MIRA INFORM REPORT
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Report Date : |
19.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
UTTARA LIMITED |
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Registered Office : |
(Uttara Bank Bhaban), 90, Motijheel Commercial Area, P.O. Box No. 217 & 818, Dhaka-1000, |
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Country : |
Bangladesh |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
29.06.1983 |
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Com. Reg. No.: |
C-10876 |
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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: Uttara Limited
Address: Head Office (Uttara Bank Bhaban)
90, Motijheel Commercial Area,
P.O. Box No. 217 & 818,
Dhaka-1000,
Country: Bangladesh
Tel No: 9551162-3, 9553085-6, 9558656, 9566067-9,
9565732, 9568941
Fax
No: 880-2-7168376, 880-2-9572102, and 880-2-9561392
E-Mail: uttara@citechco.net
ublmis@citechco.net
ublid@citechco.net
ublid@dhaka.net
ublidgen@uttarabank.com
ublidrem@uttarabank.com
Established: June
1983
Incorporation
No: C-10876
Incorporation
Date: 29th June 1983
Legal Structure: The subject is a Public Limited
Company that was
Incorporated in
the Registrar of Joint Stock of
Companies, Dhaka.
Stock
Code: ubl
Business Type: General Banking
Litigation: NIL
LOCATIONS
Head Office: Head Office (Uttara Bank Bhaban)
90, Motijheel Commercial Area,
P.O. Box No. 217 & 818,
Dhaka-1000,
Bangladesh
Tel No : 9551162-3, 9553085-6, 9558656, 9566067-9,
9565732, 9568941
Fax No
: 880-2-7168376,
880-2-9572102, 880-2-9561392
E-Mail: uttara@citechco.net
ublmis@citechco.net
ublid@citechco.net
ublid@dhaka.net
ublidgen@uttarabank.com
ublidrem@uttarabank.com
Branch: 231
Factory: N/A
S.W.I.F.T.: UTBLBDDH
DIRECTORS
Name: Mr.Azharul
Islam
Designation: Chairman
Name: Mr.Mohammad
Asaduzzaman
Designation: Vice
Chairman
Name: Mr.Mohammad
Shamsuddin Ahmed
Designation: Managing
Director
Name: Mrs.Badrunnessa
(Sharmin) Islam
Designation: Director
Name: Mr.Mohammad
Mahfuzus Subhan
Designation: Director
Name: Mr.Abul
Barq Alvi
Designation: Director
Name: Mr.Faruque
Alamgir
Designation: Director
Name: Kol.Engr.M.S.Kamal
(rtd)
Name: Prof.Mirza
Mazharul Islam
Designation: Director
Name: Prof.Sharif
Mohammad Shahjahan
Designation: Director
Name: Mr.Syed
A.N.M.Wahed
Designation: Director
Name: Mr.Shah
Habibul Haque
Designation: Director
Name: Mohammad
Sheikh Amanullah
Designation: Director
Name: Maj.Prof.M.A.Mohaiemen
(rtd)
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 AD Branches
FINANCIAL INFORMATION
BALANCE
SHEET
AS AT 31 DECEMBER 2007
|
PROPERTY AND ASSETS |
Taka |
|
Cash |
5,002,561,855 |
|
In Hand (including foreign currencies) Balance with Bangladesh
Bank and its |
1,713,064,194 |
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agent Bank (including foreign currencies.) |
3,289,497,661 |
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Balance with other Banks and |
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financial institutions |
1,121,909,129 |
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In Bangladesh |
800,727,487 |
|
Outside Bangladesh |
321,181,642 |
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Money at call and short notice |
30,000,000 |
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Investments |
14,455,780,134 |
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Government |
14,381,918,295 |
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Others |
73,861,839 |
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Loans and Advances |
28,477,407,266 |
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Loans, Cash Credits, Over Drafts etc. |
25,298,004,729 |
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Bills discounted and purchased |
3,179,402,537 |
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Fixed assets including Land, Building Furniture and
Fixtures |
1,013,985,359 |
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Other Assets |
2,758,688,987 |
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Non Banking Assets |
----------------- |
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TOTAL ASSETS |
52,860,332,730 |
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LIABILITIES AND CAPITAL |
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Liabilities |
|
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Borrowings from other Banks, Financial Institutions
and Agents |
2,899,505,333 |
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Deposits and other accounts |
43,586,356,057 |
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Current and Other Accounts etc. |
12,372,373,980 |
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Bills Payable |
1,643,287,611 |
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Savings Bank Deposits |
17,876,529,810 |
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Fixed Deposits |
10,417,183,199 |
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Bearer Certificate of Deposit |
50,000 |
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Other Deposits |
1,276,931,457 |
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Other liabilities |
3,920,914,181 |
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TOTAL LIABILITIES |
50,406,775,571 |
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CAPITAL/SHARE HOLDERS' EQUITY |
|
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Subscribed and paid up capital |
399,329,600 |
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Proposed issue of bonus share (1:1) |
399,329,600 |
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Statutory reserve |
550,837,039 |
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Other reserve |
1,100,864,198 |
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Profit and Loss account surplus/Retained earnings |
3,196,722 |
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TOTAL SHARE HOLDERS' EQUITY |
2,453,557,159 |
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TOTAL LIABILITIES AND SHARE HOLDERS' EQUITY |
52,860,332,730 |
PROFIT
AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER, 2007
|
OPERATING INCOME |
Taka |
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Interest-Income |
2,997,432,877 |
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Interest-paid on deposits borrowings etc. |
1,876,351,450 |
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Net Interest Income |
1,121,081,427 |
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Income from Investment |
921,189,131 |
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Commission, Exchange and Brokerage |
744,994,717 |
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Other Operating Income |
356,650,099 |
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Total operating income |
3,143,915,374 |
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OPERATING EXPENSES |
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Salary and allowances |
1,158,073,662 |
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Rent, taxes, insurance, electricity etc |
188,502,215 |
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Legal expenses |
11,544,740 |
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Postage, stamp, telecommunication etc. |
48,215,055 |
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Stationery, printing, advertisements etc. |
40,275,975 |
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Managing Director's salary & allowances and fees |
5,060,000 |
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Directors' fees and expenses |
1,916,000 |
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Auditors' fees |
130,000 |
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Repair, maintenance and depreciation |
130,000 |
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Repair, maintenance and depreciation of Bank's property |
85,308,986 |
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Other expenses |
138,653,184 |
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Total operating expenses |
1,677,679,817 |
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Profit/(Loss) before provision |
1,466,235,557 |
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Provision for loans & advances |
255,800,000 |
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Provision for off balance sheet exposures |
44,200,000 |
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Provision for Investment |
----------------- |
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Less: Total provision |
300,000,000 |
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Transfer to gratuity fund |
20,000,000 |
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Transfer to benevolent fund |
2,500,000 |
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Profit/(Loss) before tax |
1,143,735,557 |
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Provision for Tax: |
734,200,000 |
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Current tax |
727,000,000 |
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Differed tax |
7,200,000 |
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Profit after tax and provision |
409,535,557 |
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Retained surplus brought forward |
22,990,765 |
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Profit available for appropriation |
432,526,322 |
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Appropriations |
|
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Statutory reserve |
30,000,000 |
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General reserve |
---------------- |
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Proposed stock dividend (@ 1:1) |
399,329,600 |
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Cash dividend |
---------------- |
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Total appropriation |
429,329,600 |
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Retained earnings |
3,196,722 |
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Earning per share (EPS) |
102.56 |
Auditors
ATA KHAN & CO.
Chartered Accountants
Dhaka
EXCHANGE RATE
|
CURRENCY |
UNIT |
BANGLADESHI
TAKA |
|
Great Britain Pound |
1 |
137.1626 |
|
U.S Dollar |
1 |
69.4000 |
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European Euro |
1 |
108.8231 |
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Japanese Yen |
1 |
0.6729 |
|
Australian Dollar |
1 |
65.7102 |
GENERAL INFORMATION
No. of
Employees: 3,575
Executives-----------------220
Senior
Officers------------303
Junior
Officers------------653
Assistants
Officers----- 2,399
Office
Area: 5,300
sq.ft (own)
Warehouse
Area: 3,800
sq.ft.(own)
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 231 branches all over the country and
they are quite popular among their clients. The subject is a pretty old bank
and is popular mainly among the small and medium entrepreneurs.
Mr.Mohammad Shamsuddin Ahmed, 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.71 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.65.90 |
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%)