MIRA INFORM REPORT

Report Date :

02.03.2011

IDENTIFICATION DETAILS

Name :	SOUTHEAST BANK LIMITED

Registered Office :	Eunoos Trade Center, 52-53, Dilkusha, C/A (Level - 2, 3, 4 & 16), Dhaka - 1000

Country :	Bangladesh

Financials (as on) :	31.12.2009

Date of Incorporation :	12.03.1995

Com. Reg. No.:	C-27985

Legal Form :	Public Limited Company

Line of Business :	General Banking

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Bangladesh

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

COMPANY DETAILS

Name	Southeast Bank Ltd
Address	Eunoos Trade Center, 52-53, Dilkusha, C/A (Level - 2, 3, 4 & 16), Dhaka - 1000
Country	Bangladesh
Telephone No	880-2- 9571115, 7160866, 9555466, 7173793
Fax No	880-2- 9550093
E-Mail	info@southeastbank.com.bd
Website	www.sebankbd.com
Established	March, 1995
Company Registration No	C-27985
Registration date	12^th March 1995
Issuing Authority	The Registrar of Joint Stock of Companies, Dhaka.
Legal Status	Public Limited
Stock Code	SOUTHEASTB
Business Type	General Banking
Status	Satisfactory
Litigation	NIL

LOCATIONS

Head Office	Eunoos Trade Center, 52-53, Dilkusha, C/A (Level - 2, 3, 4 & 16), Dhaka - 1000
Telephone No	880-2- 9571115, 7160866, 9555466, 7173793
Fax No	880-2- 9550093
E-Mail	info@southeastbank.com.bd
Website	www.sebankbd.com
Branch	Uttara Branch, House No. 01, Road No. 11, Sector-01, Uttara Dhaka, Bangladesh
Factory	N/A
S.W.I.F.T.:	SEBD BD DH

DIRECTORS

Name	Mr. Alamgir Kabir (FCA)
Designation	Chairman
Nationality	Bangladeshi

Name	Mr. Ragib Ali
Designation	Vice Chairman
Nationality	Bangladeshi

Name	Mr. Mahbubul Alam
Designation	Managing Director
Nationality	Bangladeshi

Name	Mr. M. A. Kashem
Designation	Director
Nationality	Bangladeshi

Name	Mr. Azim Uddin Ahmed
Designation	Director
Nationality	Bangladeshi

Name	Mrs. Jusna Ara Kashem
Designation	Director
Nationality	Bangladeshi

Name	Mrs. Duluma Ahmed
Designation	Director
Nationality	Bangladeshi

Name	Mr. Tahnoun A. Harun
Designation	Director
Nationality	Bangladeshi

Name	Mr. Syed Shahid Ali
Designation	Director
Nationality	Bangladeshi

Name	Mrs. Rehana Rahman
Designation	Director
Nationality	Bangladeshi

Name	Mrs. Sirat Monira
Designation	Director
Nationality	Bangladeshi

Name	Mr. Abdul Hye
Designation	Director
Nationality	Bangladeshi

Name	Dr. Zaidi Sattar
Designation	Director
Nationality	Bangladeshi

Name	Mr. A.H.M. Moazzem Hossain
Designation	Director
Nationality	Bangladeshi

BUSINESS DETAILS

Line of Business

General Banking

Range of Services

4 Saving Scheme

4 Loan Scheme

4 Working Capital

4 Special Saving Scheme

4 Monthly Saving Scheme

4 Monthly Income Scheme

4 Hajj Shanchay Prakalpa

4 Cash Secured Loan

4 Double Benefit Scheme

4 Islami Banking

4 Mudarab Income Scheme

4 Mudarab Saving Scheme

4 SME Banking

4 Dual Currency VISA Credit Card

4 Remittance Business

4 Western Union

4 SWIFT Services

4 Locker Services

4 ATM Services

FINANCIAL INFORMATION

BALANCE SHEET

AS AT 31 DECEMBER 2009

PROPERTY AND ASSETS	Taka
Cash	6,020,357,579
Cash in Hand (including foreign currencies)	606,493,450
Balance with Bangladesh Bank and its agent Bank(s) (including foreign currencies)	5,413,864,129
Balances with Other Banks and Financial Institutions:	1,122,345,917
In Bangladesh	387,767,996
Outside Bangladesh	734,577,920
Money at call and short notice	189,700,000
Investments	21,350,233,850
Government	19,407,606,604
Others	1,942,627,246
Loans and Advances	77,497,573,199
Loans, Cash Credits, Over Drafts etc.	73,466,742,724
Bills discounted and purchased	4,030,830,474
Fixed assets including Land, Building Furniture and Fixtures	4,338,345,035
Other Assets	2,158,429,34 3
Non Banking Assets	---------
TOTAL ASSETS	112,676,984,923
LIABILITIES AND CAPITAL
Liabilities
Borrowings from other Banks, Financial Institutions and Agents	261,836,236
Deposits and other accounts	96,669,052,139
Current/Al-wadeeah current accounts and other accounts	6,226,255,141
Bills Payable	1,163,140,147
Savings Bank/Mudaraba savings deposits	6,694,031,711
Fixed deposits/Mudaraba fixed deposits	82,585,625,139
Other liabilities	4,416,919,262
TOTAL LIABILITIES	101,347,807,637
CAPITAL/SHARE HOLDERS' EQUITY
TOTAL SHARE HOLDERS' EQUITY	11,329,177,287
TOTAL LIABILITIES AND SHARE HOLDERS' EQUITY	112,676,984,923

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2009

OPERATING INCOME	Taka
Interest-Income	8,962,092,478
Interest-paid on deposits borrowings etc.	(7,843,236,025)
Net Interest Income	1,118,856,453
Income from Investment	2,903,053,436
Commission, Exchange and Brokerage	1,644,226,192
Other Operating Income	193,078,838
Total operating income	5,859,214,918
OPERATING EXPENSES
Salary and allowances	526,015,328
Rent, taxes, insurance, electricity etc	170,558,136
Legal expenses	359,253
Postage, stamp, telecommunication etc.	54,018,202
Stationery, printing, advertisements etc.	66,715,189
Managing Director's salary & allowances and fees	9,207,250
Directors' fees and expenses	3,440,553
Auditors' fees	500,000
Repair, maintenance and depreciation of Bank's property	121,238,874
Other expenses	292,503,364
Total operating expenses	1,244,556,147
Profit/(Loss) before provision	4,614,658,771
Provision	1,162,894,000
Provision for loans & advances	1,110,185,000
Provision for off balance sheet exposures	38,300,000
Provision for diminution in value of investment	-----------------
Other Provisions	14,409,000
Profit before tax	3,451,764,771
Provision for Taxation:	1,581,579,531
Net Profit after Taxation	1,870,185,240
Retained earnings brought forward from previous year	129,039,827
	1,999,225,067
Appropriations	720,353,200
Statutory reserve	690,353,200
Amount transferred to SEBL Foundation	30,000,000
Retained surplus	1,278,871,867
Earning per share (EPS)	54.64

Auditors:

Rahman & Rahman

Chartered Accountants

Dhaka

EXCHANGE RATE

Currency	Unit	Bangladeshi Taka (BDT)
Great Britain Pound	1	112.4896
U.S Dollar	1	70.3500
European Euro	1	96.9142

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	4,620
Office Area (Sq. Ft)	5,900 sq.ft (rented)
Factory Area (Sq. Ft)	N/A
Warehouse Area (Sq. Ft)	5,800 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, 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 38 branches all over the country and they are quite popular among their clients.

Mr. Mahbubul Alam, 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.45.12
UK Pound	1	Rs.73.43
Euro	1	Rs.62.32

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.