MIRA INFORM REPORT
|
Report Date : |
08.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
SOCIAL ISLAMI BANK LIMITED |
|
|
|
|
Registered Office : |
15 Dilkusha Commercial Area, Dhaka |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
05.07.1995 |
|
|
|
|
Com. Reg. No.: |
C-28763 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
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 |
|
Payment
Behaviour : |
Usually Correct |
|
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 |
Social Islami Bank Ltd |
|
Address |
15 Dilkusha Commercial Area, Dhaka, |
|
Country |
Bangladesh |
|
Telephone No |
880-2-9559014, 9557499, 9568275, 9565647 |
|
Fax No |
880- 2- 9568098 |
|
E-Mail |
|
|
Website |
|
|
Established |
1995 |
|
Company Registration No |
C-28763 |
|
Registration date |
5th
July, 1995 |
|
Issuing Authority |
Registrar of Joint Stock of Companies & Firms, Dhaka. |
|
Legal Status |
Public Limited |
|
Stock Code |
SIBNK |
|
Business Type |
General Banking |
|
Status |
Satisfactory |
|
Litigation |
NIL |
LOCATIONS
|
Head Office |
15 Dilkusha Commercial Area, Dhaka,
Bangladesh |
|
Telephone No |
880-2-9559014, 9557499, 9568275, 9565647 |
|
Fax No |
880- 2- 9568098 |
|
E-Mail |
|
|
Website |
|
|
Branch |
80 |
|
Factory |
N/A |
|
S.W.I.F.T.: |
SOIVBDDH |
DIRECTORS
|
Name |
Mr. Kamaluddin Ahmed |
|
Designation |
Chairman |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Anisul Hoque |
|
Designation |
Vice chairman |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad Azam |
|
Designation |
Vice chairman |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Muhammad Ali |
|
Designation |
Managing Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Major (Retd.) Dr. Md. Rezaul Haque |
|
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 |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
|
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
|
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
|
|
Designation |
Director |
|
Nationality |
Bangladeshi |
BUSINESS DETAILS
|
Line of Business |
General Banking |
|
Range of Services |
4 Mudaraba Savings Deposit 4 Mudaraba Notice Deposit 4 Mudaraba Scheme Deposit 4 Cash Waqf 4 Mudaraba Hajj Savings
Deposit 4 Mudaraba Monthly
Savings Scheme 4 Mudaraba Bashsthan
Savings Scheme 4 Mudaraba
Special Deposit Pension Scheme 4 Mudaraba Monthly
Profit Deposit Scheme 4 Mudaraba Millionaire
Savings Scheme 4 Mudaraba Education
Deposit Scheme 4 Mudaraba Lakhopati
Deposit Scheme 4 Mudaraba Special Deposit Pension
Scheme 4 Mudaraba Double
Benefit Deposit Scheme 4 Mudaraba Marriage Savings
Scheme 4 Mudaraba Mohorana Savings |
FINANCIAL INFORMATION
Balance
Sheet
As
at 31st December 2010
|
PROPERTIES AND
ASSETS |
Taka |
|
Cash |
4,451,589,136 |
|
Cash in hand (including foreign currency) |
608,770,138 |
|
Balance with Bangladesh Bank & Its Agent Bank (Including foreign Currency) |
3,842,818,998 |
|
Balance with
other banks & Financial Institutions |
1,683,833,829 |
|
In Bangladesh |
1,076,931,370 |
|
Out side Bangladesh |
606,902,459 |
|
Placement with
other Banks & Financial Institution |
5,468,379,564 |
|
Investment &
Share & Securities |
3,049,724,992 |
|
Government |
1,050,000,000 |
|
Others |
1,999,724,992 |
|
Investments : |
36,680,285,945 |
|
General Investment etc. |
30,637,023,087 |
|
Bill Purchased & Discounted |
6,043,262,858 |
|
|
|
|
Fixed
Assets Including Premises &
Fixtures |
914,736,032 |
|
Other assets |
2,919,991,439 |
|
Non-Banking Assets |
--------------- |
|
Total Assets |
55,168,540,937 |
|
|
|
|
Liabilities
& Capital |
|
|
Liabilities |
|
|
Placement from other banks financial institutions |
3,280,000,000 |
|
Deposit and
other accounts |
44,850,768,353 |
|
Al-Wadeea Current & other
deposit |
7,088,486,139 |
|
Bills Payable |
617,328,955 |
|
Mudaraba Saving Deposits |
3,692,222,370 |
|
Mudaraba Term Deposits |
25,245,307,928 |
|
Other Mudaraba Deposits |
8.163.355.695 |
|
Cash Waqf Fund |
44,067,266 |
|
Other
Liabilities |
2,845,596,296 |
|
Deferred Tax
Liabilities/ (Assets) |
(6,598,253) |
|
Total
Liabilities |
50,969,766,396 |
|
Capital Shareholder
Equity : |
|
|
Paid up Capital |
2,987,815,750 |
|
Statuary Reserve |
788,228,216 |
|
Other reserve |
-------------- |
|
Retained Earnings |
422,730,575 |
|
Total
Shareholder Equity |
4,198,774,541 |
|
Total
Liabilities & Shareholders Equity |
55,168,540,937 |
Profit
And Loss Account
For
the Year Ended 31st December 2010
|
Particulars |
Taka |
|
Investment Income |
3,886,183,280 |
|
Less: Profit Paid on Deposits |
2,435,015,182 |
|
|
|
|
Net Investment Income |
1,451,168,098 |
|
Income from Investment in Shares & Securities |
341,627,876 |
|
Commission, Exchange & Brokerage Income |
653,190,549 |
|
Other Operating Income |
187,103,619 |
|
|
181,922,044 |
|
Total Operating
Income |
2,633,090,142 |
|
Salaries & Allowances |
631,630,343 |
|
Rent, Taxes, Insurance Lighting etc |
102,048,356 |
|
Legal expenses |
3,798,305 |
|
Postage, Stamps and telegram, telephone |
15,871,399 |
|
Stationery, printing, Advertisement etc |
44,909,374 |
|
Managing Director’s Salary & Allowances |
5,765,948 |
|
Depreciation and Repair to Bank’s Assets |
62,070,283 |
|
Director fees & Expenses |
6,000,505 |
|
Auditors Fees |
172,500 |
|
Shariah Supervisory Committee’s Fees & Expenses |
339,844 |
|
Other Expenses |
121,855,160 |
|
Total Operating
Expenses |
994,462,017 |
|
Profit/(Loss)
before provision |
1,638,628,125 |
|
|
|
|
Total Provision |
501,938,481 |
|
Total
Profit/(Loss) Before Tax |
1,136,689,644 |
|
Provision for
Income Tax |
493,669,924 |
|
Net Profit/(Loss) After Tax |
643,019,720 |
|
Appropriation |
|
|
Statuary Reserve |
227,337,929 |
|
Retained Earnings |
415,681,791 |
|
|
643,019,720 |
|
Earning Per
Share (EPS) [Restated for the year 2009] |
2.15 |
|
Net Operating
Cash Flow Per Share |
7.21 |
|
Net Asset Value (Crore
Taka) |
419.88 |
|
Net Asset Value
Per Share |
14.05 |
Auditors: Suful Shamsul Alam
& Co.
Chartered
Accounted
CAPITAL STRUCTURE
|
Paid Up Capital |
Tk.2,987,815,750 |
|
Each Share Value |
Tk.100 |
EXCHANGE RATE
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
118.5733 |
|
U.S Dollar |
1 |
74.1500 |
|
European Euro |
1 |
104.5589 |
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 |
12,000 |
|
Office Area (Sq.
Ft) |
2,900 sq.ft (rented) |
|
Factory Area
(Sq. Ft) |
N/A |
|
Warehouse Area
(Sq. Ft) |
1,400 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, 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 80 branches all over the country and they
are quite popular among their clients.
Mr.
Muhammad Ali, 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.46.02 |
|
UK Pound |
1 |
Rs.73.61 |
|
Euro |
1 |
Rs.64.78 |
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.