MIRA INFORM REPORT

 

 

Report Date :

22.09.2012

 

 

IDENTIFICATION DETAILS

 

Name :

BASIC BANK LIMITED

 

 

 

 

Registered Office :

Concord Grand (1st floor), 169/1, Shantinagar Road, Dhaka-1217

 

 

 

 

Country :

Bangladesh

 

 

 

 

Financials (as on) :

31.12.2011

 

 

 

 

Date of Incorporation :

02.08.1988  

 

 

 

 

Com. Reg. No.:

C-17725

 

 

 

 

Legal Form :

Public Limited

 

 

 

 

Line of Business :

General Banking

 

 

 

 

No. of Employees :

15,000 Approximately

 

 

 

RATING & COMMENTS

 

 

MIRA’s Rating :

A

 

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Status :

Good

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES :

 

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – 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

 

 

BANGLADESH - ECONOMIC OVERVIEW

 

The economy has grown 5-6% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, and slow implementation of economic reforms. Bangladesh remains a poor, overpopulated, and inefficiently-governed nation. Although more than half of GDP is generated through the service sector, 45% of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Bangladesh's growth was resilient during the 2008-09 global financial crisis and recession. Garment exports, totaling $12.3 billion in FY09 and remittances from overseas Bangladeshis, totaling $11 billion in FY10, accounted for almost 12% of GDP.

Source : CIA

COMPANY DETAILS

 

Name

Basic Bank Limited

Address

Concord Grand (1st floor), 169/1, Shantinagar Road, Dhaka-1217

Country

Bangladesh

Telephone No

880-2- 9337441, 8314057, 9348056, 9347547

Fax No

880-2- 9332674

E-Mail

shantinagar@basicbanklimited.com

Website

www.basicbanklimited.com

Established

August 1988

Company Registration No

C-17725

Registration date

2nd August 1988  

Legal Status

Public Limited

Issuing Authority

The Registrar of Joint Stock Companies & Firms, Dhaka

Stock Code

N/A

Business Type

General Banking 

Status

Satisfactory

Payment Behavior

No complaints have been heard regarding payments 

from local suppliers or banks.

 

 

LOCATIONS

 

Head Office

Sena Kalyan Bhaban (5th Floor), 195 Motijheel C/A, Dhaka-1000

Telephone No

880-2-9568190, 9564830, 7175691, 7175692, 9556616

Fax No

880-2- 9564829, 7115612, 7124911, 7125653

E-Mail

basicho@citechco.net

Website

www.basicbanklimited.com

Branch

54

Factory

N/A

S.W.I.F.T.:

BKSIBDDH

 

 

DIRECTORS

 

Name

Mr. Sheikh Abdul Hye Bacchu

Designation

Chairman

Nationality

Bangladeshi

 

 

Name

Mr. Kazi Faqurul Islam

Designation

Managing Director

Nationality

Bangladeshi

 

 

Name

Mr. Jahangir Akhand Salim

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Fakhrul Islam

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Shubhashish Bose

Designation

Director

Nationality

Bangladeshi

 

 

Name

Ms. Neelufar Ahmed

Designation

Director

Nationality

Bangladeshi

 

 

Name

Ms. Quamrun Naher Ahmed

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Shakhawat Hossain

Designation

Director

Nationality

Bangladeshi

 

 

Name

Prof. Dr. Kazi Akhtar Hussain

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Md. Anwarul Islam, FCMA

Designation

Director

Nationality

Bangladeshi

 

 

BUSINESS DETAILS

 

Line of Business

General Banking

Range of Services

4 Term loans to industries especially to small-scale enterprises.

4 Full-fledged commercial banking service including collection of

    deposit, short term trade finance, working capital finance in

    processing and manufacturing units and financing and

    facilitating international trade.

4 Technical support to Small Scale Industries (SSls) in order to   

    enable them to run their enterprises successfully.

4 Micro credit to the urban poor through linkage with Non-

    Government Organizations (NGOs) with a view to facilitating

    their access to the formal financial market for the mobilization   

    of resources.

 

 

FINANCIAL INFORMATION

 

Balance Sheet

As At 31 December 2011

 

Property and Assets

Taka

Cash

4,682.11

Balance with other banks and financial Institutions

2,026.74

Money at call and short notice

2,240.00

Investment

 

Government

9,304.51

Others

189.57

 

9,494.08

Loans and advances

 

Loans ,cash credit, overdrafts etc.

54,266.59

Bills discounted and Purchased

2,618.15

 

56,884.75

Fixed Assets

364.46

Other Assets

2,339.56

Grand Total

78,031.73

Capital and Liabilities

 

Liabilities

 

Borrowings from other banking companies, agents etc.

2,788.15

Bills Payable

591.86

Deposit and other Accounts

 

Current Accounts and contingency accounts etc.

3,398.04

Saving Bank deposits

1,496.28

Fixed deposits

57,164.53

 

62,650.73

Other Liabilities

7,111.08

Total Liabilities

72,549.97

Capital/ Shareholders' equity

    

Paid up Capital

2,357.58

Statutory Reserve

2,224.69

Other Reserves

286.30

Surplus in Profit and Loss Account

613.17

Total Shareholders' equity

5,481.76

Total capital and liabilities

78,031.73

 

Income Statement

For the Year Ended 31 December 2011

 

 

Taka

Interest Income

7099.00

Interest on deposit and borrowings

4911.66

Net interest income

2187.34

Commission, exchange and brokerage

785.34

Other operating income

189.23

Total operating income

3913.55

Salaries, Allowances etc

993.57

Depreciation and other non-cash expenses

79.68

Other operating expenses

270.01

Total operating expenses

1565.03

Profit before provision

2348.52

Provision for  loan & Advances

404.34

Profit before tax

1999.99

Provision for tax

1038.97

Net income

976.11

Earning per share (Taka)

41.40

 

 

CURRENCY EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

132.5740

U.S Dollar

1

81.7500

European Euro

1

106.6838

 

 

ADVERSE DATA MONITORING

 

Dishonored Checks

No Found

Debt

No Records Found

Litigation

No Records Found

Performance Defaults

No Records Found

Adverse Press Coverage

No Records Found

Money Laundering

No Records Found

 

 

GENERAL INFORMATION

 

Employees

15,000 (apx)

Office Area (Sq. Ft)

3,200 sq.ft (rented)

Factory Area (Sq. Ft)

N/A

Warehouse Area (Sq. Ft)

N/A

Certifications

N/A

Group Name

N/A 

Subsidiaries / Affiliates

N/A

Enlisted With

4 Dhaka Stock Exchange Limited, Dhaka

4 Chittagong Stock Exchange Limited, Chittagong

Member

4 Dhaka Chamber of Commerce & Industries, Dhaka

4 Bangladesh Association of Bankers, Dhaka

 

 

BUSINESS TREND & PROSPECT

 

Business Scale           

Large

Business Trend

Growing

Management Capability

Good

Reputation

Good

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.90

UK Pound

1

Rs.87.60

Euro

1

Rs.70.01

 

 

INFORMATION DETAILS

 

 

Report Prepared by :

PRL

 

 

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.