MIRA INFORM REPORT
|
Report Date : |
21.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
FIRST SECURITY ISLAMI BANK LIMITED |
|
|
|
|
Registered Office : |
23, Dilkusha Commercial Area, Dhaka-1000 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
29.08.1999 |
|
|
|
|
Com. Reg. No.: |
C-38464 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
General Banking |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
COMPANY DETAILS
|
Name |
First Security Islami Bank Ltd Note: The subject operates by this name. |
|
Address |
23, Dilkusha
Commercial Area, Dhaka-1000 |
|
Country |
|
|
Telephone No |
880-2-9560229, 9550334, 7171029-30 |
|
Fax No |
880-2-9561637 |
|
E-Mail |
|
|
Website |
|
|
Established |
1999 |
|
Company Registration No |
C-38464 |
|
Registration date |
29th
August, 1999 |
|
Issuing Authority |
The Registrar of Joint Stock of Companies & Firms, |
|
Legal Status |
Public Limited |
|
Stock Code |
FSIBL |
|
Business Type |
General Banking |
|
Status |
Satisfactory |
|
Litigation |
NIL |
LOCATIONS
|
Head Office |
23, Dilkusha
Commercial Area, Dhaka-1000 |
|
Telephone No |
880-2-9560229, 9550334, 7171029-30 |
|
Fax No |
880-2-9561637 |
|
E-Mail |
|
|
Website |
www.fsiblbd.com |
|
Branch |
66 |
|
Factory |
N/A |
|
S.W.I.F.T.: |
FSEBBDDH |
DIRECTORS
|
Name |
Alhaj
Mohammad Saiful Alam |
|
Designation |
Chairman |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Alhaj
Mohammad Abdul Maleque |
|
Designation |
Vice-Chairman |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr.
A.A.M. Zakaria |
|
Designation |
Managing Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Dr. Mohammad Lokman |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Ms. Farzana Parveen |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
|
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
|
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
|
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
|
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
|
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
|
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
|
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
|
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
|
|
Designation |
Depositor Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
|
|
Designation |
Independent Director |
|
Nationality |
Bangladeshi |
BUSINESS DETAILS
|
Line of Business |
General Banking |
|
|
4 Online Banking 4 SMS Banking 4 Lockers 4 Utility Bills 4 ATM Banking 4 Ready Cash Card 4 Al-Wadiah Current Deposit 4 Mudarabah Savings Deposit 4 Mudarabah Short Term Deposit 4 Mudarabah Term Deposit 4 Foreign Currency Deposit 4 Mudarabah Savings Scheme 4 Monthly Savings Scheme 4 Monthly Profit Scheme 4 Consumer Finance Scheme 4 Bai-Murabaha (Deferred Lump Sum/
Installment 4 Bai-Muajjal (Deferred Installment /
Lump Sum 4 Ijara (Leasing) 4 Musharaka (Joint-Venture
Profit-Sharing) 4 Mudaraba (Trustee Profit-Sharing) 4 Bai-Salam (Advance 4 Hire-Purchase 4 Direct Investments 4 Post Import Investment 4 Purchase and Negotiation of Export
Bills 4 Inland Bills Purchased 4 Murabaha Import Bills 4 Bai-Muajjal Import Bills 4 Pre Shipment Investment 4 Quard-ul-Hasan (Benevolent Investment)
4 Tender Guarantee 4 Performance Guarantee 4 Guarantee for Sub-Contracts 4 Shipping guarantee 4 Advance Payment guarantee 4 Guarantee in lieu of Security
Deposits 4 Guarantee for exemption of Customs
Duties 4 Letter of Credit (L/C)/Back to Back Letter
of Credit (L/C) 4 Consumer Investment Scheme 4 SME Investment Scheme 4 Lease Investment Scheme 4 Hire Purchase 4 Earnest Money Investment Scheme 4 Mortgage Investment 4 |
FINANCIAL INFORMATION
FIRST SECURITY ISLAMI BANK LIMITED
BALANCE SHEET
AS AT 31 DECEMBER
2009
|
PROPERTY AND ASSETS |
Taka |
|
Cash |
5,033,532,439 |
|
In Hand (including foreign currencies) |
432,907,731 |
|
Balance with Bangladesh Bank and its agent bank(s) (Including foreign currencies) |
4,600,624,708 |
|
Balance with other banks and financial institutions |
731,150,321 |
|
In |
494,050,218 |
|
Outside |
237,100,103 |
|
|
|
|
Investments in Shares & Securities |
1,914,504,030 |
|
Investments |
38,725,874,774 |
|
General Investment (Murabaha, Bai-Muajjal, HPSM) etc. |
35,616,450,493 |
|
Bills Purchased and Discounted |
3,109,424,281s |
|
Fixed Assets Including Premises, Furniture and Fixtures |
376,477,387 |
|
Other Assets |
1,197,014,001 |
|
Non Banking Assets |
---------------- |
|
Total Assets |
47,978,552,952 |
|
|
|
|
LIABILITIES
& CAPITAL |
|
|
Liabilities |
|
|
Placement from Banks & other Financial Institutions |
---------------- |
|
Deposits
& Other Accounts |
42,423,092,722 |
|
Al-Wadia Current Accounts and Other Deposit Accounts |
3,958,510,256 |
|
Bills Payable |
561,376,373 |
|
Mudaraba Savings Bank Deposits |
2,441,458,467 |
|
Mudaraba Term Deposits including other Banks |
26,684,564,624 |
|
Bearer Certificate of Deposits |
--------------- |
|
Mudaraba Deposits under Schemes |
8,777,183,002 |
|
Other
Liabilities |
2,690,049,475 |
|
Total
Liabilities |
45,113,142,197 |
|
Capital
/ Shareholders’ Equity |
|
|
Paid up Capital |
2,300,000,000 |
|
Statutory Reserve |
263,449,699 |
|
Other Reserve |
24,000,000 |
|
Retained Earnings |
277,961,056 |
|
Total
Shareholders’ Equity |
2,865,410,755 |
|
Total
Liabilities & Shareholders’ Equity |
47,978,552,952 |
FIRST SECURITY ISLAMI BANK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED
31 DECEMBER 2009
|
Particulars |
Taka |
|
Investments Income |
4 ,348,674,553 |
|
Profit Paid on Deposits |
(3,333,800,367) |
|
Net Investment Income |
1,014,874,186 |
|
Income from Investment in shares and securities |
53,510,527 |
|
Commission, Exchange and Brokerage |
194,631,419 |
|
Other Operating Income |
64,617,576 |
|
|
312,759,522 |
|
Total Operating Income |
1,327,633,708 |
|
Less: Operating Expenses |
|
|
Salary & Allowances |
254,153,482 |
|
Rent, Tax, Insurance, Electricity etc |
74,824,450 |
|
Legal Expenses |
2,534,474 |
|
Postage, Stamps & Telephone |
7,810,243 |
|
Auditor’s Fees |
400,000 |
|
Printing, Stationery, Advertisement etc. |
43,387,247 |
|
Managing Director’s Salary & Allowances |
10,027,500 |
|
Directors' Fees & Expenses |
2,174,709 |
|
Shariah Committee's Fees & Expenses |
175,850 |
|
Depreciation and Repair of Bank's Assets |
50,143,692 |
|
Zakat Expenses |
15,117,438 |
|
Other Expenses |
116,046,874 |
|
Total Operating Expenses |
576,795,959 |
|
Profit before Provision and Tax |
750,837,749 |
|
Provisions for Classified Investments |
--------------- |
|
Provisions for Unclassified Investments including off-B/S items |
100,000,000 |
|
Provisions for diminution in value of Investment in Shares |
4,000,000 |
|
Total Provisions |
104,000,000 |
|
Total Profit before Taxes |
646,837,749 |
|
Provision for Taxation |
(320,000,000) |
|
Deferred Tax |
--------------- |
|
|
(320,000,000) |
|
Net Profit after tax for the year |
326,837,749 |
|
Retained Earnings Brought Forward from Previous Year |
80,490,857 |
|
|
407,328,606 |
|
Appropriations: |
|
|
Statutory Reserve |
129,367,550 |
|
Other Reserve |
------------- |
|
|
129,367,550 |
|
Retained Earnings Carried Forward |
277,961,056 |
|
Earning Per Share (EPS) |
14.21 |
Auditors: Syful Shamsul Alam & Co
Chartered Accountants
CAPITAL STRUCTURE
|
Authorized
Capital |
Tk.4,600 Million |
|
Paid Up Capital |
Tk.2,300 Million |
|
Each Share Value |
Tk.10 |
EXCHANGE RATE
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
|
1 |
115.6533 |
|
U.S Dollar |
1 |
71.1800 |
|
European Euro |
1 |
97.5237 |
ADVERSE DATA MONITORING
|
Dishonored
Checks |
No Record Found |
|
Debt |
No Record Found |
|
Litigation |
No Record Found |
|
Performance
Defaults |
No Record Found |
|
Adverse Press
Coverage |
No Record Found |
|
Money Laundering |
No Record Found |
MAXIMUM RECOMMENDED CREDIT
|
Amount |
Based On |
|
N/A |
N/A |
GENERAL INFORMATION
|
Employees |
20,000 |
|
Office Area (Sq.
Ft) |
3,000 sq.ft (rented) |
|
Factory Area
(Sq. Ft) |
N/A |
|
Warehouse Area
(Sq. Ft) |
3,400 sq.ft.(rented) |
|
Export Market |
N/A |
|
Certifications |
N/A |
|
Group Name |
N/A |
|
Subsidiaries /
Affiliates |
N/A |
|
Member |
4 Dhaka Chamber of Commerce &
Industries, 4 |
COMMENTS
The subject is a public limited company engaged in general
banking and other related services. The bank has 63 branches all over the
country and they are quite popular among their clients.
The company was originally formed with the name
First Security Bank Limited. Recently maximum of its shares have been bought up
by S.Alam Group, a renowned business house of the country. After the
acquisition the bank was re-named into First Security Islami Bank Limited and
adopted the Shariah Law
and is governed by Islamic economical rules and regulations.
Mr. AAM Zakaria, the
managing director of the bank is an experienced banker and knows his job
well. The other executive are also
experienced bankers.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.