MIRA
INFORM REPORT
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Report Date : |
29.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
SOUTHEAST BANK LIMITED |
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Registered Office : |
House No. 82 CES (F), 1, Gulshan Avenue Dhaka. |
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Country : |
Bangladesh |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
March, 1995 |
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Com. Reg. No.: |
C-27985 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
General Banking and other related Services |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY DETAILS
Name: Southeast Bank Limited
Address: House No.
82 CES (F),
1, Gulshan Avenue
Dhaka.
Country: Bangladesh
Tel No: 880-2-9883401-5, 9883492-4
Fax No: 880-2-9883495
E-Mail: hob.gl@sebankbd.com
Established: March,
1995
Incorporation No : C-27985
Incorporation Date: 12th March, 1995
Legal Structure:
The subject is a Public
Limited Company that was
Incorporated in the Registrar of
Joint Stock of
Companies,
Dhaka.
Stock Code: sebnk
Business Type:
General Banking
Litigation: NIL
LOCATIONS
Head Office: 1, Dilkusha Commercial Area (3rd Floor),
Dhaka - 1000
Tel No : 880-2-9550081-5, (88-02)9567271-2
Fax No : 88-02-9550093
E-Mail: info@sebankbd.com
Branch: 38
Factory: N/A
SWIFT SEBD
BD DH
DIRECTORS
Name: Mr.
Alamgir Kabir (FCA)
Designation: Chairman
Name: Mr.Abdul
Hye
Designation Vice
Chairman
Name: Mr.Neaz
Ahmed
Designation: Managing Director
Name: Mrs.Sultana
Kashem
Designation: Director
Name: Mrs.Farzana
Azim
Designation: Director
Name: Mr.Tanveer
Harun
Designation: Director
Name: Mrs.Rehena
Rahman
Designation: Director
Name: Mr.Mohammad
Dewan Mustaq Majid
Designation: Director
Name: Dr.Humayun
Kabir
Designation: Director
BUSINESS DETAILS
Line of Business: General
Banking
Range of
Services: 1 Saving
Scheme
1 Loan Scheme
1 Working Capital
1 Special Saving Scheme
1
Monthly Saving Scheme
1 Monthly Income Scheme
1 Haj Sanchay Prakalpa
1 Cash Secured Loan
1 Double Benefit Scheme
1
Islami Banking
1
Murdaba Income Scheme
1
Murdaba Saving Scheme
1 ATM Service
1 Locker Services
1 Credit Card
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 |
440,911,732 |
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Its agent bank (including foreign currencies) |
2,966,460,168 |
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|
3,407,371,900 |
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Balance with other banks and financial institution: |
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In Bangladesh |
1,258,788,896 |
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Outside Bangladesh |
288,199,279 |
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1,546,988,175 |
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Money at call and on short notice |
310,000,000 |
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Investment |
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Government Sec |
7,563,544,454 |
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Others |
899,318,546 |
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8,,462,863,000 |
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Land and
advances: |
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Loans, cash credits, overdrafts, etc |
45,531,,630,718 |
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Bills discounted and purchased |
2,632,973,432 |
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48,164,604,150 |
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Fixed assets including premises and furniture’s |
1,708,110,172 |
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Other assets |
770,752,643 |
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Non banking
assets |
------------------- |
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Total assets |
64,370,690,040 |
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Liabilities And
Capital |
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Borrowing from other banks, financial institutions and agents |
6,509,000 |
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Deposits and
other accounts: |
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Current deposits and other accounts |
3,939,794,945 |
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Bills payable |
688,281,765 |
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Savings bank Murdaba Savings deposits |
3,433,491,229 |
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Fixed deposits Murdaba Fixed deposits |
47,412,480,169 |
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Other deposits |
66,617,653 |
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55,474,048,109 |
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Other
Liabilities |
2,745,663,830 |
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Total Liabilities |
58,226,220,939 |
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Capital Shareholder’s Equity : |
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Paid Up Capital |
2,281,758,300 |
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Share Premium |
1,056,369,600 |
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Statutory Reserve |
1,544,287,000 |
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General Reserve |
247,650,000 |
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Other Reserve |
570,619,810 |
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Surplus in Profit and Loss Account /Retained Earnings |
443,784,391 |
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Total
Shareholder’s Equity |
6,144,469,101 |
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Total
Liabilities and Shareholders’ Equity |
64,370,690,040 |
PROFIT
AND LOSS ACCOUNT
FOR
THE YEAR ENDED 31 DECEMBER, 2007
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OPERATING INCOME |
Taka |
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Interest and Discount Income |
6,408,962,289 |
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Interest-paid on deposits borrowings etc. |
(4,852,499,177) |
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Net Interest Income |
1,556,463,112 |
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Income from Investment |
956,800,823 |
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Commission, Exchange and Brokerage |
1,159,020,766 |
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Other Operating Income |
145,688,988 |
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Total operating income (A) |
3,817,973,689 |
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OPERATING EXPENSES |
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Salary and allowances |
375,550,966 |
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Rent, taxes, insurance, electricity etc |
108,666,718 |
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Legal expenses |
349,466 |
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Postage, stamp, telecommunication etc. |
54,934,940 |
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Stationery, printing, advertisements etc. |
39,260,461 |
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Managing Director’s remuneration |
4,409,032 |
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Directors' fees and expenses |
1,584,817 |
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Auditors' fees |
400,000 |
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Depreciation on and repairs to Bank’s property |
92,661,260 |
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Other expenses |
223,957,265 |
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Total operating expenses |
901,774,926 |
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Profit/(Loss) before provision |
2,916,198,763 |
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Provision for loans & advances |
220,000,000 |
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Provision for off Balance Sheet Exposures |
107,100,000 |
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Provision for diminution in value of investment |
(12,942,823) |
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Other Provisions |
5,000,000 |
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Total Provisions |
319,157,177 |
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Profit /( Loss) before Taxes |
2,597,041,586 |
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Provision for Tax: |
1,374,072,549 |
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Net Profit after
Taxation |
1,222,969,037 |
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Retained earning brought forward from previous year |
10,224,354 |
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|
1,233,193,391 |
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Appropriation |
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Statutory Reserve |
519,409,000 |
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General Reserve |
220,000,000 |
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Transfer to SEBL Foundation |
50,000,000 |
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|
789,409,000 |
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Retained Surplus |
443,784,391 |
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Earning per
share |
53.60 |
Auditors
Rahman & Rahman
Chartered Accountants
Dhaka
EXCHANGE RATE
|
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: 4,510
Executives----------------- 350
Senior Officers-------------536
Junior Officers-------------750
Assistants
Officers----- -2,874
Office Area: 5,900 sq.ft
(rented)
Factory Area: N/A
Warehouse Area: 5,800 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 38 branches all over the country and they are quite popular among
their clients.
Mr.Neaz Ahmed, 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
|
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%)