MIRA
INFORM REPORT
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Report Date : |
19.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
BRAC BANK LIMITED |
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Registered Office : |
1 Gulshan Avenue, Gulshan -1 Dhaka 1212 |
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Country : |
Bangladesh |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
May, 1999 |
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Com. Reg. No.: |
C-37782 |
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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 : |
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 |
COMPANY DETAILS
Name: Brac Bank Limited
Address: 1 Gulshan
Avenue,
Gulshan -1
Dhaka 1212
Country: Bangladesh
Tel No: 880-2-885 9202, 9861761, 9882933
Fax No: 880-2-883 7886
E-Mail: enquiry@bracbank.com
Established: May,
1999
Incorporation No : C-37782
Incorporation Date: 20th May, 1999
Legal Structure:
The subject is a Public
Limited Company that was
Incorporated in the Registrar of
Joint Stock of
Companies, Dhaka.
Stock Code: BRACB
Business Type:
General Banking
Litigation: NIL
LOCATIONS
Head Office: 1 Gulshan
Avenue,
Gulshan -1
Dhaka 1212
Tel No : 880-2-8859202, 9861761, 9882933
Fax No : 880-2-8837886
E-Mail: enquiry@bracbank.com
Branch: 36
Factory: N/A
S.W.I.F.T.: BRAK BD DH
DIRECTORS
Name: Mr.
Fazle Hasan Abed
Designation: Chairman
Name: Mr.Kaiser
Tamiz Amin
Designation: Managing Director
Name: Mr.Syed
Humayun Kabir
Designation: Director
Name: Mr.Aminul
Alam
Designation: Director
Name: Mr.Kazi
Mohammad Shariful Ala
Designation: Director
Name: Mr.Mark
A.Coffey
Designation: Director
Name: Mr.Mohammad
A.(Romee) Ali
Designation: Director
Name: Ms.Nihad Kabir
Designation: Director
BUSINESS DETAILS
Line of Business: General
Banking
Range of
Services: 1Anonno Rin
1Apurbo Rin
1Pathshala Rin
1Aroggo Rin
1 Digoon Rin
1 Prothoma Rin
1 BIZNESS Account
1 Cash Secured Loan
1 Bizness loan
1Proshar:
1Trade Plus
1Super Supply Loan
1Salary Loan
1NoW Loan
1Car Loan
1Teachers’ Loan
1Study Loan
1Travel Loan
1Credit Card Loan
1Top Up Loan
1High Flyer Loan
1Secured Loan/ OD
1Doctor's Loan
1Overdraft
1Term Loan
1Lease Finance
1Loan Against Trust Receipt (LATR)
1 Work Order Finance
1 Medium Enterprise
1 Fixed Deposit
1 Interest First Fixed Deposit
1 Abiram Account
1 EZee Account
1 DPS
1 Savings Account
1 Short Term Deposit
1 Current Account
1 Salary Account
1 Step Up Fixed Deposit
1 Letter of Credit (LC)
1 Letter of Guarantee (LG)
Production Capacity: N/A
Last Year Production: N/A
FINANCIAL INFORMATION
BALANCE
SHEET
AS
AT 31 DECEMBER, 2007
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PROPERTY AND ASSETS |
Taka |
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Cash |
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In Hand (including foreign currencies) Balance with Bangladesh
Bank |
511,730,011 |
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Its agent bank (including foreign currencies) |
2,581,331,135 |
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3,093,061,146 |
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Balance with other banks and financial institution: |
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In Bangladesh |
2,915,623,486 |
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Outside Bangladesh |
170,449,420 |
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3,086,072,906 |
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Money at call and on short notice |
100,000,000 |
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Investment |
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Government Sec |
4,893,785,452 |
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Others |
103,071,265 |
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4,996,856,717 |
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Land and advances: |
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Loans, cash credits, overdrafts, etc |
32,446,123,378 |
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Bills discounted and purchased |
14,978,802 |
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32,461,102,180 |
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Fixed assets including premises and furniture’s |
942,929,286 |
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Other assets |
1,702,573,183 |
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Non banking
assets |
------------------- |
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Total assets |
46,382,595,418 |
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Liabilities And
Capital |
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Borrowing from other banks, financial institutions and agents |
2,240,000,000 |
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Deposits and
other accounts: |
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Current deposits and other accounts |
5,543,600,799 |
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Bills payable |
464,648,880 |
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Savings bank deposits |
3,985,564,159 |
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Fixed deposits |
27,307,976,282 |
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Other deposits |
66,617,653 |
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37,368,407,773 |
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Other
Liabilities |
3,702,158,971 |
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Total Liabilities |
43,310566,744 |
PROFIT
AND LOSS ACCOUNT
FOR
THE YEAR ENDED 31 DECEMBER, 2007
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OPERATING INCOME |
Taka |
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Interest-Income |
4,633,346,578 |
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Interest-paid on deposits borrowings etc. |
(2,571,236,238) |
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Net Interest Income |
2,062,110,340 |
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Income from Investment |
693,142,387 |
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Commission, Exchange and Brokerage |
774,387,965 |
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Other Operating Income |
16,605,838 |
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Total operating income |
3,546,246,530 |
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OPERATING EXPENSES |
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Salary and allowances |
789,774,456 |
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Rent, taxes, insurance, electricity etc |
109,452,384 |
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Legal expenses |
5,264,161 |
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Postage, stamp, telecommunication etc. |
99,420,829 |
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Stationery, printing, advertisements etc. |
134,980,937 |
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Chief Executive’s salary and fees |
8,332,800 |
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Directors' fees and expenses |
399,144 |
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Auditors' fees |
622,500 |
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Repair, maintenance and depreciation
of Bank's property |
178,180,999 |
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Other expenses |
274,343,794 |
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Total operating expenses |
1,600,754,004 |
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Profit/(Loss) before provision |
1,945,492,526 |
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Provision for loans & advances |
668,649,664 |
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Diminution in value investments |
--------------- |
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Off balance Sheet items |
12,500,000 |
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others |
7,225 |
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Total Provisions |
681,156,889 |
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Profit before tax |
1,264,335,637 |
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Provision for Tax: |
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Current |
766,000,000 |
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Differed |
(120,000,000) |
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Profit after tax |
646,000,000 |
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Retained surplus brought forward |
22,990,765 |
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Appropriation |
618,335,637 |
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Statutory reserve |
252,867,127 |
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General reserve |
---------------- |
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Proposed stock dividend |
------------ |
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Retained earnings |
365,468510 |
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Earning per share (EPS) |
54.95 |
Auditors
Rahman & Rahman
Chartered Accountants
Dhaka
EXCHANGE RATE
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CURRENCY |
UNIT |
BANGLADESHI TAKA |
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Great Britain Pound |
1 |
140.1706 |
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U.S Dollar |
1 |
69.4850 |
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European Euro |
1 |
94.9041 |
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Japanese Yen |
1 |
0.5712 |
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Australian Dollar |
1 |
59.7270 |
GENERAL INFORMATION
No. of Employees: 2,895
Executives----------------- 190
Senior Officers-------------245
Junior Officers-------------320
Assistants
Officers----- -2,140
Office Area: 3,800
sq.ft (rented)
Factory Area: N/A
Warehouse Area: 2,900 sq.ft.(rented)
Name of the Group: NIL
Subsidiaries: NIL
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 36 branches all over the country and they are quite popular among
their clients.
Mr.Kaiser Tamiz Amin, the managing director of the bank is an
experienced banker and knows his job well.
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%)