MIRA INFORM REPORT

Report Date :

17.08.2013

IDENTIFICATION DETAILS

Name :	NATIONAL CREDIT AND COMMERCE BANK LTD
Registered Office :	7-8, Motijheel C/A Dhaka, 1000
Country :	Bangladesh
Financials (as on) :	31.12.2011
Date of Incorporation :	1993
Legal Form :	Public Independent
Line of Business :	Subject is engaged in buying and selling of securities for its customers through Brokerage House
No. of Employees :	1,944

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, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

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

NATIONAL CREDIT AND COMMERCE BANK LTD

7-8, Motijheel C/A

Dhaka, 1000

Bangladesh

Tel:	880-29-561902
Fax:	880-29-566290
www.nccbank.com.bd

Employees:

1,944

Company Type:

Public Independent

Traded:

Dhaka Stock Exchange:

NCCBANK

Incorporation Date:

1993

Auditor:

Hoda Vasi Chowdhury & Co

Financials in:	USD (In Millions)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Bangladesh Taka
Annual Sales:	82.4 ^1
Net Income:	30.2
Total Assets:	1,267.1 ^2
Market Value:	150.7
	(16-May-2013)

Business Description

National Credit and Commerce Bank Limited (NCCBL) is engaged in buying and selling of securities for its customers through Brokerage House. The Bank undertakes investments of its fund in the share investment. The Bank carries out all these activities by using a membership share of Dhaka Stock Exchange Limited and Chittagong Stock Exchange Limited. The commercial banking business activities of the bank encompass a range of services, including accepting deposits, making loans, discounting bills, conducting money transfer, foreign exchange transactions and performing other related services, such as safekeeping collection, issuing guarantees, acceptances and letter of credits through its branches in Bangladesh. The Bank's products include deposits, loans and advances, cards and remittance products. The services include brokerage house, treasury service and remittance services. For the fiscal year ended 31 December 2011, National Credit and Commerce Bank Ltd interest income increased 41% to BDT9.81B. Net interest income after loan loss provision decreased 16% to BDT1.56B. Net income decreased 6% to BDT2.24B. Net interest income after loan loss provision reflects decrease in interest earning assets and increase in interest bearing liabilities.

Industry

Industry	Commercial Banks
ANZSIC 2006:	6221 - Banking
NACE 2002:	6512 - Other monetary intermediation
NAICS 2002:	52211 - Commercial Banking
UK SIC 2003:	65121 - Banks
UK SIC 2007:	64191 - Banks
US SIC 1987:	6029 - Commercial Banks, Not Elsewhere Classified

Key Executives

Name	Title
Mohammed Nurul Amin	CEO & Managing Director
Akhter Hamid Khan	Deputy Managing Director-Credit Risk Management
Mohabbat Khan	Deputy Managing Director & Head-Internal Control & Compliance
T. M. Faruque Chowdhury	Deputy Managing Director & Head-HR
Md. Matiur Rahman	Senior Executive VP & Head-Establishment

Significant Developments

Topic	#*	Most Recent Headline	Date
Dividends	2	National Credit And Commerce Bank Ltd Proposes Bonus Share	15-May-2013

* number of significant developments within the last 12 months

Stock Snapshot

Traded: Dhaka Stock Exchange: NCCBANK

As of 16-May-2013

   Financials in: BDT

Recent Price	13.70	EPS	3.42
52 Week High	21.91	Price/Sales	1.92
52 Week Low	12.20	Price/Book	0.77
Avg. Volume (mil)	0.33
Market Value (mil)	11,725.97

	Price % Change	Rel S&P 500%
4 Week	-1.50%
13 Week	-18.10%
52 Week	-33.90%
Year to Date	-17.20%

1 - Profit & Loss Item Exchange Rate: USD 1 = BDT 74.04171
2 - Balance Sheet Item Exchange Rate: USD 1 = BDT 81.83

Corporate Overview

Location
7-8, Motijheel C/A
Dhaka, 1000
Bangladesh

Tel:	880-29-561902
Fax:	880-29-566290

www.nccbank.com.bd

Quote Symbol - Exchange
NCCBANK - Dhaka Stock Exchange
Sales BDT(mil):	6,100.0
Assets BDT(mil):	103,683.7
Employees:	1,944
Fiscal Year End:	31-Dec-2011

Industry:	Commercial Banks

Incorporation Date:	1993
Company Type:	Public Independent
Quoted Status:	Quoted

CEO & Managing Director :	Mohammed Nurul Amin

Industry Codes

ANZSIC 2006 Codes:
6221	-	Banking
6240	-	Financial Asset Investing
6411	-	Financial Asset Broking Services

NACE 2002 Codes:
6512	-	Other monetary intermediation
6523	-	Other financial intermediation not elsewhere classified
6712	-	Security broking and fund management

NAICS 2002 Codes:
52211	-	Commercial Banking
523910	-	Miscellaneous Intermediation
523140	-	Commodity Contracts Brokerage
523110	-	Investment Banking and Securities Dealing

US SIC 1987:
6029	-	Commercial Banks, Not Elsewhere Classified
6211	-	Security Brokers, Dealers, and Flotation Companies
6799	-	Investors, Not Elsewhere Classified
6221	-	Commodity Contracts Brokers and Dealers

UK SIC 2003:
65121	-	Banks
6523	-	Other financial intermediation not elsewhere classified
6712	-	Security broking and fund management

UK SIC 2007:
64191	-	Banks
6499	-	Other financial service activities, except insurance and pension funding, n.e.c.
6612	-	Security and commodity contracts brokerage

Business Description

National Credit and Commerce Bank Limited (NCCBL) is engaged in buying and selling of securities for its customers through Brokerage House. The Bank undertakes investments of its fund in the share investment. The Bank carries out all these activities by using a membership share of Dhaka Stock Exchange Limited and Chittagong Stock Exchange Limited. The commercial banking business activities of the bank encompass a range of services, including accepting deposits, making loans, discounting bills, conducting money transfer, foreign exchange transactions and performing other related services, such as safekeeping collection, issuing guarantees, acceptances and letter of credits through its branches in Bangladesh. The Bank's products include deposits, loans and advances, cards and remittance products. The services include brokerage house, treasury service and remittance services. For the fiscal year ended 31 December 2011, National Credit and Commerce Bank Ltd interest income increased 41% to BDT9.81B. Net interest income after loan loss provision decreased 16% to BDT1.56B. Net income decreased 6% to BDT2.24B. Net interest income after loan loss provision reflects decrease in interest earning assets and increase in interest bearing liabilities.

More Business Descriptions

Banking services

Commercial Banking Services

Financial Data

Financials in:	BDT(mil)
Revenue:	6,100.0
Net Income:	2,237.0
Assets:	103,683.7
Long Term Debt:	5,565.1
Total Liabilities:	92,061.9
Date of Financial Data:	31-Dec-2011

1 Year Growth

7.5%

-5.7%

24.1%

Key Corporate Relationships

Auditor:	Hoda Vasi Chowdhury & Co
Auditor:	Hoda Vasi Chowdhury & Co, Hoda Vasi Chowdhury & Co

Executives Report

Board of Directors

Name	Title	Function
Alhaj Md. Nurun Newaz	Chairman of the Board	Chairman
Md. Mostafizur Rahman	Vice Chairman of the Board	Vice-Chairman
Shahid Uddin Ahmed	Independent Director	Director/Board Member
Biography: Prof. Shahid Uddin Ahmed, Ph.D., is Independent Director of National Credit And Commerce Bank Ltd. He holds Ph.D. degree.
Yakub Ali	Director	Director/Board Member
Mohammad Ali	Director	Director/Board Member
Mohammed Nurul Amin	CEO & Managing Director	Director/Board Member
Fakhrul Anwar	Director	Director/Board Member
Md. Abdul Awal	Director	Director/Board Member
Md. Abul Bashar	Director	Director/Board Member
Lutfun Nahar Begum	Director	Director/Board Member
Khairul Alam Chaklader	Director	Director/Board Member
Biography: Mr. Khairul Alam Chaklader is Director of National Credit And Commerce Bank Ltd. He holds B.Com degree.
Amjadul Ferdous Chowdhury	Director	Director/Board Member
Tofazzal Hossain	Director	Director/Board Member
Sohela Hossain	Director	Director/Board Member
Ali Imam	Director	Director/Board Member
Nurul Islam	Director	Director/Board Member
Ainul Kabir	Director	Director/Board Member
Biography: Mr. Ainul Kabir is Director of National Credit And Commerce Bank Ltd. He holds M.Sc. (Math) degree.
Md.Humayun Kabir	Director	Director/Board Member
Khondkar Zakaria Mahmud	Director	Director/Board Member
S. M. Abu Mohsin	Director	Director/Board Member
Md. Moinuddin	Director	Director/Board Member
A. S. M. Main Uddin Monem	Director	Director/Board Member
Din M. Rana	Director	Director/Board Member
Md. Harunur Rashid	Director	Director/Board Member
Abdus Salam	Director	Director/Board Member
Biography: Mr. Abdus Salam is Director of National Credit And Commerce Bank Ltd. He holds B.Sc. Engg. degree.
Md. Shahjahan	Director	Director/Board Member
Mahbubul Alam Tara	Director	Director/Board Member
Biography: Mr. Mahbubul Alam Tara is Director of National Credit And Commerce Bank Ltd. He holds M.A. (Economics) degree.
Sultana Yasmen	Director	Director/Board Member

Executives

Name	Title	Function
Mohammed Nurul Amin	CEO & Managing Director	Chief Executive Officer
Golam Hafiz Ahmed	Managing Director	Managing Director
Swapan Kumar Das	Deputy Managing Director-Chittagong Area Office	Managing Director
T. M. Faruque Chowdhury	Deputy Managing Director & Head-HR	Managing Director
Akhter Hamid Khan	Deputy Managing Director-Credit Risk Management	Managing Director
Mohabbat Khan	Deputy Managing Director & Head-Internal Control & Compliance	Managing Director
Mamun-Ur Rashid	Senior Executive VP & Head-Credit Admin	Administration Executive
Md. Matiur Rahman	Senior Executive VP & Head-Establishment	Other

Significant Developments

National Credit And Commerce Bank Ltd Proposes Bonus Share

May 15, 2013

National Credit And Commerce Bank Ltd announced that it has proposed bonus share at 10% for the year 2012.

National Credit And Commerce Bank Ltd Recommends Stock Dividend

Apr 21, 2013

National Credit And Commerce Bank Ltd announced that the Board of Directors has recommended stock dividend at 10% for the year ended on December 31, 2012. Record date April 30, 2013.

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 31-Dec-2011	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2010
Filed Currency	BDT	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265	69.026932
Auditor	Hoda Vasi Chowdhury & Co	Rahman Mostafa Alam & Co.	Rahman Mostafa Alam & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified
Interest & Dividends on Investment Securities	132.5	100.1	94.0
Interest Income, Bank	132.5	100.1	94.0
Interest on Deposit	108.1	64.4	71.9
Total Interest Expense	108.1	64.4	71.9
Net Interest Income	24.4	35.7	22.1
Loan Loss Provision	3.2	8.9	1.6
Net Interest Income after Loan Loss Provision	21.1	26.8	20.5
Commissions & Fees from Securities Activities	53.8	42.2	29.7
Other Revenue	4.2	3.6	11.5
Non-Interest Income, Bank	58.0	45.8	41.2
Labor & Related Expenses	-12.0	-10.9	-10.1
Depreciation Expense	-3.6	-3.1	-2.4
Other Expense	-12.9	-11.9	-10.3
Non-Interest Expense, Bank	-28.5	-25.9	-22.8
Income Before Tax	50.7	46.7	38.9
Total Income Tax	20.5	12.6	14.0
Income After Tax	30.2	34.1	24.9
Minority Interest	0.0	0.0	-
Net Income Before Extraord Items	30.2	34.1	24.9
Net Income	30.2	34.1	24.9
Income Available to Common Excl Extraord Items	30.2	34.1	24.9
Income Available to Common Incl Extraord Items	30.2	34.1	24.9
Basic/Primary Weighted Average Shares	653.6	572.3	294.1
Basic EPS Excl Extraord Items	0.05	0.06	0.08
Basic/Primary EPS Incl Extraord Items	0.05	0.06	0.08
Dilution Adjustment	0.0	0.0	0.0
Diluted Net Income	30.2	34.1	24.9
Diluted Weighted Average Shares	653.6	572.3	294.1
Diluted EPS Excl Extraord Items	0.05	0.06	0.08
Diluted EPS Incl Extraord Items	0.05	0.06	0.08
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	1.4	1.1	2.4
Normalized Income Before Tax	50.7	46.7	38.9
Inc Tax Ex Impact of Sp Items	20.5	12.6	14.0
Normalized Income After Tax	30.2	34.1	24.9
Normalized Inc. Avail to Com.	30.2	34.1	24.9
Basic Normalized EPS	0.05	0.06	0.08
Diluted Normalized EPS	0.05	0.06	0.08
Rental Expenses	1.2	1.2	0.9
Bank Total Revenue	82.4	81.5	63.3
Current Tax - Domestic	20.2	15.2	10.9
Current Tax - Other	0.2	0.4	0.4
Current Tax - Total	20.4	15.6	11.3
Deferred Tax - Domestic	0.1	-3.0	2.7
Deferred Tax - Total	0.1	-3.0	2.7
Income Tax - Total	20.5	12.6	14.0
Defined Contribution Expense - Domestic	0.5	0.5	0.4
Total Pension Expense	0.5	0.5	0.4

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2010
Filed Currency	BDT	BDT	BDT
Exchange Rate	81.83	70.475	69.26
Auditor	Hoda Vasi Chowdhury & Co	Rahman Mostafa Alam & Co.	Rahman Mostafa Alam & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified
Cash & Due from Banks	84.4	96.5	61.7
Other Short Term Investments	11.4	10.2	7.0
Securities Held	243.5	145.6	132.7
Total Investment Securities	243.5	145.6	132.7
Other Earning Assets, Total	254.9	155.8	139.6
Net Loans	854.4	846.1	700.7
Land/Improvements	12.3	11.7	-
Machinery/Equipment	11.3	9.9	-
Property/Plant/Equipment - Gross	23.5	21.6	16.0
Accumulated Depreciation	-5.1	-4.7	-3.8
Property/Plant/Equipment - Net	18.4	16.9	12.3
Other Assets	55.0	70.2	37.7
Other Assets, Total	55.0	70.2	37.7
Total Assets	1,267.1	1,185.6	952.0
Non-Interest Bearing Deposits	94.1	109.9	77.3
Interest Bearing Deposits	875.9	840.1	691.0
Total Deposits	970.0	950.0	768.3
Income Taxes Payable	10.9	9.5	5.2
Other Current liabilities, Total	10.9	9.5	5.2
Long Term Debt	68.0	26.2	26.3
Total Long Term Debt	68.0	26.2	26.3
Total Debt	68.0	26.2	26.3
Deferred Income Tax - LT Liability	0.9	1.0	3.4
Deferred Income Tax	0.9	1.0	3.4
Minority Interest	0.0	0.0	-
Reserves	0.1	0.1	-
Other Liabilities	75.1	66.0	61.6
Other Liabilities, Total	75.2	66.1	61.6
Total Liabilities	1,125.0	1,052.8	864.9
Common Stock	72.6	63.9	33.0
Common Stock	72.6	63.9	33.0
Retained Earnings (Accumulated Deficit)	63.2	62.1	44.5
Unrealized Gain (Loss)	6.2	6.8	9.6
Total Equity	142.0	132.8	87.1
Total Liabilities & Shareholders’ Equity	1,267.1	1,185.6	952.0
Shares Outstanding - Common Stock Primary Issue	653.6	579.3	294.1
Total Common Shares Outstanding	653.6	579.3	294.1
Employees	1,944	1,865	1,664
Number of Common Shareholders	93,173	79,763	-
Total Risk-Weighted Capital	1.3	1.3	0.7
Tier 1 Capital %	10.19%	9.66%	-
Total Capital %	11.26%	10.91%	13.55%
Total Long Term Debt, Supplemental	68.0	26.2	26.3
Long Term Debt Maturing within 1 Year	52.9	6.7	3.1
Long Term Debt Maturing in Year 2	3.2	3.5	3.6
Long Term Debt Maturing in Year 3	3.2	3.5	3.6
Long Term Debt Maturing in Year 4	3.2	3.5	3.6
Long Term Debt Maturing in Year 5	3.2	3.5	3.6
Long Term Debt Maturing in 2-3 Years	6.4	7.0	7.3
Long Term Debt Maturing in 4-5 Years	6.4	7.0	7.3
Long Term Debt Matur. in Year 6 & Beyond	2.2	5.4	8.7

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 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2010
Filed Currency	BDT	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265	69.026932
Auditor	Hoda Vasi Chowdhury & Co	Rahman Mostafa Alam & Co.	Rahman Mostafa Alam & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified
Cash Receipts	11.2	14.9	10.7
Cash Payments	-15.1	-13.8	-11.9
Cash Taxes Paid	-16.7	-11.1	-12.6
Cash Interest Paid	-100.0	-64.7	-74.0
Other Assets	20.4	2.6	9.8
Other Liabilities	212.5	177.7	91.4
Other Assets & Liabilities, Net	-130.2	-17.4	-44.2
Other Operating Cash Flow	169.1	117.5	118.2
Loans, Gains/Losses	-133.4	-184.5	-58.7
Changes in Working Capital	138.3	95.9	116.6
Cash from Operating Activities	17.8	21.1	28.7
Purchase of Fixed Assets	-5.9	-6.1	-2.0
Capital Expenditures	-5.9	-6.1	-2.0
Sale of Fixed Assets	0.1	0.1	0.0
Sale/Maturity of Investment	4.9	48.1	9.2
Purchase of Investments	-9.7	-43.7	-8.4
Other Investing Cash Flow Items, Total	-4.8	4.4	0.8
Cash from Investing Activities	-10.7	-1.6	-1.2
Other Financing Cash Flow	0.0	0.0	-
Financing Cash Flow Items	0.0	0.0	-
Sale/Issuance of Common	0.0	16.4	0.0
Common Stock, Net	0.0	16.4	0.0
Issuance (Retirement) of Stock, Net	0.0	16.4	0.0
Long Term Debt Reduction	0.0	0.0	-11.3
Long Term Debt, Net	-5.7	0.3	-11.3
Issuance (Retirement) of Debt, Net	-5.7	0.3	-11.3
Cash from Financing Activities	-5.7	16.8	-11.3
Foreign Exchange Effects	-	0.0	0.0
Net Change in Cash	1.4	36.3	16.2
Net Cash - Beginning Balance	91.6	61.2	45.5
Net Cash - Ending Balance	93.0	97.5	61.7

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 31-Dec-2011	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2010
Filed Currency	BDT	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265	69.026932
Auditor	Hoda Vasi Chowdhury & Co	Rahman Mostafa Alam & Co.	Rahman Mostafa Alam & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified
Interest income	132.5	100.1	94.0
Total Revenue	132.5	100.1	94.0
Interest paid on deposits and borrowings	108.1	64.4	71.9
Provision for loans & advances-specific	2.5	5.6	0.8
Provision for loans & advances-general	0.7	3.3	0.8
Total Operating Expense	111.4	73.4	73.5
Income from investments	37.4	24.1	15.5
Commision exchange and brokerage	16.4	18.2	14.2
Other operating income	4.2	3.6	11.5
Salary and allowances	-12.0	-10.9	-10.1
Rents, taxes, insurance, electricity etc	-2.3	-2.0	-1.6
Legal expenses	-0.1	-0.1	0.0
Postage, stamp, telecommunication etc	-0.4	-0.4	-0.4
Stationary, printing, advertisement etc	-1.2	-1.0	-0.5
Managing directors salary and allowances	-0.1	-0.1	-0.1
Directors fees	0.0	0.0	0.0
Audit fees	0.0	0.0	0.0
Depreciation and repair of bank assets	-3.6	-3.1	-2.4
Other expenses	-4.2	-5.1	-2.8
Provision for off balance sheet exposure	-0.4	-0.9	0.0
Provision for gratuity	-0.4	-0.8	-3.3
Provision for investment fluctuation in	-2.1	0.0	0.5
Provision for incentive fund	-1.4	-1.4	-1.4
Provision for benevolent fund	-	-	0.0
Provision for othet assets	0.1	0.1	-0.2
Contribution to NCC Bank foundation	-0.5	-0.2	-0.4
Total Non-Interest Revenue	58.0	45.8	41.2
Total Non-Interest Expense	-28.5	-25.9	-22.8
Net Income Before Taxes	50.7	46.7	38.9
Provision for Income Taxes	20.5	12.6	14.0
Net Income After Taxes	30.2	34.1	24.9
Minority Shareholder	0.0	0.0	-
Net Income Before Extra. Items	30.2	34.1	24.9
Net Income	30.2	34.1	24.9
Income Available to Com Excl ExtraOrd	30.2	34.1	24.9
Income Available to Com Incl ExtraOrd	30.2	34.1	24.9
Basic Weighted Average Shares	653.6	572.3	294.1
Basic EPS Excluding ExtraOrdinary Items	0.05	0.06	0.08
Basic EPS Including ExtraOrdinary Items	0.05	0.06	0.08
Dilution Adjustment	0.0	0.0	0.0
Diluted Net Income	30.2	34.1	24.9
Diluted Weighted Average Shares	653.6	572.3	294.1
Diluted EPS Excluding ExtraOrd Items	0.05	0.06	0.08
Diluted EPS Including ExtraOrd Items	0.05	0.06	0.08
DPS-Ordinary shares	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0
Normalized Income Before Taxes	50.7	46.7	38.9
Inc Tax Ex Impact of Sp Items	20.5	12.6	14.0
Normalized Income After Taxes	30.2	34.1	24.9
Normalized Inc. Avail to Com.	30.2	34.1	24.9
Basic Normalized EPS	0.05	0.06	0.08
Diluted Normalized EPS	0.05	0.06	0.08
Depreciation, Supplemental	1.4	1.1	2.4
Rental Expense, Supplemental	1.2	1.2	0.9
Current Year	20.2	15.2	10.9
Prior Year	0.2	0.4	0.4
Current Tax - Total	20.4	15.6	11.3
Deferred Tax	0.1	-3.0	2.7
Deferred Tax - Total	0.1	-3.0	2.7
Income Tax - Total	20.5	12.6	14.0
Defined Contribution Expense - Domestic	0.5	0.5	0.4
Total Pension Expense	0.5	0.5	0.4

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2010
Filed Currency	BDT	BDT	BDT
Exchange Rate	81.83	70.475	69.26
Auditor	Hoda Vasi Chowdhury & Co	Rahman Mostafa Alam & Co.	Rahman Mostafa Alam & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified
Cash in hand	9.5	10.4	6.5
Balances with Bangladesh bank and its ag	69.3	78.0	45.9
Balances with other banks and financial	1.8	4.7	6.7
Balances with other banks and financial	3.9	3.3	2.6
Investment-Government	243.5	145.6	132.7
Investment-Others	11.4	10.2	7.0
Loans, cash credits, overdrafts etc	854.4	846.1	700.7
Bills purchased and discounted	39.0	51.1	26.8
Furniture & Fixture	3.8	3.4	-
Machinery & Equipment	6.4	5.5	-
Land	8.8	7.7	-
Vechicles	1.0	1.0	-
Land(1)	3.5	4.0	-
Fixed Assets	-	-	16.0
Adjustment	0.2	-	-
Depreciation	-5.1	-4.7	-3.8
Other assets	15.8	19.2	10.9
Total Assets	1,267.1	1,185.6	952.0
Current deposits and other assets	94.1	109.9	77.3
Bills payable	21.8	14.4	9.9
Savings banks deposits	100.2	106.1	88.6
Fixed deposits	560.8	557.8	465.9
Term Deposits	214.8	176.2	136.0
Bearer certificates of deposits	-	0.0	0.5
Other liabilities	53.4	51.6	51.7
Provision for Income tax	10.9	9.5	5.2
Reserve for Unforeseen Loss	0.1	0.1	-
Borrowings from other banks, financial i	68.0	26.2	26.3
Total Long Term Debt	68.0	26.2	26.3
Deferred Tax Liability	0.9	1.0	3.4
Monotrity Interest	0.0	0.0	-
Total Liabilities	1,125.0	1,052.8	864.9
Paid up capital	72.6	63.9	33.0
Statutory reserve	40.0	36.1	27.3
General reserve	0.1	0.1	1.0
Other reserve-assets revaluation reserve	6.2	6.8	9.6
Profit and loss account retained earning	23.2	25.9	16.2
Total Equity	142.0	132.8	87.1
Total Liabilities & Shareholders' Equity	1,267.1	1,185.6	952.0
S/O-Ordinary shares	653.6	579.3	294.1
Total Common Shares Outstanding	653.6	579.3	294.1
Tier 1 Capital %	10.19%	9.66%	-
Total Capital %	11.26%	10.91%	13.55%
Total Risk-Weighted Capital	1,282.9	1,304.4	673.6
Full-Time Employees	1,944	1,865	1,664
Number of Common Shareholders	93,173	79,763	-
Long Term Debt Maturing within 1 Year	52.9	6.7	3.1
Long Term Debt Maturing in Year 5	12.9	14.1	14.5
Long Term Debt - Remaining Maturities	2.2	5.4	8.7
Total Long Term Debt, Supplemental	68.0	26.2	26.3

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 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2010
Filed Currency	BDT	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265	69.026932
Auditor	Hoda Vasi Chowdhury & Co	Rahman Mostafa Alam & Co.	Rahman Mostafa Alam & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified
Cash Receipts	11.2	14.9	10.7
Cash Payments	-15.1	-13.8	-11.9
Interest received in cash	165.0	117.6	108.1
Dividend received	0.1	0.1	0.1
Recoveries from other operating activiti	0.4	0.1	0.1
Received from other operating activities	10.8	7.3	14.9
Paid for other operating activities	-7.2	-7.7	-5.0
Cash Interest Paid	-100.0	-64.7	-74.0
Cash Taxes Paid	-16.7	-11.1	-12.6
Purchase-sale of trading securities	-130.2	-17.4	-44.2
Loans and advances to customers	-133.4	-184.5	-58.7
Other assets	20.4	2.6	9.8
Deposits from other banks	49.7	6.8	-21.0
Deposits from customers	184.4	195.3	122.4
Other liabilities account of customers	-20.1	-23.5	-13.5
Other liabilities	-1.5	-0.9	3.6
Cash from Operating Activities	17.8	21.1	28.7
Proceeds from sale of securities	4.9	48.1	9.2
Payments for purchase of securities	-9.7	-43.7	-8.4
Purchase of property, plant and equipmen	-5.9	-6.1	-2.0
Sale proceeds of fixed assets	0.1	0.1	0.0
Cash from Investing Activities	-10.7	-1.6	-1.2
Received from issue of loan capital and	-5.7	0.3	0.0
Payment for redemption of loan capital	0.0	0.0	-11.3
Receipts from issue of right share	0.0	16.4	0.0
Interim Dividend Paid to Minority Shareh	0.0	0.0	-
Cash from Financing Activities	-5.7	16.8	-11.3
Foreign Exchange Effects	-	0.0	0.0
Net Change in Cash	1.4	36.3	16.2
Net Cash - Beginning Balance	91.6	61.2	45.5
Net Cash - Ending Balance	93.0	97.5	61.7

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	-	-	82.4	7.50%	-	-
Income Available to Common Excl Extraord Items1 (?)	-	-	30.2	-5.68%	-	-
Basic EPS Excl Extraord Items1 (?)	-	-	0.05	-17.42%	-	-
Capital Expenditures2 (?)	-	-	5.9	3.16%	-	-
Cash from Operating Activities2 (?)	-	-	17.8	-10.40%	-	-
Free Cash Flow (?)	-	-	10.8	-15.87%	-	-
Total Assets3 (?)	-	-	1,267.1	24.09%	-	-
Total Liabilities3 (?)	-	-	1,125.0	24.08%	-	-
Total Long Term Debt3 (?)	-	-	68.0	201.30%	-	-
Employees3 (?)	-	-	1944	4.24%	-	-
Total Common Shares Outstanding3 (?)	-	-	653.6	12.82%	-	-
1-ExchangeRate: BDT to USD Average for Period	Â	Â	74.041708	Â	Â	Â
2-ExchangeRate: BDT to USD Average for Period	Â	Â	74.041708	Â	Â	Â
3-ExchangeRate: BDT to USD Period End Date	Â	Â	81.830000	Â	Â	Â

Banking Industry Specific USD (mil)
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009
Interest Income, Bank1 (?)	132.5	100.1	94.0
Total Interest Expense1 (?)	108.1	64.4	71.9
Loan Loss Provision1 (?)	3.2	8.9	1.6
Cash & Due from Banks3 (?)	84.4	96.5	61.7
Total Deposits3 (?)	970.0	950.0	768.3
1-ExchangeRate: BDT to USD Average for Period	74.041708	69.602650	69.026932
3-ExchangeRate: BDT to USD Period End Date	81.830000	70.475000	69.260000

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009
Profitability
Pretax Margin (?)	38.24%	46.60%	41.41%
Net Profit Margin (?)	22.80%	34.03%	26.50%
Financial Strength
Long Term Debt/Equity (?)	0.48	0.20	0.30
Total Debt/Equity (?)	0.48	0.20	0.30
Management Effectiveness
Return on Assets (?)	2.39%	3.17%	-
Return on Equity (?)	21.33%	30.82%	-
Efficiency
Receivables Turnover (?)	0.09	0.10	-
Asset Turnover (?)	0.07	0.08	-

Market Valuation USD (mil)
Enterprise Value2 (?)	133.5	.	Enterprise Value/EBITDA (TTM) (?)	2.69
Market Cap as of 16-May-20131 (?)	150.7	.
1-ExchangeRate: BDT to USD on 16-May-2013	77.813712
2-ExchangeRate: BDT to USD on 16-May-2013	77.813712

Annual Ratios

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Financial Strength
Long Term Debt/Equity (?)	0.48	0.20	0.30
Total Debt/Equity (?)	0.48	0.20	0.30
Long Term Debt/Total Capital (?)	0.32	0.16	0.23
Total Debt/Total Capital (?)	0.32	0.16	0.23
Payout Ratio (?)	0.00%	0.00%	0.00%
Effective Tax Rate (?)	40.39%	26.99%	35.99%
Total Capital1 (?)	210.0	159.0	113.4
Efficiency
Asset Turnover (?)	0.07	0.08	-
Receivables Turnover (?)	0.09	0.10	-
Days Receivables Outstanding (?)	3,875.75	3,478.69	-
Revenue/Employee2 (?)	38,346	43,173	37,938
Profitability
Pretax Margin (?)	38.24%	46.60%	41.41%
Net Profit Margin (?)	22.80%	34.03%	26.50%
Management Effectiveness
Return on Assets (?)	2.39%	3.17%	-
Return on Equity (?)	21.33%	30.82%	-
Valuation
Free Cash Flow/Share2 (?)	0.02	0.03	0.09
Operating Cash Flow/Share 2 (?)	0.02	0.04	0.10
1-ExchangeRate: BDT to USD Period End Date	81.83	70.475	69.26
2-ExchangeRate: BDT to USD Average for Period	81.83	70.475	69.26

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 :

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.