MIRA INFORM REPORT
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Report Date : |
02.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
RUPALI BANK LTD |
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Registered Office : |
Rupali Bhaban, 34 Dilkusha Commercial Area, P |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
14.12.1986 |
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Legal Form : |
Public Independent Company |
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Line of Business : |
Commercial Banks |
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No. of Employees
: |
4,430 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Bangladesh |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
Rupali Bank Ltd
Rupali Bhaban,
34 Dilkusha Commercial Area, P
Dhaka, 1000
Bangladesh
Tel: 880-29-551525
Fax: 880-29-564148
Web: www.rupalibank.org
synthesis
Employees: 4,430
Company Type: Public Independent
Traded:
Dhaka: RUPALIBANK
Incorporation Date:
14-Dec-1986
Auditor: Zoha Zaman Kabir Rashid & Co, S H Khan
& Co
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2010
Reporting Currency:
Bangladesh Taka
Annual Sales: 118.6
1
Net Income: 8.6
Total Assets: 1,765.7 2
Business Description
Rupali Bank
Limited is a Bangladesh-based company. As of February 3, 2012, the Bank
operated through 492 branches. The Bank’s services include automated teller
machine (ATM) service, ancillary service, utility service, locker, western
union and other services. The Bank offers some services to customers in
addition to its normal banking operation. It also collects various utility
bills. Under the collection of utility bills service, the Bank benefited
customer by collecting their various utility bills like telephone bill, water
and sewerage bill, electricity bill etc free of charges. Its deposit schemes
include savings deposit, current deposit, short notice deposit, time deposit,
rupali deposit pension scheme, festival deposit and call deposit. The Bank's
other banking services include demand draft, pay order, telegraphic transfer,
mail transfer and transfer of fund on standing instruction arrangement. For the
fiscal year ended 31 December 2010, Rupali Bank Ltd, interest income increased
12% to BDT5.55B. Net interest income after loan loss provision increased 20% to
BDT2.09B. Net income decreased 64% to BDT600.3M. Net interest income reflects
an increase in interest income. Net income was offset by a higher salary
expenses, a rise in legal expenses, an increase in depreciation and higher
other expenses.
Industry
Industry Commercial Banks
ANZSIC 2006: 6221 - Banking
NACE 2002: 6512 - Other
monetary intermediation
NAICS 2002: 52211 - Commercial
Banking
UK SIC 2003: 65121 - Banks
US SIC 1987: 6021 - National
Commercial Banks
Key Executives
|
Name |
Title |
|
Quazi Baharul Islam |
Managing Director |
|
Ahmed Al-Kabir |
Chairman |
|
Abul Kalam Chowdhury |
Director |
|
Sheikh Serajul Hoque Farazi |
Director |
|
Md Mahabubur Rahman Hiron |
Director |
news
|
Title |
Date |
|
Banks draw flak for 'high' interest rate
on lending |
21-Mar-2012 |
|
Banks deviated from globally practiced
objectives: Barua |
21-Mar-2012 |
|
Farm loan disbursement slightly up |
19-Mar-2012 |
|
Bank guard killed in Jhenidah |
16-Mar-2012 |
|
Bank night guard killed in Jhenidah |
14-Mar-2012 |
1 - Profit & Loss Item Exchange Rate: USD 1 = BDT 69.60265
2 - Balance Sheet Item Exchange Rate: USD 1 = BDT 70.475
Corporate Overview
Location
Rupali Bhaban,
34 Dilkusha Commercial Area, P
Dhaka, 1000
Bangladesh
Tel: 880-29-551525
Fax: 880-29-564148
Web: www.rupalibank.org
Quote Symbol - Exchange
RUPALIBANK - Dhaka
Sales BDT(mil): 8,253.6
Assets BDT(mil): 124,434.5
Employees: 4,430
Fiscal Year End: 31-Dec-2010
Industry: Commercial Banks
Incorporation Date: 14-Dec-1986
Company Type: Public Independent
Quoted Status: Quoted
Managing Director: Quazi
Baharul Islam
Contents
Industry Codes
Business Description
Financial Data
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
6411 - Financial Asset Broking Services
6221 - Banking
NACE 2002 Codes:
6712 - Security broking and fund management
6512 - Other monetary intermediation
NAICS 2002 Codes:
522120 - Savings Institutions
52211 - Commercial Banking
523110 - Investment Banking and Securities Dealing
US SIC 1987:
6021 - National Commercial Banks
6036 - Savings Institutions, Not Federally Chartered
6211 - Security Brokers, Dealers, and Flotation Companies
UK SIC 2003:
6712 - Security broking and fund management
65121 - Banks
Business
Description
Rupali Bank
Limited is a Bangladesh-based company. As of February 3, 2012, the Bank
operated through 492 branches. The Bank’s services include automated teller
machine (ATM) service, ancillary service, utility service, locker, western
union and other services. The Bank offers some services to customers in
addition to its normal banking operation. It also collects various utility
bills. Under the collection of utility bills service, the Bank benefited
customer by collecting their various utility bills like telephone bill, water
and sewerage bill, electricity bill etc free of charges. Its deposit schemes
include savings deposit, current deposit, short notice deposit, time deposit,
rupali deposit pension scheme, festival deposit and call deposit. The Bank's
other banking services include demand draft, pay order, telegraphic transfer,
mail transfer and transfer of fund on standing instruction arrangement. For the
fiscal year ended 31 December 2010, Rupali Bank Ltd, interest income increased
12% to BDT5.55B. Net interest income after loan loss provision increased 20% to
BDT2.09B. Net income decreased 64% to BDT600.3M. Net interest income reflects
an increase in interest income. Net income was offset by a higher salary
expenses, a rise in legal expenses, an increase in depreciation and higher
other expenses.
More Business
Descriptions
Provision of a wide range of commercial banking services
Commercial Banking
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Executive report
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Board of
Directors |
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Chairman |
Chairman |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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Managing Director |
Chief Executive Officer |
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Managing Director |
Managing Director |
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Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
69.60265 |
69.026932 |
|
Auditor |
Ahmad &
Akhtar |
Ahmad &
Akhtar |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Interest & Fees on Loans |
79.8 |
72.1 |
|
Interest Income, Bank |
79.8 |
72.1 |
|
Interest on Deposit |
49.8 |
46.9 |
|
Total Interest Expense |
49.8 |
46.9 |
|
Net Interest Income |
30.0 |
25.2 |
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|
|
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Loan Loss Provision |
0.0 |
0.0 |
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Net Interest Income after Loan Loss Provision |
30.0 |
25.2 |
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|
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Commissions & Fees from Securities
Activities |
38.6 |
33.0 |
|
Other Revenue |
0.2 |
0.0 |
|
Non-Interest Income, Bank |
38.8 |
33.0 |
|
Labor & Related Expenses |
-23.4 |
-20.2 |
|
Depreciation Expense |
-1.0 |
-0.8 |
|
Other Expense |
-23.9 |
-13.1 |
|
Non-Interest Expense, Bank |
-48.3 |
-34.1 |
|
Income Before Tax |
20.5 |
24.2 |
|
|
|
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Total Income Tax |
11.9 |
0.0 |
|
Income After Tax |
8.6 |
24.2 |
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|
|
|
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Net Income Before Extraord Items |
8.6 |
24.2 |
|
Net Income |
8.6 |
24.2 |
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|
|
|
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Income Available to Common Excl Extraord Items |
8.6 |
24.2 |
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Income Available to Common Incl Extraord Items |
8.6 |
24.2 |
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|
|
|
|
Basic/Primary Weighted Average Shares |
15.0 |
15.0 |
|
Basic EPS Excl Extraord Items |
0.57 |
1.61 |
|
Basic/Primary EPS Incl Extraord Items |
0.57 |
1.61 |
|
Diluted Net Income |
8.6 |
24.2 |
|
Diluted Weighted Average Shares |
15.0 |
15.0 |
|
Diluted EPS Excl Extraord Items |
0.57 |
1.61 |
|
Diluted EPS Incl Extraord Items |
0.57 |
1.61 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
|
Depreciation, Supplemental |
1.0 |
0.8 |
|
Normalized Income Before Tax |
20.5 |
24.2 |
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
11.9 |
0.0 |
|
Normalized Income After Tax |
8.6 |
24.2 |
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|
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Normalized Inc. Avail to Com. |
8.6 |
24.2 |
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|
|
|
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Basic Normalized EPS |
0.57 |
1.61 |
|
Diluted Normalized EPS |
0.57 |
1.61 |
|
Bank Total Revenue |
118.6 |
105.2 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate |
70.475 |
69.26 |
|
Auditor |
Ahmad &
Akhtar |
Ahmad &
Akhtar |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash & Due from Banks |
145.2 |
106.2 |
|
Other Short Term Investments |
63.4 |
63.1 |
|
Securities Held |
205.0 |
196.9 |
|
Total Investment Securities |
205.0 |
196.9 |
|
Other Earning Assets, Total |
268.4 |
259.9 |
|
Net Loans |
866.7 |
723.0 |
|
Property/Plant/Equipment - Net |
135.1 |
33.7 |
|
Other Assets |
350.2 |
144.7 |
|
Other Assets, Total |
350.2 |
144.7 |
|
Total Assets |
1,765.7 |
1,267.6 |
|
|
|
|
|
Accounts Payable |
18.4 |
13.3 |
|
Non-Interest Bearing Deposits |
202.6 |
155.4 |
|
Interest Bearing Deposits |
1,072.0 |
896.8 |
|
Total Deposits |
1,274.6 |
1,052.3 |
|
Long Term Debt |
3.8 |
4.9 |
|
Total Long Term Debt |
3.8 |
4.9 |
|
Total Debt |
3.8 |
4.9 |
|
|
|
|
|
Other Liabilities |
268.0 |
277.7 |
|
Other Liabilities, Total |
268.0 |
277.7 |
|
Total Liabilities |
1,564.9 |
1,348.2 |
|
|
|
|
|
Common Stock |
17.7 |
18.0 |
|
Common Stock |
17.7 |
18.0 |
|
Retained Earnings (Accumulated Deficit) |
177.2 |
-104.6 |
|
Other Equity |
5.8 |
5.9 |
|
Other Equity, Total |
5.8 |
5.9 |
|
Total Equity |
200.8 |
-80.6 |
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,765.7 |
1,267.6 |
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
15.0 |
15.0 |
|
Total Common Shares Outstanding |
15.0 |
15.0 |
|
Total Risk-Weighted Capital |
1.6 |
0.8 |
|
Tier 1 Capital % |
3.31% |
-10.96% |
|
Total Capital % |
9.47% |
-8.68% |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
69.60265 |
69.026932 |
|
Auditor |
Ahmad &
Akhtar |
Ahmad &
Akhtar |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash Receipts |
10.3 |
10.2 |
|
Cash Payments |
-26.1 |
-22.4 |
|
Cash Interest Paid |
-44.7 |
-46.9 |
|
Other Assets |
1.3 |
-13.0 |
|
Other Liabilities |
237.4 |
35.3 |
|
Other Operating Cash Flow |
94.3 |
89.9 |
|
Investment Securities, Gains/Losses |
0.0 |
-37.7 |
|
Loans, Gains/Losses |
-221.6 |
-48.0 |
|
Changes in Working Capital |
111.3 |
26.5 |
|
Cash from Operating Activities |
50.7 |
-32.6 |
|
|
|
|
|
Purchase of Fixed Assets |
-2.3 |
-0.9 |
|
Capital Expenditures |
-2.3 |
-0.9 |
|
Sale/Maturity of Investment |
0.7 |
47.9 |
|
Purchase of Investments |
-14.9 |
-22.2 |
|
Other Investing Cash Flow |
0.0 |
0.0 |
|
Other Investing Cash Flow Items, Total |
-14.2 |
25.7 |
|
Cash from Investing Activities |
-16.5 |
24.8 |
|
|
|
|
|
Long Term Debt
Reduction |
-0.1 |
-0.1 |
|
Long Term Debt, Net |
-0.1 |
-0.1 |
|
Issuance (Retirement) of Debt, Net |
-0.1 |
-0.1 |
|
Cash from Financing Activities |
-0.1 |
-0.1 |
|
|
|
|
|
Net Change in Cash |
34.1 |
-7.9 |
|
|
|
|
|
Net Cash - Beginning Balance |
159.0 |
168.2 |
|
Net Cash - Ending Balance |
193.1 |
160.3 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
69.60265 |
69.026932 |
|
Auditor |
Ahmad &
Akhtar |
Ahmad &
Akhtar |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Interest Income |
79.8 |
72.1 |
|
Total Revenue |
79.8 |
72.1 |
|
|
|
|
|
Interest Paid on Deposit and Borrowing, |
49.8 |
46.9 |
|
Loan loss provisions |
0.0 |
0.0 |
|
Total Operating Expense |
49.8 |
46.9 |
|
|
|
|
|
Income from Investments |
25.3 |
22.6 |
|
Commission, Exchange and Brokerage |
13.3 |
10.4 |
|
Other Operating Income |
0.2 |
0.0 |
|
Salary and Allowances |
-23.4 |
-20.1 |
|
Managing Director's Remuneraon |
0.0 |
0.0 |
|
Directors' Fee |
0.0 |
0.0 |
|
Rent, Tax, Insurance, Electricity |
-2.1 |
-1.9 |
|
Legal Expense |
0.0 |
0.0 |
|
Postage, Stamps and Telephone |
-0.2 |
-0.1 |
|
Audit Fee |
0.0 |
0.0 |
|
Printing, Stationery, Advertisement |
-0.5 |
-0.5 |
|
Depreciation on and Repair to Property |
-1.0 |
-0.8 |
|
Other Expenditure |
-6.5 |
-4.3 |
|
Provisions for off Balance sheet items |
0.0 |
0.0 |
|
Provisions for other assets |
0.0 |
-0.4 |
|
Provision for other provisions |
-14.7 |
-5.8 |
|
Total Non-Interest Revenue |
38.8 |
33.0 |
|
|
|
|
|
Total Non-Interest Expense |
-48.3 |
-34.1 |
|
|
|
|
|
Net Income Before Taxes |
20.5 |
24.2 |
|
|
|
|
|
Provision for Income Taxes |
11.9 |
0.0 |
|
Net Income After Taxes |
8.6 |
24.2 |
|
|
|
|
|
Net Income Before Extra. Items |
8.6 |
24.2 |
|
Net Income |
8.6 |
24.2 |
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
8.6 |
24.2 |
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
8.6 |
24.2 |
|
|
|
|
|
Basic Weighted Average Shares |
15.0 |
15.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.57 |
1.61 |
|
Basic EPS Including ExtraOrdinary Items |
0.57 |
1.61 |
|
Diluted Net Income |
8.6 |
24.2 |
|
Diluted Weighted Average Shares |
15.0 |
15.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.57 |
1.61 |
|
Diluted EPS Including ExtraOrd Items |
0.57 |
1.61 |
|
DPS-Common Stock |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
20.5 |
24.2 |
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
11.9 |
0.0 |
|
Normalized Income After Taxes |
8.6 |
24.2 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
8.6 |
24.2 |
|
|
|
|
|
Basic Normalized EPS |
0.57 |
1.61 |
|
Diluted Normalized EPS |
0.57 |
1.61 |
|
Depreciation, Supplemental |
1.0 |
0.8 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate |
70.475 |
69.26 |
|
Auditor |
Ahmad &
Akhtar |
Ahmad &
Akhtar |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash In Hand (Including Foreign Currency |
20.7 |
19.8 |
|
Cash With Bangladesh Bank and its agent |
86.3 |
56.5 |
|
Balance with Other Banks In Bangladesh |
33.7 |
26.8 |
|
Balance with Other Banks Outside Bangl |
4.5 |
3.1 |
|
Money at call |
45.4 |
53.4 |
|
Investments Government |
205.0 |
196.9 |
|
Investments Others |
18.0 |
9.7 |
|
Loans, Cash Credit, Overdras, etc. |
866.7 |
723.0 |
|
Bills Purchased and Discounted |
70.5 |
32.7 |
|
Primises & Fixed assets |
135.1 |
33.7 |
|
Other Assets |
279.8 |
112.0 |
|
Total Assets |
1,765.7 |
1,267.6 |
|
|
|
|
|
Current & other contengency accounts |
202.6 |
155.4 |
|
Bills Payable |
18.4 |
13.3 |
|
Saving deposits |
471.7 |
425.2 |
|
Fixed deposits |
600.3 |
471.6 |
|
Other Liabilities |
268.0 |
277.7 |
|
Borrowing from other Banks, Financial In |
3.8 |
4.9 |
|
Total Long Term Debt |
3.8 |
4.9 |
|
|
|
|
|
Total Liabilities |
1,564.9 |
1,348.2 |
|
|
|
|
|
Paid up Capital |
17.7 |
18.0 |
|
Share money deposit |
1.1 |
1.1 |
|
Gain on sale of assets of Karachi branch |
4.8 |
4.8 |
|
Statutory Reserve |
21.8 |
18.1 |
|
Other reserves |
151.0 |
51.9 |
|
Balance of P/L account |
4.5 |
-174.5 |
|
Total Equity |
200.8 |
-80.6 |
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,765.7 |
1,267.6 |
|
|
|
|
|
S/O-Common Stock |
15.0 |
15.0 |
|
Total Common Shares Outstanding |
15.0 |
15.0 |
|
Total Capital % |
9.47% |
-8.68% |
|
Tier 1 Capital % |
3.31% |
-10.96% |
|
Total Risk-Weighted Capital |
1,580.7 |
817.7 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
69.60265 |
69.026932 |
|
Auditor |
Ahmad &
Akhtar |
Ahmad &
Akhtar |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash Receipts |
10.3 |
10.2 |
|
Cash Payments |
-26.1 |
-22.4 |
|
Cash Interest Paid |
-44.7 |
-46.9 |
|
Interest Received |
96.6 |
89.1 |
|
Received from written off loan |
4.0 |
5.1 |
|
Received From Other Operating activities |
0.2 |
0.0 |
|
Paid to other operating activities |
-6.5 |
-4.4 |
|
Purchase or sale of trading security |
0.0 |
-37.7 |
|
Loans & advances to customers |
-221.6 |
-48.0 |
|
Increase/decrease of other assets |
1.3 |
-13.0 |
|
Increase/decrease of deposits |
0.9 |
0.9 |
|
Customer deposits |
241.0 |
37.8 |
|
Other liabilities |
-4.5 |
-3.3 |
|
Cash from Operating Activities |
50.7 |
-32.6 |
|
|
|
|
|
Proceeds from security sold |
0.7 |
47.9 |
|
Payment for security purchased |
-14.9 |
-22.2 |
|
Adjusted money for fixed assets |
0.0 |
0.0 |
|
Capital Expenditure |
-2.3 |
-0.9 |
|
Cash from Investing Activities |
-16.5 |
24.8 |
|
|
|
|
|
Paid to loans & debt securities |
-0.1 |
-0.1 |
|
Cash from Financing Activities |
-0.1 |
-0.1 |
|
|
|
|
|
Net Change in Cash |
34.1 |
-7.9 |
|
|
|
|
|
Net Cash - Beginning Balance |
159.0 |
168.2 |
|
Net Cash - Ending Balance |
193.1 |
160.3 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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|
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
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|
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Annual Income Statement
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
69.60265 |
69.026932 |
|
Auditor |
Ahmad &
Akhtar |
Ahmad &
Akhtar |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Interest & Fees on Loans |
79.8 |
72.1 |
|
Interest Income, Bank |
79.8 |
72.1 |
|
Interest on Deposit |
49.8 |
46.9 |
|
Total Interest Expense |
49.8 |
46.9 |
|
Net Interest Income |
30.0 |
25.2 |
|
|
|
|
|
Loan Loss Provision |
0.0 |
0.0 |
|
Net Interest Income after Loan Loss Provision |
30.0 |
25.2 |
|
|
|
|
|
Commissions & Fees from Securities
Activities |
38.6 |
33.0 |
|
Other Revenue |
0.2 |
0.0 |
|
Non-Interest Income, Bank |
38.8 |
33.0 |
|
Labor & Related Expenses |
-23.4 |
-20.2 |
|
Depreciation Expense |
-1.0 |
-0.8 |
|
Other Expense |
-23.9 |
-13.1 |
|
Non-Interest Expense, Bank |
-48.3 |
-34.1 |
|
Income Before Tax |
20.5 |
24.2 |
|
|
|
|
|
Total Income Tax |
11.9 |
0.0 |
|
Income After Tax |
8.6 |
24.2 |
|
|
|
|
|
Net Income Before Extraord Items |
8.6 |
24.2 |
|
Net Income |
8.6 |
24.2 |
|
|
|
|
|
Income Available to Common Excl Extraord Items |
8.6 |
24.2 |
|
|
|
|
|
Income Available to Common Incl Extraord Items |
8.6 |
24.2 |
|
|
|
|
|
Basic/Primary Weighted Average Shares |
15.0 |
15.0 |
|
Basic EPS Excl Extraord Items |
0.57 |
1.61 |
|
Basic/Primary EPS Incl Extraord Items |
0.57 |
1.61 |
|
Diluted Net Income |
8.6 |
24.2 |
|
Diluted Weighted Average Shares |
15.0 |
15.0 |
|
Diluted EPS Excl Extraord Items |
0.57 |
1.61 |
|
Diluted EPS Incl Extraord Items |
0.57 |
1.61 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
|
Depreciation, Supplemental |
1.0 |
0.8 |
|
Normalized Income Before Tax |
20.5 |
24.2 |
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
11.9 |
0.0 |
|
Normalized Income After Tax |
8.6 |
24.2 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
8.6 |
24.2 |
|
|
|
|
|
Basic Normalized EPS |
0.57 |
1.61 |
|
Diluted Normalized EPS |
0.57 |
1.61 |
|
Bank Total Revenue |
118.6 |
105.2 |
Annual Balance Sheet
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate |
70.475 |
69.26 |
|
Auditor |
Ahmad &
Akhtar |
Ahmad &
Akhtar |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash & Due from Banks |
145.2 |
106.2 |
|
Other Short Term Investments |
63.4 |
63.1 |
|
Securities Held |
205.0 |
196.9 |
|
Total Investment Securities |
205.0 |
196.9 |
|
Other Earning Assets, Total |
268.4 |
259.9 |
|
Net Loans |
866.7 |
723.0 |
|
Property/Plant/Equipment - Net |
135.1 |
33.7 |
|
Other Assets |
350.2 |
144.7 |
|
Other Assets, Total |
350.2 |
144.7 |
|
Total Assets |
1,765.7 |
1,267.6 |
|
|
|
|
|
Accounts Payable |
18.4 |
13.3 |
|
Non-Interest Bearing Deposits |
202.6 |
155.4 |
|
Interest Bearing Deposits |
1,072.0 |
896.8 |
|
Total Deposits |
1,274.6 |
1,052.3 |
|
Long Term Debt |
3.8 |
4.9 |
|
Total Long Term Debt |
3.8 |
4.9 |
|
Total Debt |
3.8 |
4.9 |
|
|
|
|
|
Other Liabilities |
268.0 |
277.7 |
|
Other Liabilities, Total |
268.0 |
277.7 |
|
Total Liabilities |
1,564.9 |
1,348.2 |
|
|
|
|
|
Common Stock |
17.7 |
18.0 |
|
Common Stock |
17.7 |
18.0 |
|
Retained Earnings (Accumulated Deficit) |
177.2 |
-104.6 |
|
Other Equity |
5.8 |
5.9 |
|
Other Equity, Total |
5.8 |
5.9 |
|
Total Equity |
200.8 |
-80.6 |
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,765.7 |
1,267.6 |
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
15.0 |
15.0 |
|
Total Common Shares Outstanding |
15.0 |
15.0 |
|
Total Risk-Weighted Capital |
1.6 |
0.8 |
|
Tier 1 Capital % |
3.31% |
-10.96% |
|
Total Capital % |
9.47% |
-8.68% |
Annual Cash Flows
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
69.60265 |
69.026932 |
|
Auditor |
Ahmad &
Akhtar |
Ahmad &
Akhtar |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash Receipts |
10.3 |
10.2 |
|
Cash Payments |
-26.1 |
-22.4 |
|
Cash Interest Paid |
-44.7 |
-46.9 |
|
Other Assets |
1.3 |
-13.0 |
|
Other Liabilities |
237.4 |
35.3 |
|
Other Operating Cash Flow |
94.3 |
89.9 |
|
Investment Securities, Gains/Losses |
0.0 |
-37.7 |
|
Loans, Gains/Losses |
-221.6 |
-48.0 |
|
Changes in Working Capital |
111.3 |
26.5 |
|
Cash from Operating Activities |
50.7 |
-32.6 |
|
|
|
|
|
Purchase of Fixed Assets |
-2.3 |
-0.9 |
|
Capital Expenditures |
-2.3 |
-0.9 |
|
Sale/Maturity of Investment |
0.7 |
47.9 |
|
Purchase of Investments |
-14.9 |
-22.2 |
|
Other Investing Cash Flow |
0.0 |
0.0 |
|
Other Investing Cash Flow Items, Total |
-14.2 |
25.7 |
|
Cash from Investing Activities |
-16.5 |
24.8 |
|
|
|
|
|
Long Term Debt
Reduction |
-0.1 |
-0.1 |
|
Long Term Debt, Net |
-0.1 |
-0.1 |
|
Issuance (Retirement) of Debt, Net |
-0.1 |
-0.1 |
|
Cash from Financing Activities |
-0.1 |
-0.1 |
|
|
|
|
|
Net Change in Cash |
34.1 |
-7.9 |
|
|
|
|
|
Net Cash - Beginning Balance |
159.0 |
168.2 |
|
Net Cash - Ending Balance |
193.1 |
160.3 |
Annual Income Statement
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
69.60265 |
69.026932 |
|
Auditor |
Ahmad &
Akhtar |
Ahmad &
Akhtar |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Interest Income |
79.8 |
72.1 |
|
Total Revenue |
79.8 |
72.1 |
|
|
|
|
|
Interest Paid on Deposit and Borrowing, |
49.8 |
46.9 |
|
Loan loss provisions |
0.0 |
0.0 |
|
Total Operating Expense |
49.8 |
46.9 |
|
|
|
|
|
Income from Investments |
25.3 |
22.6 |
|
Commission, Exchange and Brokerage |
13.3 |
10.4 |
|
Other Operating Income |
0.2 |
0.0 |
|
Salary and Allowances |
-23.4 |
-20.1 |
|
Managing Director's Remuneraon |
0.0 |
0.0 |
|
Directors' Fee |
0.0 |
0.0 |
|
Rent, Tax, Insurance, Electricity |
-2.1 |
-1.9 |
|
Legal Expense |
0.0 |
0.0 |
|
Postage, Stamps and Telephone |
-0.2 |
-0.1 |
|
Audit Fee |
0.0 |
0.0 |
|
Printing, Stationery, Advertisement |
-0.5 |
-0.5 |
|
Depreciation on and Repair to Property |
-1.0 |
-0.8 |
|
Other Expenditure |
-6.5 |
-4.3 |
|
Provisions for off Balance sheet items |
0.0 |
0.0 |
|
Provisions for other assets |
0.0 |
-0.4 |
|
Provision for other provisions |
-14.7 |
-5.8 |
|
Total Non-Interest Revenue |
38.8 |
33.0 |
|
|
|
|
|
Total Non-Interest Expense |
-48.3 |
-34.1 |
|
|
|
|
|
Net Income Before Taxes |
20.5 |
24.2 |
|
|
|
|
|
Provision for Income Taxes |
11.9 |
0.0 |
|
Net Income After Taxes |
8.6 |
24.2 |
|
|
|
|
|
Net Income Before Extra. Items |
8.6 |
24.2 |
|
Net Income |
8.6 |
24.2 |
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
8.6 |
24.2 |
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
8.6 |
24.2 |
|
|
|
|
|
Basic Weighted Average Shares |
15.0 |
15.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.57 |
1.61 |
|
Basic EPS Including ExtraOrdinary Items |
0.57 |
1.61 |
|
Diluted Net Income |
8.6 |
24.2 |
|
Diluted Weighted Average Shares |
15.0 |
15.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.57 |
1.61 |
|
Diluted EPS Including ExtraOrd Items |
0.57 |
1.61 |
|
DPS-Common Stock |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
20.5 |
24.2 |
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
11.9 |
0.0 |
|
Normalized Income After Taxes |
8.6 |
24.2 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
8.6 |
24.2 |
|
|
|
|
|
Basic Normalized EPS |
0.57 |
1.61 |
|
Diluted Normalized EPS |
0.57 |
1.61 |
|
Depreciation, Supplemental |
1.0 |
0.8 |
Annual Balance Sheet
As Reported
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate |
70.475 |
69.26 |
|
Auditor |
Ahmad &
Akhtar |
Ahmad &
Akhtar |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash In Hand (Including Foreign Currency |
20.7 |
19.8 |
|
Cash With Bangladesh Bank and its agent |
86.3 |
56.5 |
|
Balance with Other Banks In Bangladesh |
33.7 |
26.8 |
|
Balance with Other Banks Outside Bangl |
4.5 |
3.1 |
|
Money at call |
45.4 |
53.4 |
|
Investments Government |
205.0 |
196.9 |
|
Investments Others |
18.0 |
9.7 |
|
Loans, Cash Credit, Overdras, etc. |
866.7 |
723.0 |
|
Bills Purchased and Discounted |
70.5 |
32.7 |
|
Primises & Fixed assets |
135.1 |
33.7 |
|
Other Assets |
279.8 |
112.0 |
|
Total Assets |
1,765.7 |
1,267.6 |
|
|
|
|
|
Current & other contengency accounts |
202.6 |
155.4 |
|
Bills Payable |
18.4 |
13.3 |
|
Saving deposits |
471.7 |
425.2 |
|
Fixed deposits |
600.3 |
471.6 |
|
Other Liabilities |
268.0 |
277.7 |
|
Borrowing from other Banks, Financial In |
3.8 |
4.9 |
|
Total Long Term Debt |
3.8 |
4.9 |
|
|
|
|
|
Total Liabilities |
1,564.9 |
1,348.2 |
|
|
|
|
|
Paid up Capital |
17.7 |
18.0 |
|
Share money deposit |
1.1 |
1.1 |
|
Gain on sale of assets of Karachi branch |
4.8 |
4.8 |
|
Statutory Reserve |
21.8 |
18.1 |
|
Other reserves |
151.0 |
51.9 |
|
Balance of P/L account |
4.5 |
-174.5 |
|
Total Equity |
200.8 |
-80.6 |
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,765.7 |
1,267.6 |
|
|
|
|
|
S/O-Common Stock |
15.0 |
15.0 |
|
Total Common Shares Outstanding |
15.0 |
15.0 |
|
Total Capital % |
9.47% |
-8.68% |
|
Tier 1 Capital % |
3.31% |
-10.96% |
|
Total Risk-Weighted Capital |
1,580.7 |
817.7 |
Annual Cash Flows
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
69.60265 |
69.026932 |
|
Auditor |
Ahmad &
Akhtar |
Ahmad &
Akhtar |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash Receipts |
10.3 |
10.2 |
|
Cash Payments |
-26.1 |
-22.4 |
|
Cash Interest Paid |
-44.7 |
-46.9 |
|
Interest Received |
96.6 |
89.1 |
|
Received from written off loan |
4.0 |
5.1 |
|
Received From Other Operating activities |
0.2 |
0.0 |
|
Paid to other operating activities |
-6.5 |
-4.4 |
|
Purchase or sale of trading security |
0.0 |
-37.7 |
|
Loans & advances to customers |
-221.6 |
-48.0 |
|
Increase/decrease of other assets |
1.3 |
-13.0 |
|
Increase/decrease of deposits |
0.9 |
0.9 |
|
Customer deposits |
241.0 |
37.8 |
|
Other liabilities |
-4.5 |
-3.3 |
|
Cash from Operating Activities |
50.7 |
-32.6 |
|
|
|
|
|
Proceeds from security sold |
0.7 |
47.9 |
|
Payment for security purchased |
-14.9 |
-22.2 |
|
Adjusted money for fixed assets |
0.0 |
0.0 |
|
Capital Expenditure |
-2.3 |
-0.9 |
|
Cash from Investing Activities |
-16.5 |
24.8 |
|
|
|
|
|
Paid to loans & debt securities |
-0.1 |
-0.1 |
|
Cash from Financing Activities |
-0.1 |
-0.1 |
|
|
|
|
|
Net Change in Cash |
34.1 |
-7.9 |
|
|
|
|
|
Net Cash - Beginning Balance |
159.0 |
168.2 |
|
Net Cash - Ending Balance |
193.1 |
160.3 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.16 |
|
UK Pound |
1 |
Rs.81.72 |
|
Euro |
1 |
Rs.68.34 |
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.