MIRA INFORM REPORT
|
Report Date : |
28.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
AL-ARAFAH ISLAMI BANK LTD |
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|
|
Registered Office : |
36, Dilkusha(6-9 Floor) C/A Dhaka-1000 |
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Country : |
Bangladesh |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
18.06.1995 |
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Com. Reg. No.: |
C-28623 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
General Banking and other related services |
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 |
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|
|
|
Payment
Behaviour : |
No Complaints |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Bangladesh |
b1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
COMPANY DETAILS
|
Name |
Al-Arafah Islami Bank Ltd |
|
Address |
36, Dilkusha(6-9
Floor) C/A, Dhaka-1000 |
|
Country |
Bangladesh |
|
Telephone No |
880-2-7123255-7,
9568007, 9569353 |
|
Fax No |
880-2-9569351 |
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E-Mail |
|
|
Website |
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Established |
June 1995 |
|
Company Registration No |
C-28623 |
|
Registration date |
18th June 1995 |
|
Issuing Authority |
The Registrar of Joint Stock of Companies & Firms, Dhaka. |
|
Legal Status |
Public Limited |
|
Stock Code |
ALARABANK |
|
Business Type |
General Banking |
|
Status |
Satisfactory |
|
Litigation |
NIL |
LOCATIONS
|
Head Office |
36, Dilkusha(6-9
Floor) C/A Dhaka-1000, Bangladesh |
|
Telephone No |
880-2-7123255-7,
9568007, 9569353 |
|
Fax No |
880-2-9569351 |
|
E-Mail |
|
|
Website |
|
|
Branch |
78 |
|
Factory |
N/A |
|
S.W.I.F.T.: |
ALARBDDH |
DIRECTORS
|
Name |
Mr. Badiur Rahman |
|
Designation |
Chairman |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Sarker Mohammad Shameem Iqbal |
|
Designation |
Vice chairman |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Ekramul Hoque |
|
Designation |
Managing Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Al-Hajj Nazmul Ahsan Khaled |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Al-Hajj Md. Harun-ar-Rashid Khan |
|
Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
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Designation |
Director |
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Nationality |
Bangladeshi |
BUSINESS DETAILS
|
Line of Business |
General Banking |
|
Range of Services |
AIBL DEPOSITE PRODUCTS 4 Al Wadiah Current Deposit (CD) 4 Mudaraba Short Notice Deposit (SND) 4 Mudaraba Savings Deposit (MSD) 4 Mudaraba Term Deposit (MTDR) 4 Monthly Profit Based Term Deposit (PTD) 4 Monthly Installment Based Term Deposit (ITD) 4 Al-Arafah Monthly Hajj Deposit (MHD) 4 Al-Arafah Termed Hajj Deposit (THD) 4 Monthly Installment Based Marriage Savings Investment Scheme (MIS) 4 Al-Arafah Savings Bond (ASB) 4 Foreign Currency Deposit (FCD) 4 Pension Deposit Scheme (PDS) 4 Cash Waqf Deposit Scheme (CWD) 4 Mudaraba Lakhpoti Deposit Scheme (LDS) 4 Mudaraba Millionaire Deposit Scheme (MDS) 4 Mudaraba (Special) Pension Deposit Scheme (MSPDS) 4 Mudaraba Kotipoti Deposit Scheme (MKDS) 4 Mudaraba Double Benefit Deposit Scheme (MDBDS) AIBL INVESTMENT PRODUCTS 4 Investment in Agricultural Sector 4 Investment in Industrial Sector 4 Investment in Business Sector 4 Investment in Foreign Trade 4 Investment in Construction and Housing 4 Investment in Transportation Sector 4 Hire Purchase (HPSM) 4 Investment Schemes in Masque and Madrasa (MMIS) 4 Village and Small Investment Schemes (GSIS) 4 Small Enterprise Investment Schemes (SEIS) 4 Consumer Investment Schemes (CIS) OTHERS 4 Foreign Trade 4 SME Banking 4 Micro Finance 4 e-Banking 4 ATM Banking 4 Mobile Banking Locker Services |
FINANCIAL INFORMATION
Balance Sheet
As at December 31,
2010
Currency: Taka
|
PROPERTY AND
ASSETS |
2010 |
|
Cash in Hand |
4,245,822,704 |
|
Cash in hand
(including foreign currency) |
573,365,966 |
|
Balance with
Bangladesh Bank & its Agent Bank(s) (including foreign currency) |
3,672,456,738 |
|
Balance with
other Banks & Financial Institutions |
804,082,158 |
|
In Bangladesh |
287,134,641 |
|
Outside
Bangladesh |
516,947,517 |
|
Placement with
Banks & other Financial Institutions |
8,200,000,000 |
|
Investments in
Shares & Securities |
2,178,833,340 |
|
Government |
2,000,000,000 |
|
Others |
178,833,340 |
|
Investments |
53,582,960,723 |
|
General
Investments etc. |
47,153,317,226 |
|
Bills Purchased
& Discounted |
6,429,643,497 |
|
Fixed Assets
including Premises |
655,388,261 |
|
Other Assets |
4,337,919,002 |
|
Non-Banking
Assets |
------------- |
|
Total Assets |
74,005,006,188 |
|
|
|
|
LIABILITIES AND
CAPITAL |
|
|
Liabilities |
|
|
Placement from
Banks & other Financial Institutions |
5,680,000,000 |
|
Deposits &
Other Accounts |
52,973,965,466 |
|
Mudaraba Savings
Deposits |
7,227,520,700 |
|
Mudaraba Term
Deposits |
26,325,030,985 |
|
Other Mudaraba
Deposits |
11,941,816,975 |
|
Al- Wadia
Current and Other Deposit Accounts |
6,667,082,751 |
|
Bills Payable |
812,514,055 |
|
Other
Liabilities |
5,690,044,819 |
|
Deferred Tax
Liabilities /(Assets) |
13,547,746 |
|
Total
Liabilities |
64,357,558,031 |
|
Capital/
Share-holders' Equity |
|
|
Paid - up Capital |
4,677,279,360 |
|
Minority
Interest |
1,948,887,277 |
|
Statutory
Reserve |
1,681,818,833 |
|
Other Reserve |
64,603,248 |
|
Retained Earning |
1,274,859,439 |
|
Total Share
holders Equity |
9,647,448,157 |
|
Total Liability
and Share holders Equity |
74,005,006,188 |
Profit & Loss Account
For the year ended December 31, 2010
Currency: Taka
|
|
2010 |
|
Investment Income |
4,143,301,328 |
|
Profit Paid on Deposits & Borrowings |
(3,133,686,856) |
|
Net Investment Income |
1,009,614,472 |
|
Income from Investments in Shares & Securities |
33,138,660 |
|
Commission, Exchange & Brokerage Income |
2,053,341,055 |
|
Other Operating Income |
1,292,470,690 |
|
Total Operating Income |
3,378,950,405 |
|
Total operating income |
4,388,564,877 |
|
Salaries and Allowances & Contribution to P.F |
705,076,195 |
|
Directors Fees and Expenses |
6,326,652 |
|
Shariah Supervisory Committee's Fees & Expenses |
169,842 |
|
Rent, Taxes, Insurance, Lighting etc. |
138,075,293 |
|
Postage, Telegram, Telephone and Stamp etc. |
52,131,948 |
|
Legal charges |
3,255,103 |
|
Auditors' Fees |
1,273,840 |
|
Salary & Allowances to the Managing Director |
9,720,967 |
|
Depreciation and Repairs to the Bank's Properties |
77,613,224 |
|
Stationery, Printing, Advertisement etc. |
42,319,448 |
|
Other Expenses |
292,653,618 |
|
Total Operating Expenses |
1,328,616,130 |
|
Profit/(Loss) before Tax & provision |
3,059,948,747 |
|
Provision Against Investment & Contingent Liabilities |
370,799,742 |
|
Provision for diminution in value of Investments |
----------------- |
|
Other Provisions |
---------------- |
|
Total Provision |
370,799,742 |
|
Total Profit/(Loss) before Tax |
2,689,149,00 |
|
Current Tax |
848,953,742 |
|
Deferred Tax |
24,058,056 |
|
Provision for Taxation |
873,011,798 |
|
Net Profit/ (Loss) after Tax |
1,816,137,207 |
|
Retained Earnings from previous year |
2,913,033 |
|
|
1,819,050,240 |
|
Appropriation |
544,190,801 |
|
Statutory Reserve |
525,303,525 |
|
Minority Interest |
18,887,276 |
|
Retained Earnings |
1,274,859,439 |
|
Earning per Ordinary Share (EPS) |
4.14 |
Auditors: Hoda Vasi Chowdhury & Co.
Chartered
Accountants
Dhaka
CAPITAL STRUCTURE
|
Authorized
Capital |
Tk.2500.00 million |
|
Paid Up Capital |
Tk.1153.18 million |
|
Each Share Value |
Tk.75 |
EXCHANGE RATE
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
118.2932 |
|
U.S Dollar |
1 |
74.1000 |
|
European Euro |
1 |
105.0886 |
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 |
1,711 |
|
Office Area (Sq.
Ft) |
3,200 sq.ft (own) |
|
Factory Area
(Sq. Ft) |
N/A |
|
Warehouse Area
(Sq. Ft) |
5,000 sq.ft (own) |
|
Export Market |
N/A |
|
Certifications |
N/A |
|
Group Name |
N/A |
|
Subsidiaries /
Affiliates |
N/A |
|
Member |
4 Dhaka Chamber of Commerce &
Industries, Dhaka 4 Bangladesh Institution of Bank
Management (BIBM) 4 The Institution of Bankers
Bangladesh (IBB) 4 Bangladesh Association of Banks
(BAB) 4 Central Shariah Board for Islamic
Banks of Bangladesh 4 Society for Worldwide Inter-bank
Financial Telecommunication (SWIFT) |
COMMENTS
The subject is a public limited company engaged in general
banking and other related services. The bank has 68 branches all over the country and they are quite popular among
their clients.
Mr. Ekramul Hoque,
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.45.10 |
|
UK Pound |
1 |
Rs.71.88 |
|
Euro |
1 |
Rs.63.75 |
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 |
|
---- |
NB |
New Business |
---- |
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.