MIRA INFORM REPORT

 

 

Report Date :

21.01.2011

 

IDENTIFICATION DETAILS

 

Name :

PRIME BANK LIMITED

 

 

Registered Office :

Adamjee Court Annexe Building-2, 119-120, Motijheel C/A, Dhaka-1000

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

17.04.1995

 

 

Com. Reg. No.:

C-27856

 

 

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 :

Satisfactory

 

 

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)

Bangladesh

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

Prime Bank Limited

Address

Adamjee Court Annexe Building-2, 119-120, Motijheel C/A, Dhaka-1000

Country

Bangladesh

Telephone No

880-2-9567265, 9570747-8

Fax No

880-2-9567230, 9560977, 9566215, 9560960

E-Mail

info@primebank.com.bd

Website

www.primebank.com.bd

Established

1995

Company Registration No

C-27856

Registration date

17th April 1995

Issuing Authority

The Registrar of Joint Stock of Companies, Dhaka.

Legal Status

Public Limited

Stock Code

PMBNK

Business Type

General Banking

Status

Satisfactory

Litigation

NIL

 

 

LOCATIONS

 

Head Office

Adamjee Court Annexe Building-2, 119-120, Motijheel C/A, Dhaka-1000

Telephone No

880-2-9567265, 9570747-8

Fax No

880-2-9567230, 9560977, 9566215, 9560960

E-Mail

info@primebank.com.bd

Website

www.primebank.com.bd

Branch

94

Factory

N/A

S.W.I.F.T.:

PRBLBDDH

 

DIRECTORS

 

Name

Mr. Azam J. Chowdhury

Designation

Chairman

Nationality

Bangladeshi

 

 

Name

Mr. M. Ehsanul Haque

Designation

Managing Director 

Nationality

Bangladeshi

 

 

Name

Mr. Quazi Sirazul Islam

Designation

Vice chairman

Nationality

Bangladeshi

 

 

Name

Mrs. Shahnaz Quashem

Designation

Vice Chairperson

Nationality

Bangladeshi

 

 

Name

Capt. Imam Anwar Hossain

Designation

Director

Nationality

Bangladeshi

 

 

Name

Dr. Mohammed Aslam Bhuiyan

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Khandker Mohammad Khaled

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Manzur Murshed

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Md. Shirajul Islam Mollah

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mrs. Meherunnesa Haque

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Mohammad Aminul Haque

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Mohammad Delwar Hossain

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. M. A. Khaleque

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Mafiz A. Bhuiyan

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mrs. Hasina Khan,

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mrs. Razia Rahman

Designation

Director

Nationality

Bangladeshi

 

 

Name

Ms. Saheda Pervin Trisha

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mrs. Muslima Shirin

Designation

Director

Nationality

Bangladeshi

 

 

Name

Prof. Dr. Ainun Nishat, Ph.D

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Qazi Saleemul Huq

Designation

Director

Nationality

Bangladeshi

 

 

BUSINESS DETAILS

 

Line of Business

General Banking

Range of Services

4 Contributory Savings Scheme                        

4 Monthly Benefit Deposit Scheme

4 Education Savings Scheme               

4 Fixed Deposit Scheme

4 Short Term Deposit               

4 Credit Cards

4 Double Benefit Deposit Scheme                     

4 Foreign Currency Account

4 Resident Foreign Currency Deposit Account               

4 Non-resident Foreign Currency Deposit Account

4 Non-resident Taka Account                

4 Non-resident Investors Taka Account

4 House Building Deposit Scheme                    

4 Prime Millionaire Scheme

4 General Loan Scheme                       

4 Consumer Credit Scheme

4 Lease Finance                      

4 Hire Purchase

4 House Building / Apartment Loan Scheme      

4 Advance against Share

4 Small and Medium Enterprise (SME) 

 

FINANCIAL INFORMATION

 

Consolidated Balance Sheet

As at 31 December 2009

 

PROPERTY AND ASSETS

Taka

Cash

 

In Hand (including foreign currencies)

924,848,830

Balance with Bangladesh Bank and it’s Including foreign currencies.

9,327,459,373

 

10,252,308,203

 

 

Balance with other banks and financial institutions

 

In Bangladesh

444,463,629

Outside Bangladesh

389,396,773

 

833,860,402

 

 

Money at call and short notice 

-----------------

Investments

 

Government

19,017,337,618

Others

916,591,960

 

19,933,929,578

 

 

Loan and advances

 

Loan, Cash, Credit, overdraft etc

85,150,449,917

Bill discounted and Purchased

4,795,536,887

 

89,945,986,804

 

 

Fixed assets including land building furniture & Fixture

1,577,863,034

Other assets

2,440,754,305

Total Assets

124,984,702,326

 

 

Liabilities and Capital

 

Borrowing from other banks financial institutions and agent

86,546,077

Deposit and other accounts

 

Current / Al Wadeah Current deposits

15,932,380,361

Bills Payable

1,606,929,647

Savings Bank / Mudaraba Savings Deposits

12,111,585,771

Term Deposits/ Mudaraba Term Deposits

77,426,378,449

Bearer Certificate of Deposit

-----------------

Other Deposits

-----------------

 

107,077,274,228

 

 

Other Liabilities

6,024,204,807

TOTAL LIABILITIES

113,188,025,112

Capital/Shareholder equity:

 

Paid up Share Capital

3,554,687,500

Statutory reserve

3,284,058,294

Revaluation gain / loss on investments

2,437,922,224

Revaluation reserve

251,603,566

Foreign currency translation gain

297,694

Other reserve

--------------------

Surplus in profit and loss account / Retained earnings

2,268,107,936

Total Shareholders' equity

11,796,677,214

Total liabilities and Shareholders' equity

124,984,702,326

 

 

Consolidated Profit and Loss Account

For the year ended 31 December 2009

 

Particulars

Taka

Interest-Income

10,856,114,605

Interest / Profit Paid on Deposits & Borrowing etc.

(8,428,698,978)

Net Interest / Net Profit Income

2,427,415,627

Investment Income

3,372,478,627

Commission, Exchange and Brokerage

1,789,177,296

Other Operating Income 

673,787,872

Total Operating Income (A)

8,262,859,422

 

 

Salary & Allowances

1,274,425,675

Rent, Tax, Insurance, Electricity etc.

283,168,178

Legal Expenses

26,340,612

Postage, Stamps & Telephone

95,032,366

Printing, Stationery, Advertisement etc.

256,373,295

Managing Director’s  Salary & Fees

8,830,000

Directors’ Fees

3,153,420

Auditors’ fees

940,500

Charge on Loan Losses

----------

Depreciation on & Repairs to Bank’s Property

189,361,059

Other Expenses

796,426,343

Total Operating Expenses (B)

2,934,051,448

Profit / (Loss) before provision (C=A-B)

5,328,807,974

 

 

Provisions for loans / investments

 

Specific Provision

(234,242,000)

General Provision

(262,758,000)

Provision for Off-Shore Banking Units

(15,000,000)

Provision for off-balance sheet exposures

(112,000,000)

 

(624,000,000)

Provision for diminution in value of investments

(1,500,000)

Other provisions

(74,000,000)

Total provision (D)

(699,500,000)

Total profit / (loss) before taxes (C-D)

4,629,307,974

Provision for Taxation

 

Current Tax

(1,735,833,848)

Deferred Tax

(70,000,824)

 

(1,805,834,672)

Net Profit after Taxation

2,823,473,302

Retained Earnings Brought Forward from previous years

362,478,432

 

3,185,951,734

 

 

Auditors:                      SF Ahmed & Co                        Rahman Rahman Hoque

                                    Chartered Accountants               Chartered Accountants

                                    Dhaka                                          Dhaka

 

 

CAPITAL STRUCTURE

 

Authorized Capital

Tk.4000 million

Paid Up Capital

Tk.2,275,000,000

Each Share Value

Tk.100.00

 

 

EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

113.7813

U.S Dollar

1

71.1000

European Euro

1

95.7930

 

 

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

14,000

Office Area (Sq. Ft)

5,350 sq.ft (rented)

Factory Area (Sq. Ft)

N/A

Warehouse Area (Sq. Ft)

2,500 sq.ft.(rented)

Enlisted With

4 Dhaka Stock Exchange Limited, Dhaka

4 Chittagong Stock Exchange Limited, Chittagong

Certifications

N/A

Group Name

N/A

Subsidiaries / Affiliates

N/A

Member

4 Dhaka Chamber of Commerce & Industries, Dhaka

4 Bangladesh Association of Bankers, Dhaka

 

 

COMMENTS

 

The subject is a public limited company engaged in general banking and other related services. The bank has 94 branches all over the country and they are quite popular among their clients. Apart from general Banking the subject also provides Islamic Banking Facilities.

 

The Managing Director of the bank is an experienced banker and knows his job well.


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.58

UK Pound

1

Rs.72.73

Euro

1

Rs.61.45

 

 

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%)

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.