MIRA INFORM REPORT
|
Report Date : |
06.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
MERCANTILE BANK LIMITED |
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Registered Office : |
61 Dilkusha
Commercial Area, 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 : |
02.06.1999 |
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Com. Reg. No.: |
C-37775 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
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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|
|
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Payment
Behaviour : |
Usually Correct |
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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 |
|
Restricted |
C2 |
|
Off-credit |
D |
COMPANY DETAILS
|
Name |
Mercantile Bank Ltd |
|
Address |
Malek Mansion,
128, Motijheel C/A, Dhaka-1000 |
|
Country |
Bangladesh |
|
Telephone No |
880-2-7161923, 9570131 |
|
Fax No |
880-2-7161925 |
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E-Mail |
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|
Website |
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Established |
1999 |
|
Company Registration No |
C-37775 |
|
Registration date |
2nd
June 1999 |
|
Issuing Authority |
The Registrar of Joint Stock of Companies & Firms, Dhaka. |
|
Legal Status |
Public Limited |
|
Stock Code |
MERCANBNK |
|
Business Type |
General Banking |
|
Status |
Satisfactory |
|
Litigation |
NIL |
LOCATIONS
|
Head Office |
61 Dilkusha Commercial Area, Dhaka-1000, Bangladesh
|
|
Telephone No |
880-2-9559333, 9553892, 9561140 |
|
Fax No |
880- 2- 9561213 |
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E-Mail |
|
|
Website |
|
|
Branch |
65 |
|
Factory |
N/A |
|
S.W.I.F.T.: |
MBLBBDDH |
DIRECTORS
|
Name |
Mr. Abdul Jalil |
|
Designation |
Chairman |
|
Nationality |
Bangladeshi |
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|
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Name |
|
|
Designation |
Managing Director |
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Nationality |
Bangladeshi |
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|
|
|
Name |
Mr. Morshed
Alam |
|
Designation |
Vice chairman |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad
Selim |
|
Designation |
Vice chairman |
|
Nationality |
Bangladeshi |
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|
|
|
Name |
Mr. M. S. Ahsan |
|
Designation |
Director |
|
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 |
Mrs. Bilkis
Begum |
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Designation |
Director |
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Nationality |
Bangladeshi |
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|
|
|
Name |
Mr. Tabibul Huq
|
|
Designation |
Director |
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Nationality |
Bangladeshi |
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|
Name |
|
|
Designation |
Director |
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Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. M. Amanullah
|
|
Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
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|
Designation |
Director |
|
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 |
|
Nationality |
Bangladeshi |
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|
|
Name |
Mr. M. A. Khan
Belal |
|
Designation |
Director |
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Nationality |
Bangladeshi |
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|
|
Name |
|
|
Designation |
Director |
|
Nationality |
Bangladeshi |
BUSINESS DETAILS
|
Line of Business |
General Banking |
|
Range of Services |
4 Monthly Savings Scheme 4 Family Maintenance Scheme 4 Double Benefit Deposit Scheme 4 Quarterly Benefit Deposit Scheme 4 1.5 Times Benefit Deposit Scheme 4 Advance Benefit Deposit Scheme 4 Consumer Credit Scheme 4 Small Loan Scheme 4 Lease Finance Scheme 4 Overseas Employment Loan Scheme 4 Car Loan Scheme 4 Home Loan Scheme 4 SME Loan |
FINANCIAL INFORMATION
Mercantile Bank Limited
BALANCE SHEET
As at December 31, 2010
|
PROPERTIES AND
ASSETS |
Taka |
|
Cash |
4,877,118,983 |
|
Cash in hand (including foreign currency) |
725,743,332 |
|
Balance with Bangladesh Bank & Sonali Bank (Including foreign Currency) |
4,151,375,651 |
|
Balance with
other banks & Financial Institutions |
908,549,740 |
|
In Bangladesh |
336,299,571 |
|
Out side Bangladesh |
572,250,169 |
|
Money at Call and Short Notice |
----------------- |
|
Investments |
10,937,201,791 |
|
Government |
9,565,346,007 |
|
Others |
1,371,855,784 |
|
Loans and Advances |
66,377,697,326 |
|
Loans, Cash Credit, Overdraft etc. |
60,868,739,469 |
|
Bills Purchased and Discounted |
5,508,957,857 |
|
|
|
|
Fixed
Assets Including Premises &
Fixtures |
1,647,581,148 |
|
Other assets |
2,391,960,482 |
|
Non-Banking Assets |
--------------- |
|
Total Assets |
87,140,109,470 |
|
|
|
|
Liabilities
& Capital |
|
|
Liabilities |
|
|
Borrowings from other Banks, Financial Institutions and Agents |
864,043,691 |
|
Deposit and other
accounts |
73,739,392,053 |
|
Current Accounts and Other Accounts |
13,101,835,627 |
|
Bills Payable |
919,953,615 |
|
Savings Bank Deposits |
5,238,953,971 |
|
Fixed Deposits |
25,865,957,124 |
|
Deposits Under Schemes |
28,612,691,716 |
|
Other Liabilities |
5,350,988,463 |
|
Total
Liabilities |
79,954,424,207 |
|
Capital
Shareholder Equity : |
|
|
Paid up Capital |
4,072,206,600 |
|
Statuary Reserve |
2,042,559,084 |
|
Other reserve |
130,563,476 |
|
Surplus in Profit & Loss Account |
940,356,103 |
|
Total
Shareholder Equity |
7,185,685,263 |
|
Total
Liabilities & Shareholders Equity |
87,140,109,470 |
PROFIT AND LOSS ACCOUNT
For the year ended December 31, 2010
|
|
2010 |
|
Interest Income |
6,837,900,076 |
|
Less : Interest Paid on Deposits, Borrowings etc. |
5,176,002,117 |
|
|
|
|
Net Interest
Income |
1,661,897,959 |
|
Investment Income |
919,447,774 |
|
Commission, Exchange & Brokerage Income |
1,201,048,112 |
|
Other Operating Income |
993,417,661 |
|
|
3,113,913,547 |
|
Total Operating
Income |
4,775,811,506 |
|
Salaries & Allowances |
932,982,480 |
|
Rent, Taxes, Insurance Lighting etc |
230,052,874 |
|
Legal expenses |
14,559,219 |
|
Postage, Stamps and telegram, telephone |
50,082,585 |
|
Stationery, printing, Advertisement etc |
50,082,585 |
|
Chief Executive's Salary and Fees |
4,627,258 |
|
Director fees & Expenses |
4,538,100 |
|
Auditors Fees |
750,000 |
|
Depreciation & Repair of Fixed Assets |
120,290,064 |
|
Other Expenditure |
454,142,496 |
|
Total Operating
Expenses |
1,928,685,597 |
|
Profit before
provision |
2,847,125,909 |
|
Provision against Classified Loans |
20,000,000 |
|
Provision against Unclassified Loans |
230,500,000 |
|
Other Provisions |
160,700,000 |
|
Total Provisions |
411,200,000 |
|
Total Profit before Taxes |
2,435,925,909 |
|
Provision for Taxation |
1,010,587,500 |
|
Net Profit after Taxation |
1,425,338,409 |
|
Retained Surplus brought forward from previous year |
2,202,876 |
|
|
1,427,541,285 |
|
Appropriations |
|
|
Statutory Reserve |
487,185,182 |
|
Retained Surplus |
940,356,103 |
|
|
1,427,541,285 |
|
Earning Per Share (EPS) |
41.04 |
Auditors: Ahmed Zaker & Co.
Chartered
Accounted
Basu
Banerjee Nath & Co.
Chartered Accountants
CAPITAL STRUCTURE
|
Paid Up Capital |
Tk.2,158,413,400 |
|
Each Share Value |
Tk.100 |
EXCHANGE RATE
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
119.6130 |
|
U.S Dollar |
1 |
74.2200 |
|
European Euro |
1 |
104.6131 |
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 |
12,200 |
|
Office Area (Sq.
Ft) |
2,800 sq.ft (rented) |
|
Factory Area
(Sq. Ft) |
N/A |
|
Warehouse Area (Sq.
Ft) |
2,100 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 banking
and other related services. The bank has 56 branches all over the country and
they are quite popular among their clients.
Mr. A.K.M. Shahidul
Haque, 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.45.94 |
|
UK Pound |
1 |
Rs.74.28 |
|
Euro |
1 |
Rs.64.97 |
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 |
|
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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.