Deposits and
Other account : |
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Current Deposits and other accounts |
2,804,119,941 |
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Bill payable |
196,727,245 |
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Saving Deposits |
1,439,402,890 |
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Fixed Deposits |
16,519,124,214 |
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Deposits Products |
1,304,671,699 |
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22,264,045,989 |
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Other
Liabilities |
2,049,135,387 |
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24,313,181,376 |
PROFIT
& LOSS ACCOUNT
As on
31 December, 2006
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Taka |
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Interest Income |
2,340,970,021 |
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Less : Paid on deposits and Borrowing etc |
1,708,636,136 |
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Net Interest
Income |
632,333,885 |
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Income from investments |
184,398,535 |
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Commission, Exchange & Brokerage |
401,448,414 |
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Other operating Income |
66,684,925 |
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652,531,874 |
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Total Operating
Income |
1,284,865,759 |
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Less: Operating Expenditure |
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Salary & Allowances |
158,532,358 |
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Managing Director’s remuneration |
2,400,000 |
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Directors Fees |
425,000 |
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Rent, Tax, Insurance, Electricity etc |
40,192,847 |
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Legal Expenses |
525,939 |
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Postage, Stamps, Telegram & Telephone |
12,665,039 |
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Audit Fees |
60,000 |
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Printing, Stationery, Advertisement etc, |
13,126,422 |
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Depreciation on & Repairs to Banks property |
28,336,491 |
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Other Expenditure |
59,129,548 |
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Total Operating
Expenditure |
315,393,644 |
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Profit before
provision |
969,472,115 |
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Less: provisions Loan against Loan & Advances |
95,000,000 |
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Provision against other assets |
--------------- |
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95,000,000 |
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Profit before
tax |
874,472,115 |
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Less provision for tax current |
393,512,452 |
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Differed |
2,680,264 |
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396,192,716 |
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Net profit after
tax |
478,279,399 |
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Retained
Surplus, brought forward |
211,305,448 |
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|
689,584,847 |
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Appropriations: |
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Bonus Shares issued during the years |
86,400,000 |
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Cash dividend paid during the year |
120,960,,000 |
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Transfer to general reserve |
3,945,448 |
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Statutory Reserve |
174,894,423 |
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|
386,199,871 |
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Retained surplus, carried forward |
303,384,976 |
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Earning per share |
50.32 |
AUDITORS
Howlader Younus & Co
Chartered Accountant,
Dhaka
CAPITAL STRUCTURE
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Authorized Capital |
: |
Tk.1 billion |
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Paid Up Capital |
: |
Tk.9504,000.000 |
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Each Share Value |
: |
Tk.100.00 |
EXCHANGE RATE
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CURRENCY |
UNIT |
BANGLADESHI TAKA |
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Great Britain Pound |
1 |
143.7238 |
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U.S Dollar |
1 |
69.4023 |
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European Euro |
1 |
101.3730 |
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Japanese Yen |
1 |
0.6176 |
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Australian Dollar |
1 |
63.2055 |
GENERAL INFORMATION
No. of Employees: 450
Executives-----------------66
Senior Officers-----------180
Junior Officers-------------90
Assistants
Officers-------114
Office Area: 4,300
sq.ft (rented)
Factory Area: N/A
Warehouse Area: 3,200 sq.ft.(rented)
Member 1 Dhaka Chamber of Commerce &
Industries, Dhaka
1 Bangladesh Association of Bankers,
Dhaka
COMMENTS
The subject is a public limited company engaged in general
banking and other related services. The bank has 30 branches all over the
country and they are quite popular among their clients. They are contemplating
to increase more branches and by the year end there will be 8 branches in
various commercially important places.
Mr. Kazi Md. Shafiqur
Rahman, the managing director of the bank is an experienced banker and knows
his job well. The other executives are also experienced bankers.
The company 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. |
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%)