MIRA
INFORM REPORT
|
Report Date : |
17.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
MERCANTILE BANK LTD |
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Registered Office : |
61, Dilkusha Commercial Area Dhaka, 1000 |
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Country : |
Bangladesh |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
20.05.1999 |
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Legal Form : |
Public Independent |
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Line of Business : |
Subject is engaged in providing commercial banking
activities. |
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No. of Employees : |
1,668 |
RATING & COMMENTS
|
MIRAs 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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Bangladesh |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
BANGLADESH - ECONOMIC OVERVIEW
In real terms Bangladesh''s economy has grown 5.8% 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 name and address
MERCANTILE
BANK LTD
|
61, Dilkusha Commercial Area Dhaka, 1000 Bangladesh
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Business Description
Mercantile Bank Limited is engaged in providing commercial
banking activities. The Bank provides a range of financial services to its
customers and corporate clients. Products and services include NRB Banking,
Remittance Services, Brokerage House, Small and Medium Enterprise (SME)
services and cards. Services also include accepting deposits, making loans,
discounting bills, conducting money transfer and foreign exchange transactions
and performing other services, such as safe keeping, collections, issuing
guarantees, acceptances and letter of credit to its customers through its branches
in Bangladesh. The Bank has launched several deposit and advanced products.
Deposit products include Monthly Saving Scheme, Family Maintenance Deposit
Scheme, Double Benefit Deposit Scheme, Quarterly Benefit Savings Scheme,
Advanced Benefit Deposit Scheme, and 1.5 Times Benefit Deposit Scheme and
Consumer Credit Scheme. For the fiscal year ended 31 December 2011, Mercantile
Bank Ltd interest income increased 43% to BDT9.76B. Net interest income after
loan loss provision decreased 13% to BDT1.42B. Net income increased 23% to
BDT1.76B. Net interest income after loan loss provision reflects decrease in
interest earning assets and increase in interest bearing liabilities. Net
income reflects Other Operating income increase of 31% to BDT1.3B (income).
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
|
Name |
Title |
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Chief Executive Officer, Managing Director, Director |
|
|
Monindra Kumar Nath |
Chief Financial Officer, Deputy Managing Director |
|
S. Q. Bazlur Rashid |
Company Secretary |
|
Md. Abdul Jalil Chowdhury |
Deputy Managing Director |
|
Vice Chairman of the Board |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
2 |
15-May-2013 |
* number of significant developments within
the last 12 months
News
|
|
|
Title |
Date |
|
Tattoo Manufacturing Named SBA
Pacific Region Small Business Exporter of the Year |
7-Jun-2013 |
|
Pacific Mercantile Bank's Ex-Im
Department Client Garners U.S. Department of Commerce's Prestigious |
6-Jun-2013 |
|
Pacific Mercantile Bank's Ex-Im
Department Client Garners U.S. Department of Commerce's Prestigious
Export . |
6-Jun-2013 |
|
PACIFIC MERCANTILE BANCORP: Pacific
Mercantile Bank's Ex-Im Department Client Garners U.S. Department of
Commerce's Prestigious Export Achievement Award for Year 2013 |
6-Jun-2013 |
|
Pacific Mercantile Bank's Ex-Im
Department Client Garners U.S. Department of Commerce's Prestigious Export |
6-Jun-2013 |
|
Pacific Mercantile Bank's Ex-Im
Department Client Garners U.S. Department of Commerce's Prestigious Export Achievement
Award for Year 2013 |
6-Jun-2013 |
Stock Snapshot
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Traded: Dhaka Stock Exchange: MERCANBANK |
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As of 22-May-2013 Financials in: BDT |
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1 - Profit & Loss Item Exchange Rate: USD 1 = BDT 81.86564
2 - Balance Sheet Item Exchange Rate:
USD 1 = BDT 81.2
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ANZSIC 2006 Codes: |
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6221 |
- |
Banking |
|
6229 |
- |
Other Depository Financial Intermediation |
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6411 |
- |
Financial Asset Broking Services |
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NACE 2002 Codes: |
||
|
6512 |
- |
Other monetary intermediation |
|
6712 |
- |
Security broking and fund management |
|
6713 |
- |
Activities auxiliary to financial intermediation not
elsewhere classified |
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NAICS 2002 Codes: |
||
|
52211 |
- |
Commercial Banking |
|
522320 |
- |
Financial Transactions Processing, Reserve, and
Clearinghouse Activities |
|
523110 |
- |
Investment Banking and Securities Dealing |
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US SIC 1987: |
||
|
6029 |
- |
Commercial Banks, Not Elsewhere Classified |
|
6099 |
- |
Functions Related to Depository Banking, Not Elsewhere
Classified |
|
6211 |
- |
Security Brokers, Dealers, and Flotation Companies |
|
UK SIC 2003: |
||
|
65121 |
- |
Banks |
|
6712 |
- |
Security broking and fund management |
|
6713 |
- |
Activities auxiliary to financial intermediation not
elsewhere classified |
|
UK SIC 2007: |
||
|
64191 |
- |
Banks |
|
6619 |
- |
Other activities auxiliary to financial services, except
insurance and pension funding |
|
6612 |
- |
Security and commodity contracts brokerage |
Mercantile Bank Limited is engaged in providing commercial
banking activities. The Bank provides a range of financial services to its
customers and corporate clients. Products and services include NRB Banking,
Remittance Services, Brokerage House, Small and Medium Enterprise (SME)
services and cards. Services also include accepting deposits, making loans,
discounting bills, conducting money transfer and foreign exchange transactions
and performing other services, such as safe keeping, collections, issuing
guarantees, acceptances and letter of credit to its customers through its
branches in Bangladesh. The Bank has launched several deposit and advanced products.
Deposit products include Monthly Saving Scheme, Family Maintenance Deposit
Scheme, Double Benefit Deposit Scheme, Quarterly Benefit Savings Scheme,
Advanced Benefit Deposit Scheme, and 1.5 Times Benefit Deposit Scheme and
Consumer Credit Scheme. For the fiscal year ended 31 December 2011, Mercantile
Bank Ltd interest income increased 43% to BDT9.76B. Net interest income after
loan loss provision decreased 13% to BDT1.42B. Net income increased 23% to
BDT1.76B. Net interest income after loan loss provision reflects decrease in
interest earning assets and increase in interest bearing liabilities. Net
income reflects Other Operating income increase of 31% to BDT1.3B (income).
More Business Descriptions
Commerical banking services
Commercial Banking Services
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Auditor: |
Ahmed Zaker & Co |
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Auditor: |
Ahmed Zaker & Co, KM Hasan & Co, Ahmed Zaker &
Co |
Executives Report
Board of Directors
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Deputy Managing Director |
Chairman |
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Vice Chairman of the Board |
Vice-Chairman |
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Vice Chairman of the Board |
Vice-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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Board Member |
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 |
Reuters |
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Board Member |
Director/Board Member |
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Director |
Director/Board Member |
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Chief Executive Officer, Managing Director, 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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Board Member |
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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Board Member |
Director/Board Member |
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Executives
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Chief Executive Officer, Managing Director, Director |
Chief Executive Officer |
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Deputy Managing Director |
Managing Director |
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Deputy Managing Director |
Managing Director |
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Deputy Managing Director |
Managing Director |
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Deputy Managing Director |
Managing Director |
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Deputy Managing Director |
Managing Director |
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Chief Financial Officer, Deputy Managing Director |
Managing Director |
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Company Secretary |
Company Secretary |
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Mercantile Bank Ltd Proposes Bonus Share May 15, 2013
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Mercantile Bank Ltd Recommends Cash Dividend Mar 14, 2013
|
News
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
|
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate (Period
Average) |
81.86564 |
74.041708 |
69.60265 |
69.026932 |
|
Auditor |
|
Ahmed Zaker & Co |
Ahmed Zaker & Co |
Ahmed Zaker & Co |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
Interest & Fees on Loans |
- |
131.8 |
98.2 |
87.9 |
|
Interest Income, Bank |
- |
131.8 |
98.2 |
87.9 |
|
Interest on Deposit |
- |
108.4 |
74.4 |
68.9 |
|
Total Interest Expense |
- |
108.4 |
74.4 |
68.9 |
|
Net Interest Income |
- |
23.5 |
23.9 |
19.0 |
|
|
|
|
|
|
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Loan Loss Provision |
- |
4.3 |
0.3 |
2.3 |
|
Net Interest Income after Loan Loss Provision |
- |
19.2 |
23.6 |
16.7 |
|
|
|
|
|
|
|
Commissions & Fees from
Securities Activities |
- |
42.2 |
30.5 |
25.4 |
|
Other Revenue |
- |
17.6 |
14.3 |
6.2 |
|
Non-Interest Income, Bank |
- |
59.8 |
44.7 |
31.6 |
|
Labor & Related Expenses |
- |
-17.8 |
-13.5 |
-11.9 |
|
Depreciation Expense |
- |
-2.2 |
-1.7 |
-1.4 |
|
Other Expense |
- |
-18.0 |
-18.1 |
-10.9 |
|
Non-Interest Expense, Bank |
- |
-38.1 |
-33.3 |
-24.2 |
|
Income Before Tax |
- |
41.0 |
35.0 |
24.1 |
|
|
|
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|
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Total Income Tax |
- |
17.3 |
14.5 |
12.4 |
|
Income After Tax |
- |
23.7 |
20.5 |
11.7 |
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|
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Net Income Before Extraord Items |
- |
23.7 |
20.5 |
11.7 |
|
Net Income |
- |
23.7 |
20.5 |
11.7 |
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Income Available to Common Excl Extraord Items |
- |
23.7 |
20.5 |
11.7 |
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Income Available to Common Incl Extraord Items |
- |
23.7 |
20.5 |
11.7 |
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|
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Basic/Primary Weighted Average Shares |
- |
66.0 |
46.1 |
35.0 |
|
Basic EPS Excl Extraord Items |
- |
0.36 |
0.44 |
0.33 |
|
Basic/Primary EPS Incl Extraord Items |
- |
0.36 |
0.44 |
0.33 |
|
Diluted Net Income |
- |
23.7 |
20.5 |
11.7 |
|
Diluted Weighted Average Shares |
- |
66.0 |
46.1 |
35.0 |
|
Diluted EPS Excl Extraord Items |
- |
0.36 |
0.44 |
0.33 |
|
Diluted EPS Incl Extraord Items |
- |
0.36 |
0.44 |
0.33 |
|
Dividends per Share - Common Stock Primary Issue |
- |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
- |
0.0 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
- |
1.8 |
1.4 |
1.2 |
|
Normalized Income Before Tax |
- |
41.0 |
35.0 |
24.1 |
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Inc Tax Ex Impact of Sp Items |
- |
17.3 |
14.5 |
12.4 |
|
Normalized Income After Tax |
- |
23.7 |
20.5 |
11.7 |
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Normalized Inc. Avail to Com. |
- |
23.7 |
20.5 |
11.7 |
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Basic Normalized EPS |
- |
0.36 |
0.44 |
0.33 |
|
Diluted Normalized EPS |
- |
0.36 |
0.44 |
0.33 |
|
Bank Total Revenue |
- |
83.3 |
68.6 |
50.6 |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate |
81.199997 |
81.83 |
70.475 |
69.26 |
|
Auditor |
|
Ahmed Zaker & Co |
Ahmed Zaker & Co |
Ahmed Zaker & Co |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
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|
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Cash & Due from Banks |
- |
93.0 |
82.1 |
83.4 |
|
Other Short Term Investments |
- |
18.7 |
19.5 |
7.1 |
|
Securities
Held |
- |
285.3 |
135.7 |
132.5 |
|
Total Investment Securities |
- |
285.3 |
135.7 |
132.5 |
|
Other Earning Assets, Total |
- |
304.0 |
155.2 |
139.5 |
|
Net Loans |
- |
898.6 |
863.7 |
643.6 |
|
Property/Plant/Equipment - Net |
- |
33.6 |
23.4 |
14.9 |
|
Other Assets |
- |
96.3 |
112.1 |
73.9 |
|
Other Assets, Total |
- |
96.3 |
112.1 |
73.9 |
|
Total Assets |
- |
1,425.6 |
1,236.5 |
955.3 |
|
|
|
|
|
|
|
Non-Interest Bearing Deposits |
- |
156.7 |
185.9 |
107.2 |
|
Interest Bearing Deposits |
- |
992.7 |
860.4 |
694.9 |
|
Total Deposits |
- |
1,149.4 |
1,046.3 |
802.1 |
|
Long Term Debt |
- |
73.0 |
12.3 |
26.6 |
|
Total Long Term Debt |
- |
73.0 |
12.3 |
26.6 |
|
Total Debt |
- |
73.0 |
12.3 |
26.6 |
|
|
|
|
|
|
|
Minority Interest |
- |
0.6 |
0.0 |
- |
|
Other Liabilities |
- |
84.2 |
75.9 |
64.6 |
|
Other Liabilities, Total |
- |
84.2 |
75.9 |
64.6 |
|
Total Liabilities |
- |
1,307.3 |
1,134.5 |
893.3 |
|
|
|
|
|
|
|
Common Stock |
- |
60.7 |
57.8 |
31.2 |
|
Common Stock |
- |
60.7 |
57.8 |
31.2 |
|
Retained Earnings (Accumulated Deficit) |
- |
57.6 |
44.2 |
30.9 |
|
Total Equity |
- |
118.3 |
102.0 |
62.0 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
- |
1,425.6 |
1,236.5 |
955.3 |
|
|
|
|
|
|
|
Shares Outstanding - Common Stock
Primary Issue |
- |
660.0 |
54.1 |
28.7 |
|
Total Common Shares Outstanding |
- |
660.0 |
54.1 |
28.7 |
|
Total Risk-Weighted Capital |
- |
1.2 |
1.4 |
1.0 |
|
Tier 1 Capital % |
- |
8.82% |
7.46% |
6.38% |
|
Total Capital % |
- |
10.60% |
9.13% |
7.53% |
Annual
Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate (Period
Average) |
81.86564 |
74.041708 |
69.60265 |
69.026932 |
|
Auditor |
|
Ahmed Zaker & Co |
Ahmed Zaker & Co |
Ahmed Zaker & Co |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
Cash Receipts |
- |
10.0 |
9.0 |
7.1 |
|
Cash Payments |
- |
-19.3 |
-15.1 |
-12.9 |
|
Cash Taxes Paid |
- |
-10.0 |
-13.7 |
-10.0 |
|
Cash Interest Paid |
- |
-81.3 |
-47.2 |
-60.2 |
|
Other Assets |
- |
0.2 |
-9.7 |
-5.4 |
|
Other Liabilities |
- |
180.7 |
146.6 |
110.5 |
|
Other Operating Cash Flow |
- |
121.9 |
97.4 |
100.5 |
|
Loans, Gains/Losses |
- |
-180.3 |
-153.6 |
-67.7 |
|
Changes in Working Capital |
- |
122.5 |
80.7 |
137.8 |
|
Cash from Operating Activities |
- |
21.8 |
13.8 |
61.9 |
|
|
|
|
|
|
|
Purchase of Fixed Assets |
- |
-7.4 |
-10.3 |
-3.9 |
|
Capital Expenditures |
- |
-7.4 |
-10.3 |
-3.9 |
|
Purchase of Investments |
- |
9.0 |
0.0 |
-40.3 |
|
Other Investing Cash Flow |
- |
1.2 |
-24.1 |
-2.0 |
|
Other Investing Cash Flow Items, Total |
- |
10.3 |
-24.1 |
-42.4 |
|
Cash from Investing Activities |
- |
2.8 |
-34.3 |
-46.3 |
|
|
|
|
|
|
|
Sale/Issuance
of Common |
- |
0.0 |
20.7 |
0.0 |
|
Common Stock, Net |
- |
0.0 |
20.7 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
- |
0.0 |
20.7 |
0.0 |
|
Cash from Financing Activities |
- |
0.0 |
20.7 |
0.0 |
|
|
|
|
|
|
|
Net Change in Cash |
- |
24.7 |
0.1 |
15.6 |
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
- |
78.1 |
83.0 |
68.1 |
|
Net Cash - Ending Balance |
- |
102.8 |
83.1 |
83.7 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items
(actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
|
Exchange Rate (Period
Average) |
74.041708 |
69.60265 |
69.026932 |
|
Auditor |
Ahmed Zaker & Co |
Ahmed Zaker & Co |
Ahmed Zaker & Co |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
Interest income |
131.8 |
98.2 |
87.9 |
|
Total Revenue |
131.8 |
98.2 |
87.9 |
|
|
|
|
|
|
Interest/Profit paid on Deposits
& borro |
108.4 |
74.4 |
68.9 |
|
Provision for loan |
4.3 |
0.3 |
2.3 |
|
Total Operating Expense |
112.6 |
74.7 |
71.2 |
|
|
|
|
|
|
Income from investment |
22.6 |
13.2 |
10.1 |
|
Commission/Fees, Exchange earnings
& bro |
19.7 |
17.3 |
15.4 |
|
Other Operating income |
17.6 |
14.3 |
6.2 |
|
Salary & Allowance |
-17.6 |
-13.4 |
-11.7 |
|
Rent, taxes, insurance, lighting
etc |
-3.9 |
-3.3 |
-2.7 |
|
Legal expenses |
-0.1 |
-0.2 |
-0.1 |
|
Postage, stamp, telecommunication
etc |
-0.8 |
-0.7 |
-0.4 |
|
Stationery, printing,
advertisement etc |
-1.7 |
-1.7 |
-1.2 |
|
Chief Executives salary &
allowances |
-0.1 |
-0.1 |
-0.1 |
|
Directors Fee |
-0.1 |
-0.1 |
-0.1 |
|
Audit fees |
0.0 |
0.0 |
0.0 |
|
Depreciation & repair of fixed
assets |
-2.2 |
-1.7 |
-1.4 |
|
Other expenses |
-9.1 |
-6.5 |
-5.3 |
|
Provision against un classified
loans |
-1.9 |
-3.3 |
-1.2 |
|
Other provisions |
-0.5 |
-2.3 |
-0.1 |
|
Total Non-Interest Revenue |
59.8 |
44.7 |
31.6 |
|
|
|
|
|
|
Total Non-Interest Expense |
-38.1 |
-33.3 |
-24.2 |
|
|
|
|
|
|
Net Income Before Taxes |
41.0 |
35.0 |
24.1 |
|
|
|
|
|
|
Provision for Income Taxes |
17.3 |
14.5 |
12.4 |
|
Net Income After Taxes |
23.7 |
20.5 |
11.7 |
|
|
|
|
|
|
Net Income Before Extra. Items |
23.7 |
20.5 |
11.7 |
|
Net Income |
23.7 |
20.5 |
11.7 |
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
23.7 |
20.5 |
11.7 |
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
23.7 |
20.5 |
11.7 |
|
|
|
|
|
|
Basic Weighted Average Shares |
66.0 |
46.1 |
35.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.36 |
0.44 |
0.33 |
|
Basic EPS Including ExtraOrdinary Items |
0.36 |
0.44 |
0.33 |
|
Diluted Net Income |
23.7 |
20.5 |
11.7 |
|
Diluted Weighted Average Shares |
66.0 |
46.1 |
35.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.36 |
0.44 |
0.33 |
|
Diluted EPS Including ExtraOrd Items |
0.36 |
0.44 |
0.33 |
|
DPS-Ordinary Share |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
41.0 |
35.0 |
24.1 |
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
17.3 |
14.5 |
12.4 |
|
Normalized Income After Taxes |
23.7 |
20.5 |
11.7 |
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
23.7 |
20.5 |
11.7 |
|
|
|
|
|
|
Basic Normalized EPS |
0.36 |
0.44 |
0.33 |
|
Diluted Normalized EPS |
0.36 |
0.44 |
0.33 |
|
Depreciation, Supplemental |
1.8 |
1.4 |
1.2 |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
|
Exchange Rate |
81.83 |
70.475 |
69.26 |
|
Auditor |
Ahmed Zaker & Co |
Ahmed Zaker & Co |
Ahmed Zaker & Co |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
Cash In Hand (Including Foreign
Currency |
10.0 |
10.3 |
7.2 |
|
Cash With Bangladesh Bank and its
agent |
75.0 |
58.9 |
62.0 |
|
Balance with Other Banks In
Bangladesh |
6.3 |
4.8 |
10.6 |
|
Balance with Other Banks Outside
Bangl |
1.8 |
8.1 |
3.7 |
|
Investments Government |
285.3 |
135.7 |
132.5 |
|
Investments Others |
18.7 |
19.5 |
7.1 |
|
Loans, Cash Credit, Overdras,
etc. |
898.6 |
863.7 |
643.6 |
|
Bills Purchased and Discounted |
75.7 |
78.2 |
53.7 |
|
Fixed assets |
33.6 |
23.4 |
14.9 |
|
Other Assets |
20.6 |
33.9 |
20.2 |
|
Total Assets |
1,425.6 |
1,236.5 |
955.3 |
|
|
|
|
|
|
Current & other accounts |
156.7 |
185.9 |
107.2 |
|
Bills Payable |
13.5 |
13.1 |
11.4 |
|
Saving deposits |
72.5 |
74.3 |
63.4 |
|
Fixed deposits |
475.1 |
367.0 |
277.4 |
|
Deposits under schemes |
431.6 |
406.0 |
342.6 |
|
Other Liabilities |
84.2 |
75.9 |
64.6 |
|
Borrowing from other Banks,
Financial In |
73.0 |
12.3 |
26.6 |
|
Total Long Term Debt |
73.0 |
12.3 |
26.6 |
|
|
|
|
|
|
Minority Interest |
0.6 |
0.0 |
- |
|
Total Liabilities |
1,307.3 |
1,134.5 |
893.3 |
|
|
|
|
|
|
Paid up Capital |
60.7 |
57.8 |
31.2 |
|
Statutory Reserve |
32.3 |
29.0 |
22.5 |
|
Other reserves |
10.6 |
1.9 |
1.5 |
|
Surplus in P & L A/c |
14.6 |
13.3 |
6.9 |
|
Total Equity |
118.3 |
102.0 |
62.0 |
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,425.6 |
1,236.5 |
955.3 |
|
|
|
|
|
|
S/O-Ordinary Share |
660.0 |
54.1 |
28.7 |
|
Total Common Shares Outstanding |
660.0 |
54.1 |
28.7 |
|
Total Capital % |
10.60% |
9.13% |
7.53% |
|
Tier 1 Capital % |
8.82% |
7.46% |
6.38% |
|
Total Risk-Weighted Capital |
1,233.7 |
1,350.2 |
958.2 |
Annual
Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
|
Exchange Rate (Period
Average) |
74.041708 |
69.60265 |
69.026932 |
|
Auditor |
Ahmed Zaker & Co |
Ahmed Zaker & Co |
Ahmed Zaker & Co |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
Cash Receipts |
10.0 |
9.0 |
7.1 |
|
Cash Payments |
-19.3 |
-15.1 |
-12.9 |
|
Interest/Profit receipts |
100.2 |
85.0 |
94.7 |
|
Interest paid |
-81.3 |
-47.2 |
-60.2 |
|
Income tax paid |
-10.0 |
-13.7 |
-10.0 |
|
Exchagne gain |
9.4 |
8.2 |
8.3 |
|
Other operating income |
26.9 |
15.4 |
6.2 |
|
Rent, taxes, insurance, lighting
etc |
-3.9 |
-3.3 |
-2.6 |
|
Legal expenses |
-0.1 |
-0.2 |
-0.1 |
|
Postage, stamp, telecommunication
etc |
-0.8 |
-0.7 |
-0.4 |
|
Auditors fees |
0.0 |
0.0 |
0.0 |
|
Repair & maintenance |
-0.4 |
-0.3 |
-0.2 |
|
Chief Executives salary &
allowances |
-0.1 |
-0.1 |
-0.1 |
|
Directors Fee |
-0.1 |
-0.1 |
-0.1 |
|
Other expenses |
-9.1 |
-6.5 |
-5.3 |
|
Trading Securities (Treasury Bills
& Bon |
-183.5 |
-2.5 |
- |
|
Loans & advances to customers |
-180.3 |
-153.6 |
-67.7 |
|
Other assets |
- |
- |
-5.4 |
|
Suspense Account (Note 9.1) |
0.1 |
-0.3 |
- |
|
Demand Draft paid without Advice |
0.0 |
0.1 |
- |
|
Advance Rent |
-1.0 |
-0.4 |
- |
|
Advance Deposits |
0.0 |
0.0 |
- |
|
Stock of Stationery |
0.0 |
-0.2 |
- |
|
Stamps in Hand |
0.0 |
0.0 |
- |
|
Premium on Bond |
0.0 |
0.0 |
- |
|
Clearing Adjustment Account |
-0.2 |
-1.5 |
- |
|
On Line Client Adjustment Account |
0.1 |
0.0 |
- |
|
Adjusting Account Debit (Note 9.2) |
1.2 |
-7.3 |
- |
|
Deposits from other bank |
69.1 |
-14.1 |
-7.0 |
|
Deposits from customer |
274.4 |
168.2 |
141.7 |
|
Other liabilities |
20.8 |
-5.1 |
-24.1 |
|
Cash from Operating Activities |
21.8 |
13.8 |
61.9 |
|
|
|
|
|
|
Dividend received |
0.2 |
0.1 |
0.1 |
|
Capital Expenditure |
-7.4 |
-10.3 |
-3.9 |
|
Purchase or slae of shares |
1.0 |
-24.2 |
-2.1 |
|
Other investment activities |
9.0 |
0.0 |
-40.3 |
|
Cash from Investing Activities |
2.8 |
-34.3 |
-46.3 |
|
|
|
|
|
|
Received by issue of right share |
0.0 |
20.7 |
0.0 |
|
Cash from Financing Activities |
0.0 |
20.7 |
0.0 |
|
|
|
|
|
|
Net Change in Cash |
24.7 |
0.1 |
15.6 |
|
|
|
|
|
|
Net Cash - Beginning Balance |
78.1 |
83.0 |
68.1 |
|
Net Cash - Ending Balance |
102.8 |
83.1 |
83.7 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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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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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.82 |
|
UK Pound |
1 |
Rs.96.57 |
|
Euro |
1 |
Rs.82.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 SCs 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.