MIRA INFORM REPORT

 

 

Report Date :

14.06.2012

 

IDENTIFICATION DETAILS

 

Name :

SONALI BANK LTD

 

 

Registered Office :

35-42, 44 Motijheel C/A, Dhaka, 1000

 

 

Country :

Bangladesh

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1972

 

 

Legal Form :

Private Independent Company

 

 

Line of Business :

Subject is a Bangladesh-based commercial bank

 

 

No. of Employees :

21,839

 

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 :

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Bangladesh

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address 

 

Sonali Bank Ltd

35-42, 44 Motijheel C/A

Dhaka, 1000

Bangladesh

Tel:       880-95-5042631

Fax:      880-2-9561410

Web:    www.sonalibank.com.bd

           

 

Synthesis

 

Employees:                  21,839

Company Type:            Private Independent

Incorporation Date:         1972

Auditor:                        Syful Shamsul Alam & Co         

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2010

Reporting Currency:       Bangladesh Taka

Annual Sales:               570.7  1

Net Income:                  39.3

Total Assets:                 9,212.7  2

 

 

Business Description     

 

Sonali Bank Limited is a Bangladesh-based commercial bank. The Bank provides a range of services, which includes personal banking, Hajj Savings, rural credit, micro credit, international banking and industrial financing. It offers an array of investment bonds, such as Wage Earner's Development Bond, US Dollar Investment Bond, US Dollar Premium Bond and Govt. Treasury Bill and Bond. It has various types of deposit schemes includes Sonali deposit scheme, education deposit scheme, Medicare deposit scheme, rural deposit scheme, monthly earning scheme and marriage savings scheme. Its credit schemes include consumers credit, special small credit scheme, loan for diagnostic center and information technology (IT) finance. For the fiscal year ended 31 December 2010, Sonali Bank Ltd's interest income increased 29% to BDT22.8M. Net interest income after LLP decreased 62% to BDT708K. Net income decreased 22% to BDT2.7M. Net interest income reflects an increase in interest income, offset by increased interest paid on deposits, borrowings etc. Net income was partially offset by reflects increased Commission, exchange and brokerage.

 

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:    6029 - Commercial Banks, Not Elsewhere Classified

 

           

Key Executives   

 

Name

Title

Md. Humayun Kabir

Managing Director, Chief Executive Officer, Director

Zaheed Hossain

Company Secretary, General Manager

Md. Mainul Haque

Deputy Managing Director

Abdul Kabir Dewan

General Manager-International

Quazi Baharul Islam

Chairman of the Board

 

 

News

 

Title

Date

Kolkata trader held for pay order fraud
Times of India (288 Words)

17-May-2012

Business leaders worried
New Nation (Bangladesh) (576 Words)

23-Apr-2012

Business hit hard by hartal
Financial Express (India) (730 Words)

23-Apr-2012

SCBs to keep net credit growth within 15pc
Financial Express (India) (499 Words)

23-Apr-2012

Bangladesh remittance inflow hits snag sparking gloomy signals
New Nation (Bangladesh) (920 Words)

22-Apr-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

35-42, 44 Motijheel C/A

Dhaka, 1000

Bangladesh

Tel:       880-95-5042631

Fax:      880-2-9561410

Web:    www.sonalibank.com.bd

           

Sales BDT(mil):             39,720.1

Assets BDT(mil):           649,267.9

Employees:                   21,839

Fiscal Year End:            31-Dec-2010

Industry:                        Commercial Banks

Incorporation Date:         1972

Company Type:             Private Independent

Quoted Status:              Not Quoted

Managing Director,

Chief Executive Officer,

Director:                        Md. Humayun Kabir

 

Contents

Industry Codes

Business Description

Financial Data

Subsidiaries

Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

6221     -          Banking

 

NACE 2002 Codes:

6512     -          Other monetary intermediation

 

NAICS 2002 Codes:

52211   -          Commercial Banking

 

US SIC 1987:

6029     -          Commercial Banks, Not Elsewhere Classified

 

UK SIC 2003:

65121   -          Banks

 

Business Description

Sonali Bank Limited is a Bangladesh-based commercial bank. The Bank provides a range of services, which includes personal banking, Hajj Savings, rural credit, micro credit, international banking and industrial financing. It offers an array of investment bonds, such as Wage Earner's Development Bond, US Dollar Investment Bond, US Dollar Premium Bond and Govt. Treasury Bill and Bond. It has various types of deposit schemes includes Sonali deposit scheme, education deposit scheme, Medicare deposit scheme, rural deposit scheme, monthly earning scheme and marriage savings scheme. Its credit schemes include consumers credit, special small credit scheme, loan for diagnostic center and information technology (IT) finance. For the fiscal year ended 31 December 2010, Sonali Bank Ltd's interest income increased 29% to BDT22.8M. Net interest income after LLP decreased 62% to BDT708K. Net income decreased 22% to BDT2.7M. Net interest income reflects an increase in interest income, offset by increased interest paid on deposits, borrowings etc. Net income was partially offset by reflects increased Commission, exchange and brokerage.

 

More Business Descriptions

Provision of commercial banking services

 

Sonali Bank Limited (Sonali Bank) is one of the largest and leading commercial bank in Bangladesh. The bank provides a wide range of banking products and services, including personal banking, international banking, SME banking trade financing, industrial banking, rural banking, investment banking, Government banking, and utility services. Its core business comprised of corporate banking, project finance, SME finance, loan syndication, international trade, consumer credit, trade finance, loan syndication, rural and micro credit, foreign exchange dealing, NGO-linkage loan, investment, government treasury function, money market operation, capital market operation and remittance. It operates through a network of 1193 covering rural and urban areas of bangladesh. Under personal banking, the Bank offers personal banking facilities and services through a network of 1191 branches. It provides savings account, fixed deposit receipt (FDR) account and financing for the trade, commerce and industry. The bank through its international banking division provides a range of export credit, which includes guarantees in foreign currency; LCs (Letters of Credit); pre-shipment and post shipment; discounting, facilitating supplier's credit and bill purchasing. In addition, it also offers a various services, which includes NFCD account (Non-Resident Foreign Currency Deposit); NRAT (Non-Resident Account in Taka); remittance, collection, purchases and sales of foreign currency and traveler’s cheques; non-convertible Taka account; correspondent banking relations, RFCD account (Resident Foreign Currency Deposit); convertible and forward contracts. Sonali Bank offers industrial financing facilities to its customers in the trade and commerce industry. It offers industrial financing for thrust sectors through special investment scheme for cottage and small industries; Sonali Bank industrial credit scheme; financing software development and data processing and financing large scale industries through banks' consortium. The Bank provides rural credit facilities. It offers various credit programs such as crop loan (special agricultural credit program), special investment program, farming and off farming program, Krishi Khamar Rin Karmasuchi program, pond fisheries credit program, fertilizer dealers Credit program, sugarcane production loan program, and Social afforestation Program. Sonali Bank’s various deposit and credit schemes includes Sonali deposit scheme, education deposit scheme, medicare deposit scheme, monthly earning scheme, marriage savings scheme, rural deposit scheme, consumer’s credit, special small credit scheme, IT finance and loan for diagnostic center. The Bank offers foreign remittance services through its subsidiaries Sonali Exchange Co. Inc. (SECI) in the US and Sonali Bank (UK) Ltd., in the UK. In addition, the Bank provides ancillary services such as collection and payment of bills, taxes etc; social services; sale and encashment/purchase of bonds, forms and certificates; and other miscellaneous services to its customers.

 

Sonali Bank Limited (Sonali Bank) is a commercial bank based in Bangladesh. It offers corporate banking services, project finance, SME finance, consumer credit and foreign exchange dealing. It also offers rural credit facilities, micro credit facilities, and various deposit and credit schemes. In addition, the Bank also provides foreign remittance services through its three wholly owned subsidiaries namely, Sonali Bank UK Limited, Sonali Investment Limited and Sonali Exchange Company Incorporated (SECI). It has operations in Bangladesh, the US and the UK. The bank offers its products and services through a diversified network of 1193 branches. Sonali Bank is headquartered in Dhaka, Bangladesh.

 

Commercial Banking

 

 

Financial Data

Financials in:

BDT(mil)

 

Revenue:

39,720.1

Net Income:

2,737.6

Assets:

649,267.9

Long Term Debt:

26.4

 

Total Liabilities:

603,494.1

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

22.0%

NA

NA

 

Subsidiaries

Company

Percentage Owned

Country

Sonali Exchange Co Inc

100%

USA

 

 

 

Key Corporate Relationships

Auditor:

Syful Shamsul Alam & Co

 

Auditor:

S F Ahmed & Co, Syful Shamsul Alam & Co, Syful Shamsul Alam & Co

 

 

 

 

 

 

 

 

 

Competitors Report

 

Company Name

Location

Employees

Ownership

Bangladesh Bank

Dhaka, Bangladesh

7,336

Private

Grameen Bank

Dhaka, Bangladesh

13,038

Private

Islami Bank Bangladesh Limited

Dhaka, Bangladesh

9,622

Public

Nepal Bangladesh Bank Limited

Kathmandu, Nepal

365

Public

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Mohammad Asafuddowlah

 

Chairman

Chairman

 

Quazi Baharul Islam

 

Chairman of the Board

Chairman

 

Biography

Mr. Quazi Baharul Islam is Chairman of the Board of Sonali Bank Limited. He is a veteran banker. His banking career spreads across four decades. He has served as Managing Director and CEO in as many as five banks both of the private and public sector including ICB beside his tenure as General Manager Sonali Bank UK operation. He has served as director in several banks including the DFIS, BSB and BSRS. He also served as member of the bank reform committee. He was a consultant of the World Bank during his long banking career and served as member or convener of the committees' setup in different times by the Government and Bangladesh Bank to study and resolve the deficiencies in banking operation and practice. In 1983 he represented Bangladesh at a conference in Lublijanska, Yugoslavia organized by International Bank intended to explore the possibilities of setting up a third world development bank and was elected Vice-chairman of the conference. He achieved Masters Degree in Political Science in the year 1962 from Dhaka University and imparted advance training on banking and development finance in America, West Germany and England. He studied capital market operation under a UNDP scholarship at Tokyo Stock Exchange and Nomura securities.

 


Education:

Dhaka University, M (Political Science)

 

Jannat Ara Henry

 

Director

Director/Board Member

 

 

Sattayendra Chandra Bhakta

 

Director

Director/Board Member

 

 

Kashem Humayun

 

Director

Director/Board Member

 

 

Kazi Faqurul Islam

 

Director

Director/Board Member

 

 

Jannat Ara Henry Jannat Ara Henry

 

Director

Director/Board Member

 

 

Md. Humayun Kabir

 

Managing Director, Chief Executive Officer, Director

Director/Board Member

 

 

Biography

Mr. Md. Humayun Kabir is Managing Director, Chief Executive Officer, Director of Sonali Bank Limited. He has About 31 years of experience in banking with progressively increasing responsibilities. He has Worked in Bangladesh and in the USA, hence well acquainted with International Standards of Banking. He hsa Academic preparation in Economics and trained in various aspects of modern banking.

 


Age: 58

 


Education:

University of Dhaka, MA (Economics)
University of Dhaka, BA (Economics)

 

Shaimum Sarwar Kamal

 

Director

Director/Board Member

 

 

M. Lutfur Rahman Khan

 

Director

Director/Board Member

 

 

Nasreen Khundker

 

Director

Director/Board Member

 

 

Md. Shahid Ulla Mia

 

Director

Director/Board Member

 

 

A.S.M Nayeem

 

Director

Director/Board Member

 

 

Md Shafiqar Rahman Patwari

 

Director

Director/Board Member

 

 

K.M. Zaman Romel

 

Director

Director/Board Member

 

 

Suvas Singho Roy

 

Director

Director/Board Member

 

 

Md. Anwar Shahid

 

Director

Director/Board Member

 

 

 

Source

Reuters 

Md. Humayun Kabir

 

Managing Director, Chief Executive Officer, Director

Chief Executive Officer

 

Biography

Mr. Md. Humayun Kabir is Managing Director, Chief Executive Officer, Director of Sonali Bank Limited. He has About 31 years of experience in banking with progressively increasing responsibilities. He has Worked in Bangladesh and in the USA, hence well acquainted with International Standards of Banking. He hsa Academic preparation in Economics and trained in various aspects of modern banking.

 


Age: 58

 


Education:

University of Dhaka, MA (Economics)
University of Dhaka, BA (Economics)

 

Md. Sawkat Ali

 

General Manager

Division Head Executive

 

 

Omar Faruk Bhuiyan

 

General Manager

Division Head Executive

 

 

Md. Nurul Islam Chowdhury

 

General Manager

Division Head Executive

 

 

Abdul Kabir Dewan

 

General Manager-International

Division Head Executive

 

 

Md. Mahbubul Haque

 

General Manager

Division Head Executive

 

 

Zaheed Hossain

 

Company Secretary, General Manager

Division Head Executive

 

 

Md. Sahid Hossain

 

General Manager

Division Head Executive

 

 

Hasan Iqbal

 

General Manager

Division Head Executive

 

 

Md. Ali Hossain Khan

 

General Manager

Division Head Executive

 

 

Naosher Ali Khondoker

 

General Manager

Division Head Executive

 

 

Dider Md. Abdur Rob

 

General Manager

Division Head Executive

 

 

Khondoker Md. Iqbal

 

General Manager

Division Head Executive

 

 

Md. Abu Musa

 

General Manager

Division Head Executive

 

 

Nani Gopal Nath

 

General Manager

Division Head Executive

 

 

Md. Ataur Rahman Prodhan

 

General Manager

Division Head Executive

 

 

Md. Mustafizur Rahman

 

General Manager

Division Head Executive

 

 

A.N.M. Masrurul Huda Siraji

 

General Manager

Division Head Executive

 

 

Mesbah Ul Haq

 

General Manager

Division Head Executive

 

 

Md. Mainul Haque

 

Deputy Managing Director

Other

 

 

Biography

Mr. Md. Mainul Haque is Deputy Managing Director of Sonali Bank Limited. He joined Sonali Bank Limited as Deputy Managing Director on 10th March,2011. Prior to his joining, he was the Deputy Managing Director of Bangladesh Krishi Bank. He also served as General Manager of state owned Rupali Bank Limited. He started his career in World Bank project in 1980 and joined in 1981 as Senior officer in Bangladesh Shilpa Bank. After that, he served for Roads and Highway department under the Ministry of communication, Government of Bangladesh after completion of Bangladesh Civil Service Examination. After than he started his banking career in Rupali Bank Limited as Principal Officer in 1984. During his 26 years banking career he has worked in Industrial Credit Division, General Credit Division, International Division, Central Accounts Division, Audit Division, Engineering Division, Development Division and different zonal office in Dhaka and Chittagong in Rupali Bank Ltd and also has worked in Personal Division, Human Resource Division, Establishment Division, IT/ Computer Division, Training Institute, Engineering Division, Accounts Division in Bangladesh Krishi Bank. He was also the President of Rupali Bank Krira Parishad and President of Rupali Bank Cricket Club. As muktijodha he was also the chief adviser of Rupali Bank Muktijuddha Sangsad. He completed his BSc. Engineering from Bangladesh University of Engineering and Technology (BUET) in 1980 and later got MBA degree. He attended many Training/ Seminar/ Workshops in different countries including USA, UK, Canada, Malaysia, Thailand, Dubai, Singapore and India.

 


Education:

Bangladesh University of Engineering and Technology, BS (Engineering)

 

Md. Atiqur Rahman

 

Deputy Managing Director

Other

 

 

Biography

Mr. Md. Atiqur Rahman is Deputy Managing Director of Sonali Bank Limited. He joined Sonali Bank Limited as Deputy Managing Director on 23 November, 2010. Prior to his joining, he was the General Manager of said bank. He started his career as Senior Officer (on probation) in 1977. During his 33 banking career Md. Atiqur Rahman has worked in General Manager’s Office Sylhet, Khulna, Chittagong & Barisal. He also worked as Deputy General Manager in Foreign Exchange Department of Local Office, Dhaka and was posted to International Trade Finance Division, Foreign Remittance Management Division, Marketing & Development Division, Micro Credit & SME Deptt. of Head Office and different branches of Sonali Bank Limited. Md. Atiqur Rahman obtained his master degree with honours in geography from the university of Jhangirnagar in 1974 held in 1976. He attended many Training/Seminar/Workshops in different countries including India, Nepal, Bangkok, Hongkong, China & Mayanmar.

 

 

 

Significant Developments

 

 

There were no significant developments matching your query for KeyID 42435848

 

 

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 
31-Dec-2010

Updated Normal 
31-Dec-2010

Filed Currency

BDT

BDT

Exchange Rate (Period Average)

69.60265

69.026932

Auditor

Syful Shamsul Alam & Co

Syful Shamsul Alam & Co

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

 

 

 

    Other Interest Income

328.2

256.2

Interest Income, Bank

328.2

256.2

    Interest on Deposit

274.9

228.9

Total Interest Expense

274.9

228.9

Net Interest Income

53.3

27.3

 

 

 

Loan Loss Provision

43.1

0.0

Net Interest Income after Loan Loss Provision

10.2

27.3

 

 

 

    Commissions & Fees from Securities Activities

137.2

99.8

    Investment Securities Gains

84.7

111.5

    Other Revenue

20.6

4.1

Non-Interest Income, Bank

242.5

215.4

    Labor & Related Expenses

-134.3

-106.8

    Depreciation Expense

-4.8

-2.9

    Amortization of Intangibles

-41.1

-72.4

    Other Expense

-49.2

-28.1

Non-Interest Expense, Bank

-229.4

-210.2

Income Before Tax

23.3

32.5

 

 

 

Total Income Tax

-16.1

-18.0

Income After Tax

39.3

50.6

 

 

 

Net Income Before Extraord Items

39.3

50.6

Net Income

39.3

50.6

 

 

 

Income Available to Common Excl Extraord Items

39.3

50.6

 

 

 

Income Available to Common Incl Extraord Items

39.3

50.6

 

 

 

Diluted Net Income

39.3

50.6

Depreciation, Supplemental

4.8

2.9

Normalized Income Before Tax

23.3

32.5

 

 

 

Inc Tax Ex Impact of Sp Items

-16.1

-18.0

Normalized Income After Tax

39.3

50.6

 

 

 

Normalized Inc. Avail to Com.

39.3

50.6

 

 

 

Amort of Intangibles, Supplemental

41.1

72.4

Bank Total Revenue

570.7

471.6

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2010

Filed Currency

BDT

BDT

Exchange Rate

70.475

69.26

Auditor

Syful Shamsul Alam & Co

Syful Shamsul Alam & Co

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

 

 

 

Cash & Due from Banks

1,040.5

563.5

    Fed Funds Sold/Securities Purch Under Resale Agrmnt

78.7

44.5

    Other Short Term Investments

1,585.6

1,638.5

Other Earning Assets, Total

1,664.3

1,682.9

Net Loans

3,642.7

3,331.1

Property/Plant/Equipment - Net

150.3

145.1

    Interest Receivable

416.9

336.6

    Other Assets

2,298.0

1,894.3

Other Assets, Total

2,714.9

2,230.9

Total Assets

9,212.7

7,953.5

 

 

 

Accounts Payable

122.6

102.1

    Interest Bearing Deposits

4,974.0

4,294.5

    Other Deposits

1,687.8

1,467.6

Total Deposits

6,661.8

5,762.0

    Long Term Debt

0.4

0.9

Total Long Term Debt

0.4

0.9

Total Debt

0.4

0.9

 

 

 

    Other Liabilities

1,778.4

1,550.4

Other Liabilities, Total

1,778.4

1,550.4

Total Liabilities

8,563.2

7,415.5

 

 

 

Additional Paid-In Capital

127.7

129.9

Retained Earnings (Accumulated Deficit)

521.8

408.1

Total Equity

649.5

538.0

 

 

 

Total Liabilities & Shareholders’ Equity

9,212.7

7,953.5

 

 

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

Period Length

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2010

Filed Currency

BDT

BDT

Exchange Rate (Period Average)

69.60265

69.026932

Auditor

Syful Shamsul Alam & Co

Syful Shamsul Alam & Co

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Cash Receipts

421.9

385.8

Cash Payments

-274.9

-228.9

Cash Taxes Paid

-

0.0

    Other Assets

633.8

594.2

    Other Liabilities

257.9

54.9

    Other Operating Cash Flow

-66.2

-102.3

    Loans, Gains/Losses

-460.8

-331.1

Changes in Working Capital

364.6

215.7

Cash from Operating Activities

511.7

372.5

    Purchase of Fixed Assets

-7.9

-1.8

Capital Expenditures

-7.9

-1.8

    Principal Payments from Securities

-128.6

-60.0

Other Investing Cash Flow Items, Total

-128.6

-60.0

Cash from Investing Activities

-136.5

-61.8

    Other Financing Cash Flow

-0.5

-7.0

Financing Cash Flow Items

-0.5

-7.0

Cash from Financing Activities

-0.5

-7.0

Net Change in Cash

374.7

303.7

Net Cash - Beginning Balance

870.2

573.8

Net Cash - Ending Balance

1,244.9

877.5

 

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 
31-Dec-2010

Updated Normal 
31-Dec-2010

Filed Currency

BDT

BDT

Exchange Rate (Period Average)

69.60265

69.026932

Auditor

Syful Shamsul Alam & Co

Syful Shamsul Alam & Co

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

 

 

 

    Interest Income

328.2

256.2

Total Revenue

328.2

256.2

 

 

 

    Interest Paid on Deposit and Borrowing,

274.9

228.9

    Provision against Loans & Advances

43.1

0.0

Total Operating Expense

318.0

228.9

 

 

 

    Provision against Investment in Quoted S

0.0

-0.2

    Income from Investments

84.7

111.7

    Commission, Exchange and Brokerage

137.2

99.8

    Other Operating Income

20.6

4.1

    Salary and Allowances

-134.3

-106.8

    Other Provision

-14.4

-0.1

    Rent, Tax, Insurance, Electricity

-7.2

-5.9

    Legal Expense

-0.4

-0.6

    Postage, Stamps and Telephone

-1.2

-1.0

    Printing, Stationery, Advertisement

-2.2

-2.0

    Chief Executive's salary and fees

-0.1

-0.1

    Directors' Fee

0.0

0.0

    Audit Fee

0.0

0.0

    Depreciation on and Repair to Bank's Pro

-4.8

-2.9

    Other Expenditure

-23.6

-17.6

    Amortization of Intangible Assets

-41.1

-72.4

    Adjustment

-0.1

-0.7

Total Non-Interest Revenue

242.5

215.4

 

 

 

Total Non-Interest Expense

-229.4

-210.2

 

 

 

Net Income Before Taxes

23.3

32.5

 

 

 

Provision for Income Taxes

-16.1

-18.0

Net Income After Taxes

39.3

50.6

 

 

 

Net Income Before Extra. Items

39.3

50.6

Net Income

39.3

50.6

 

 

 

Income Available to Com Excl ExtraOrd

39.3

50.6

 

 

 

Income Available to Com Incl ExtraOrd

39.3

50.6

 

 

 

Diluted Net Income

39.3

50.6

Normalized Income Before Taxes

23.3

32.5

 

 

 

Inc Tax Ex Impact of Sp Items

-16.1

-18.0

Normalized Income After Taxes

39.3

50.6

 

 

 

Normalized Inc. Avail to Com.

39.3

50.6

 

 

 

Depreciation, Supplemental

4.8

2.9

Amort of Intangibles, Supplemental

41.1

72.4

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2010

Filed Currency

BDT

BDT

Exchange Rate

70.475

69.26

Auditor

Syful Shamsul Alam & Co

Syful Shamsul Alam & Co

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

 

 

 

    In Hand (Including Foreign Currency)

72.9

55.0

    With Bangladesh Bank and its agent Bank

398.6

355.2

    Balnce with In Bangladesh

405.2

53.4

    Balance Outside Bangladesh

163.8

99.9

    Money at Call on Short Notice

78.7

44.5

    Investments in Government

1,374.1

1,581.0

    Investments Others

211.5

57.5

    Loans, Cash Credit, Overdrafts, etc.

3,642.7

3,331.1

    Bills Purchased and Discounted

416.9

336.6

    Fixed Asset including Premises,Furniture

150.3

145.1

    Other Asset

2,298.0

1,894.3

Total Assets

9,212.7

7,953.5

 

 

 

    Current Deposit & Other Accounts

1,687.8

1,467.6

    Bills Payable

122.6

102.1

    Savings Deposit

2,180.7

1,881.8

    Fixed Deposit

2,793.3

2,412.7

    Borrowing from other Banks, Financial

0.4

0.9

Total Long Term Debt

0.4

0.9

 

 

 

    Other Liabilities

1,778.4

1,550.4

Total Liabilities

8,563.2

7,415.5

 

 

 

    Paid up Capital

127.7

129.9

    Statutory Reserve

56.1

51.5

    Retained Earnings

186.9

156.2

    Other Reserve

278.8

200.3

Total Equity

649.5

538.0

 

 

 

Total Liabilities & Shareholders' Equity

9,212.7

7,953.5

 

 

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

Period Length

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2010

Filed Currency

BDT

BDT

Exchange Rate (Period Average)

69.60265

69.026932

Auditor

Syful Shamsul Alam & Co

Syful Shamsul Alam & Co

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

 

 

 

    Cash Receipts

421.9

385.8

    Cash Payments

-274.9

-228.9

    Cash Taxes Paid

-

0.0

    Dividends receipts

0.5

1.4

    Fee and commission receipts in cash

99.8

70.6

    Cash payments to employees

130.1

-107.0

    Cash payments to Suppliers

-2.9

-2.7

    Receipts from other operating activities

44.5

35.2

    Payments for other operating activities

-78.1

-99.7

    Adjustment

-260.2

0.0

    Loans & advances to customers

-460.8

-331.1

    Other assets (item-wise)

-400.4

-10.8

    Deposits from other banks

63.7

-14.8

    Deposits from customers

970.5

619.9

    Other liabilities (item-wise)

257.9

54.9

Cash from Operating Activities

511.7

372.5

 

 

 

    Payments for purchase of securities

-128.6

-60.0

    Capirtal Expenditure

-7.9

-1.8

Cash from Investing Activities

-136.5

-61.8

 

 

 

    Payments for redemption of loan capital

-0.5

-7.0

Cash from Financing Activities

-0.5

-7.0

 

 

 

Net Change in Cash

374.7

303.7

 

 

 

Cash at Begining

870.2

573.8

Cash at Ending

1,244.9

877.5

 

 

Financial Health

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

Key Indicators USD (mil)

 

Quarter
Ending

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2010

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

-

-

570.7

22.01%

-

-

Income Available to Common Excl Extraord Items1

-

-

39.3

-21.56%

-

-

Capital Expenditures2

-

-

7.9

332.79%

-

-

Cash from Operating Activities2

-

-

511.7

38.49%

-

-

Free Cash Flow

-

-

497.6

37.03%

-

-

Total Assets3

-

-

9,212.7

17.86%

-

-

Total Liabilities3

-

-

8,563.2

17.50%

-

-

Total Long Term Debt3

-

-

0.4

-56.12%

-

-

1-ExchangeRate: BDT to USD Average for Period

 

 

69.602650

 

 

 

2-ExchangeRate: BDT to USD Average for Period

 

 

69.602650

 

 

 

3-ExchangeRate: BDT to USD Period End Date

 

 

70.475000

 

 

 

Banking Industry Specific USD (mil)

 

31-Dec-2010

31-Dec-2009

 

 

 

 

Interest Income, Bank1

328.2

256.2

 

 

 

 

Total Interest Expense1

274.9

228.9

 

 

 

 

Loan Loss Provision1

43.1

0.0

 

 

 

 

Cash & Due from Banks3

1,040.5

563.5

 

 

 

 

Total Deposits3

6,661.8

5,762.0

 

 

 

 

1-ExchangeRate: BDT to USD Average for Period

69.602650

69.026932

 

 

 

 

3-ExchangeRate: BDT to USD Period End Date

70.475000

69.260000

 

 

 

 

Key Ratios

 

31-Dec-2010

31-Dec-2009

Profitability

Pretax Margin

7.09%

12.69%

Net Profit Margin

11.99%

19.74%

Financial Strength

Long Term Debt/Equity

0.00

0.00

Total Debt/Equity

0.00

0.00

Management Effectiveness

Return on Assets

0.46%

-

Return on Equity

6.59%

-

Efficiency

Receivables Turnover

0.16

-

Asset Turnover

0.07

-

 

 

 

Annual Ratios

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

Financial Strength

Long Term Debt/Equity

0.00

0.00

Total Debt/Equity

0.00

0.00

Long Term Debt/Total Capital

0.00

0.00

Total Debt/Total Capital

0.00

0.00

Effective Tax Rate

-68.95%

-55.52%

Total Capital1

649.9

538.9

 

 

 

Efficiency

Asset Turnover

0.07

-

Receivables Turnover

0.16

-

Days Receivables Outstanding

2,239.57

-

 

 

 

Profitability

Pretax Margin

7.09%

12.69%

Net Profit Margin

11.99%

19.74%

 

 

 

Management Effectiveness

Return on Assets

0.46%

-

Return on Equity

6.59%

-

1-ExchangeRate: BDT to USD Period End Date

70.475

69.26

 

 

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 
31-Dec-2010

Updated Normal 
31-Dec-2010

Filed Currency

BDT

BDT

Exchange Rate (Period Average)

69.60265

69.026932

Auditor

Syful Shamsul Alam & Co

Syful Shamsul Alam & Co

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

 

 

 

    Other Interest Income

328.2

256.2

Interest Income, Bank

328.2

256.2

    Interest on Deposit

274.9

228.9

Total Interest Expense

274.9

228.9

Net Interest Income

53.3

27.3

 

 

 

Loan Loss Provision

43.1

0.0

Net Interest Income after Loan Loss Provision

10.2

27.3

 

 

 

    Commissions & Fees from Securities Activities

137.2

99.8

    Investment Securities Gains

84.7

111.5

    Other Revenue

20.6

4.1

Non-Interest Income, Bank

242.5

215.4

    Labor & Related Expenses

-134.3

-106.8

    Depreciation Expense

-4.8

-2.9

    Amortization of Intangibles

-41.1

-72.4

    Other Expense

-49.2

-28.1

Non-Interest Expense, Bank

-229.4

-210.2

Income Before Tax

23.3

32.5

 

 

 

Total Income Tax

-16.1

-18.0

Income After Tax

39.3

50.6

Net Income Before Extraord Items

39.3

50.6

Net Income

39.3

50.6

Income Available to Common Excl Extraord Items

39.3

50.6

Income Available to Common Incl Extraord Items

39.3

50.6

Diluted Net Income

39.3

50.6

Depreciation, Supplemental

4.8

2.9

Normalized Income Before Tax

23.3

32.5

Inc Tax Ex Impact of Sp Items

-16.1

-18.0

Normalized Income After Tax

39.3

50.6

Normalized Inc. Avail to Com.

39.3

50.6

Amort of Intangibles, Supplemental

41.1

72.4

Bank Total Revenue

570.7

471.6

 

 

 

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 
31-Dec-2010

Updated Normal 
31-Dec-2010

Filed Currency

BDT

BDT

Exchange Rate

70.475

69.26

Auditor

Syful Shamsul Alam & Co

Syful Shamsul Alam & Co

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

 

 

 

Cash & Due from Banks

1,040.5

563.5

    Fed Funds Sold/Securities Purch Under Resale Agrmnt

78.7

44.5

    Other Short Term Investments

1,585.6

1,638.5

Other Earning Assets, Total

1,664.3

1,682.9

Net Loans

3,642.7

3,331.1

Property/Plant/Equipment - Net

150.3

145.1

    Interest Receivable

416.9

336.6

    Other Assets

2,298.0

1,894.3

Other Assets, Total

2,714.9

2,230.9

Total Assets

9,212.7

7,953.5

 

 

 

Accounts Payable

122.6

102.1

    Interest Bearing Deposits

4,974.0

4,294.5

    Other Deposits

1,687.8

1,467.6

Total Deposits

6,661.8

5,762.0

    Long Term Debt

0.4

0.9

Total Long Term Debt

0.4

0.9

Total Debt

0.4

0.9

    Other Liabilities

1,778.4

1,550.4

Other Liabilities, Total

1,778.4

1,550.4

Total Liabilities

8,563.2

7,415.5

 

 

 

Additional Paid-In Capital

127.7

129.9

Retained Earnings (Accumulated Deficit)

521.8

408.1

Total Equity

649.5

538.0

 

 

 

Total Liabilities & Shareholders’ Equity

9,212.7

7,953.5

 

 

Annual Cash Flows

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 
31-Dec-2010

Updated Normal 
31-Dec-2010

Filed Currency

BDT

BDT

Exchange Rate (Period Average)

69.60265

69.026932

Auditor

Syful Shamsul Alam & Co

Syful Shamsul Alam & Co

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

 

 

 

Cash Receipts

421.9

385.8

Cash Payments

-274.9

-228.9

Cash Taxes Paid

-

0.0

    Other Assets

633.8

594.2

    Other Liabilities

257.9

54.9

    Other Operating Cash Flow

-66.2

-102.3

    Loans, Gains/Losses

-460.8

-331.1

Changes in Working Capital

364.6

215.7

Cash from Operating Activities

511.7

372.5

 

 

 

    Purchase of Fixed Assets

-7.9

-1.8

Capital Expenditures

-7.9

-1.8

    Principal Payments from Securities

-128.6

-60.0

Other Investing Cash Flow Items, Total

-128.6

-60.0

Cash from Investing Activities

-136.5

-61.8

 

 

 

    Other Financing Cash Flow

-0.5

-7.0

Financing Cash Flow Items

-0.5

-7.0

Cash from Financing Activities

-0.5

-7.0

 

 

 

Net Change in Cash

374.7

303.7

 

 

 

Net Cash - Beginning Balance

870.2

573.8

Net Cash - Ending Balance

1,244.9

877.5

 

 

 

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 
31-Dec-2010

Updated Normal 
31-Dec-2010

Filed Currency

BDT

BDT

Exchange Rate (Period Average)

69.60265

69.026932

Auditor

Syful Shamsul Alam & Co

Syful Shamsul Alam & Co

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

 

 

 

    Interest Income

328.2

256.2

Total Revenue

328.2

256.2

 

 

 

    Interest Paid on Deposit and Borrowing,

274.9

228.9

    Provision against Loans & Advances

43.1

0.0

Total Operating Expense

318.0

228.9

 

 

 

    Provision against Investment in Quoted S

0.0

-0.2

    Income from Investments

84.7

111.7

    Commission, Exchange and Brokerage

137.2

99.8

    Other Operating Income

20.6

4.1

    Salary and Allowances

-134.3

-106.8

    Other Provision

-14.4

-0.1

    Rent, Tax, Insurance, Electricity

-7.2

-5.9

    Legal Expense

-0.4

-0.6

    Postage, Stamps and Telephone

-1.2

-1.0

    Printing, Stationery, Advertisement

-2.2

-2.0

    Chief Executive's salary and fees

-0.1

-0.1

    Directors' Fee

0.0

0.0

    Audit Fee

0.0

0.0

    Depreciation on and Repair to Bank's Pro

-4.8

-2.9

    Other Expenditure

-23.6

-17.6

    Amortization of Intangible Assets

-41.1

-72.4

    Adjustment

-0.1

-0.7

Total Non-Interest Revenue

242.5

215.4

 

 

 

Total Non-Interest Expense

-229.4

-210.2

 

 

 

Net Income Before Taxes

23.3

32.5

 

 

 

Provision for Income Taxes

-16.1

-18.0

Net Income After Taxes

39.3

50.6

 

 

 

Net Income Before Extra. Items

39.3

50.6

Net Income

39.3

50.6

 

 

 

Income Available to Com Excl ExtraOrd

39.3

50.6

 

 

 

Income Available to Com Incl ExtraOrd

39.3

50.6

 

 

 

Diluted Net Income

39.3

50.6

Normalized Income Before Taxes

23.3

32.5

 

 

 

Inc Tax Ex Impact of Sp Items

-16.1

-18.0

Normalized Income After Taxes

39.3

50.6

 

 

 

Normalized Inc. Avail to Com.

39.3

50.6

 

 

 

Depreciation, Supplemental

4.8

2.9

Amort of Intangibles, Supplemental

41.1

72.4

 

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 
31-Dec-2010

Updated Normal 
31-Dec-2010

Filed Currency

BDT

BDT

Exchange Rate

70.475

69.26

Auditor

Syful Shamsul Alam & Co

Syful Shamsul Alam & Co

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

 

 

 

    In Hand (Including Foreign Currency)

72.9

55.0

    With Bangladesh Bank and its agent Bank

398.6

355.2

    Balnce with In Bangladesh

405.2

53.4

    Balance Outside Bangladesh

163.8

99.9

    Money at Call on Short Notice

78.7

44.5

    Investments in Government

1,374.1

1,581.0

    Investments Others

211.5

57.5

    Loans, Cash Credit, Overdrafts, etc.

3,642.7

3,331.1

    Bills Purchased and Discounted

416.9

336.6

    Fixed Asset including Premises,Furniture

150.3

145.1

    Other Asset

2,298.0

1,894.3

Total Assets

9,212.7

7,953.5

 

 

 

    Current Deposit & Other Accounts

1,687.8

1,467.6

    Bills Payable

122.6

102.1

    Savings Deposit

2,180.7

1,881.8

    Fixed Deposit

2,793.3

2,412.7

    Borrowing from other Banks, Financial

0.4

0.9

Total Long Term Debt

0.4

0.9

 

 

 

    Other Liabilities

1,778.4

1,550.4

Total Liabilities

8,563.2

7,415.5

 

 

 

    Paid up Capital

127.7

129.9

    Statutory Reserve

56.1

51.5

    Retained Earnings

186.9

156.2

    Other Reserve

278.8

200.3

Total Equity

649.5

538.0

 

 

 

Total Liabilities & Shareholders' Equity

9,212.7

7,953.5

 

 

 

 

 

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 
31-Dec-2010

Updated Normal 
31-Dec-2010

Filed Currency

BDT

BDT

Exchange Rate (Period Average)

69.60265

69.026932

Auditor

Syful Shamsul Alam & Co

Syful Shamsul Alam & Co

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

 

 

 

    Cash Receipts

421.9

385.8

    Cash Payments

-274.9

-228.9

    Cash Taxes Paid

-

0.0

    Dividends receipts

0.5

1.4

    Fee and commission receipts in cash

99.8

70.6

    Cash payments to employees

130.1

-107.0

    Cash payments to Suppliers

-2.9

-2.7

    Receipts from other operating activities

44.5

35.2

    Payments for other operating activities

-78.1

-99.7

    Adjustment

-260.2

0.0

    Loans & advances to customers

-460.8

-331.1

    Other assets (item-wise)

-400.4

-10.8

    Deposits from other banks

63.7

-14.8

    Deposits from customers

970.5

619.9

    Other liabilities (item-wise)

257.9

54.9

Cash from Operating Activities

511.7

372.5

 

 

 

    Payments for purchase of securities

-128.6

-60.0

    Capirtal Expenditure

-7.9

-1.8

Cash from Investing Activities

-136.5

-61.8

 

 

 

    Payments for redemption of loan capital

-0.5

-7.0

Cash from Financing Activities

-0.5

-7.0

 

 

 

Net Change in Cash

374.7

303.7

 

 

 

Cash at Begining

870.2

573.8

Cash at Ending

1,244.9

877.5

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.85

UK Pound

1

Rs.86.88

Euro

1

Rs.69.88

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

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.