MIRA
INFORM REPORT
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Report Date : |
04.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
EASTERN BANK LIMITED |
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Registered Office : |
Jiban Bima Bhaban 10, Dilkusha Commercial Area, Dhaka-1000 |
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Country : |
Bangladesh |
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Financials (as on) : |
30.06.2008 |
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Date of Incorporation : |
08.08.1992 |
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Com. Reg. No.: |
C-22554 |
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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 : |
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 : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY DETAILS
Name: Eastern
Bank Limited
Address:
Jiban
Bima Bhaban
10, Dilkusha Commercial
Area,
Dhaka-1000
Country: Bangladesh
Tel
No: 880-2-9556360, 9558392, 9556371,
Fax No: 880-2-9562364,
E-Mail: info@ebl-bd.com
Established: August
1992
Incorporation No: C-22554
Incorporation Date:
8th
August 1992
Legal
Structure: The
subject is a Public Limited Company that was
Incorporated in
the Registrar of Joint Stock of
Companies,Dhaka.
Stock Code: ebl
Swift Code: EBLDBDDH
Business
Type: General
Banking
LOCATIONS
Head
Office: Jiban
Bima Bhaban
10, Dilkusha Commercial
Area,
Dhaka-1000
Country: Bangladesh
Tel
No: 880-2-9556360, 9558392, 9556371,
Fax No: 880-2-9562364,
E-Mail: info@ebl-bd.com
Branches:
25
DIRECTORS
Name: Mr. Mir Nasir Hossain
Designation: Chairman
Name: Mr. Ali Reza Iftekhar
Designation: Managing Director
Name: Mr.
Md. Showkat Ali
Designation: Director
Name: Mr. A. M. Shaukat Ali
Designation: Director
Name: Mr.
Mohd. Noor Ali
Designation: Director
Name: Ms.Aneela Haque
Designation: Director
Name: Mr.
Gazi Md. Shakhawat Hossain
Designation: Director
Name: Mr.
Asif Mahmood
Designation: Director
Name: Mr.Meah
Mohammad Abdur Rahim
Designation: Director
BUSINESS DETAILS
Line of Business: General
Banking
Range
of Services: 1 Consumer Credit
1 Personal Loan
1 Small Business Loan
1 Building Repair Loan
1 Savings Accounts
1 Short Term Deposit Account
1 Fixed Deposit Receipt Account
1 Opening Account
1 Standard Settlement Instruction
1 Remittance
1 EBL Card (debit)
1 EBL Credit card
1 EBL VISA Electron card (debit)
1 EBL Silver OD card (credit)
1 EBL Gold OD card (credit)
1 EBL High
Performance Account
1 EBL Asha
1 EBL Puji
FINANCIAL INFORMATION
BALANCE SHEET
AS
AT 30 June 2008
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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 and its |
328,279,604 |
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Including
foreign currencies. |
2,598,805,713 |
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Balance with other banks and financial institutions |
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In Bangladesh |
2,140,116,863 |
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Outside Bangladesh |
495,413, |
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Money at call and short notice |
160,000,000 |
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Investments |
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Government |
7,079,219,023 |
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Others |
248,041,284 |
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Loan and advances |
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Loan, Cash, Credit, overdraft etc |
36,524,435,071 |
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Bill discounted and Purchased |
92,475,165 |
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36,616,911,236 |
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Fixed assets including land building
furniture & Fixture |
890,424,729 |
Other assets
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550,845,160 |
Total Assets
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51,108,056,849 |
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Liabilities
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Borrowing from other banks financial
institutions and agent |
8,611,102,794 |
Deposit and other accounts
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Current deposits and other account |
4,525,314,247 |
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Bills Payable |
743,399,213 |
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Savings bank deposits |
6,686,640,677 |
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Fixed Deposits |
23,763,942,321 |
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Bearer certificate of deposits |
22,250,000 |
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35,741,546,458 |
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Other Liabilities |
2,506,503,830 |
TOTAL LIABILITY
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46,859,153,082 |
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Shareholder equity |
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Paid up Share Capital |
1,386900,000 |
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Statutory reserve |
1,035,000,000 |
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Dividend equalization reserve |
356,040,000 |
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Reserve against Pree loss |
1,554,759,750 |
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Pre Takeover loss |
(1,208,434,675) |
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Assets revaluation Reserve |
405,015,050 |
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Reserve for revelation Treasury Bills |
28,180,168 |
Reserve
for building fund
|
60,000,000 |
General reserve
|
100,000,000 |
Proposed Dividend
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------------ |
Retained earning
brought forward from profit & Loss Account
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531,443,474 |
Total
Shareholder Equity
|
4,248,903,767 |
Total
Liabilities & Shareholder Equity
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51,108,056,849 |
PROFIT
AND LOSS ACCOUNT
For
the half Year Ended 30 June 2008
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OPERATING INCOME |
Taka |
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Interest-Income |
2,424,265,012 |
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Interest Expenses |
1,656,210,258 |
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Net Interest Income |
768,054,754 |
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Income from Investment |
383,655,511 |
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Commission, Exchange and Brokerage |
389,261,933 |
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Other Operating Income |
223,279,606 |
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Total operating income |
1,764,251,803 |
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OPERATING EXPENSES |
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Salary and allowances |
238,010,665 |
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Rent, taxes, insurance, electricity etc |
41,854,991 |
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Legal &
professional expenses |
8,075,299 |
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Postage, stamp, telecommunication etc. |
24,873,374 |
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Stationery, printing, advertisements etc. |
60,030,478 |
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Managing Director's salary & allowances and fees |
4,440,000 |
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Directors' fees and expenses |
571,348 |
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Auditors' fees |
-------------- |
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Repair, maintenance and depreciation |
50,072,827 |
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Other expenses |
110,019931 |
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Total operating expenses |
537,948,913 |
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Profit before provision |
1,226,302890 |
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Provision for loans & advances |
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General Provision |
75,346,517 |
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Specific Provision |
67,676,599 |
Total Provisions
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143,023,116 |
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Profit before tax for the period |
1,083,279,774 |
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Provision for tax |
551,836,301 |
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Profit after tax for the period |
521,443,474 |
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Retained earnings brought forward |
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Retained
Surplus
|
531,443,474 |
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Earning Per share |
48.79 |
Auditors
: Hoda Vasi Chowdhury
& Co
Chartered
Accountants
Dhaka
CAPITAL STRUCTURE
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Authorized Capital |
Tk.33 billion |
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Paid Up Capital |
Tk.828 million |
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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 |
137.1626 |
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U.S Dollar |
1 |
69.4000 |
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European Euro |
1 |
108.8231 |
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Japanese Yen |
1 |
0.6729 |
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Australian Dollar |
1 |
65.7102 |
GENERAL INFORMATION
No. Of Employees: 495
Executives-----------------35
Senior
Officers-----------160
Senior Officers-----------170
Assistants
Officers-------130
Office Area: 4980
sq.ft (rented)
Warehouse Area: 3,200
sq.ft.(rented)
Enlisted With: 1 Dhaka Stock Exchange Limited, Dhaka
1 Chittagong Stock Exchange Limited,
Chittagong
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 25 branches all over the country and
they are quite popular among their clients.
Mr. Ali Reza Iftekhar, the managing director of the bank is
an experienced banker and knows his job well.
The company is good for normal business
engagements.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.62 |
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UK Pound |
1 |
Rs.76.71 |
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Euro |
1 |
Rs.61.30 |
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%)