MIRA INFORM REPORT

 

 

Report Date :

17.08.2013

 

IDENTIFICATION DETAILS

 

Name :

TRUST BANK LIMITED

 

 

Registered Office :

Peoples Insurance Bhaban, 36, Dilkusha C/A, (2nd, 16th, & 17th Floor), Dhaka-1000

 

 

Country :

Bangladesh 

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

17.06.1999

 

 

Com. Reg. No.:

C-37960

 

 

Legal Form :

Public Listed Co    

 

 

Line of Business :

Banking Services.    

 

 

No. of Employees :

2700

 

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 :

Regular

 

 

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 

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

 

EXECUTIVE SUMMARY

 

IDENTIFICATION DETAILS

 

Correct company Name

:

TRUST BANK LIMITED

Registered office

:

Peoples Insurance Bhaban, 36, Dilkusha C/A, (2nd, 16th, & 17th Floor), Dhaka-1000, Bangladesh 

Tel No

:

880-2-9570261, 9570263, 9572012-3

Fax No

:

880-2-9572315

E-mail

:

info@trustbanklimited.com

Website

:

www.trustbank.com.bd

Date/ Year of Incorporation

:

17.06.1999

Registered No.

:

C-37960

Legal Form (General)

:

 Public Listed Co      Public (but not listed)   Private Co   State-owned Co

 Sole Proprietorships  Partnership            Not Registered

 others (please specify) ________________

 

Legal form (Specific)

:

LTD   CORP    INC  CO    

 others (please specify) ________________

 

Issuing Authority

:

Registrar of Joint Stock Companies & Firms   City Corporation

 Municipal Administration                 Union Council

 Cantonment Board                      Chief Controller of  Import & Export (CCIE)

 

 

FINANCIALS- SUMMARY

 

      Year

Turnover/ Sales

 Assets

     Income

     2011

Tk.3,802,184,796

Tk.77,036,027,453

Tk.933,436,636

     2012

Tk.3,757,292,393

Tk.96,339,253,607

Tk.182,699,290

Exchange Rate

USD1-Tk. 77.8200

EUR 1- Tk. 100.2711

GBP 1- Tk.118.5354

AUD 1 - Tk.82.8563

JPY 1 - Tk.0.9286

CAD 1 - Tk.80.1887

SEK 1 - Tk.12.2870

SGD 1 - Tk.65.3045

CNH 1 - Tk.12.8399

 

Sales Trend – Analysis:

2002

2003

2004

2005

2006

2007

2008

2010

2011

2012

-

-

-

-

-

-

-

 

Description: http://www.asiancredit.com/Manage/image/up_arrow_04.gif

Description: http://www.asiancredit.com/Manage/image/up_arrow_04.gif

 

 

FULLCHECK REPORT DETAILS

 

Information Parted By

 

 

 

Name

:

Mr. Khaled Mahbub Morshed, FCA

Designation

:

Company Secretary

Contract No

:

-

 

   Locations Details

 

Business Address

:

Peoples Insurance Bhaban, 36, Dilkusha C/A,

(2nd, 16th, & 17th Floor), Dhaka-1000, Bangladesh 

Tel No

:

880-2-9570261, 9570263, 9572012-3

E-mail

:

info@trustbanklimited.com

Fax No

:

880-2-9572315

Website

:

www.trustbank.com.bd

 

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

15,000

Sq. ft.

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

Total Branches    :  82

Principal Branches :

 

 

 

Address

:

Trust Bhaban, 98 Shaheed Sarani, Dhaka Cantonment, Dhaka-1206, Bangladesh

Tel No

:

88-02-9871095,9871074

Fax No

:

-

 

Location :

Owned

Ö

 

Rented

 

 

Leased

 

Area

10,000

Sq. ft.

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

2700

In Factory

:

 

In Branch:

:

 

Total

:

2700

Details:

 

                     

 

 

 

 

OWNERSHIP/SHAREHOLDERS

 

      Names of Shareholders

            No. of Share     

Army Welfare Trust

            2,075,887,45

Financial Institutions

             800,872,17

Foreign Investor

               5,448,90

Non-residential Bangladeshi

              13,158,64

Gen Ashraf Abdullah Yussuf, rcds, afwc, psc

                   650

Brig Gen Khan Abu Roushan Mohammad Mostafa Kamal, ndc, psc

                   208

Brig Gen Tushar Kanti Chakma, ndc, psc

                   182

Ms. Begum Rokeya Din

                  1118

Mr. Helal Uddin Ahmed

                 21632

General Public

              56386058

 

 

DIRECTORS

 

             Name

              Designation

General Iqbal Karim Bhuiyan- psc

            Chairman

Maj Gen Ashraf Abdullah Yussuf-rcds, afwc, psc

            Vice Chairman

Ishtiaque Ahmed Chowdhury

            Managing Director & CEO

Brig Gen K A R M Mostafa Kamal-ndc, psc

            Director

Brig Gen Tushar Kanti Chakma-ndc, psc

            Director

Begum Rokeya Din

            Independent Director

Helal Uddin Ahmed

             Independent Director

Brig Gen Md Emdad-Ul-Bari-psc,

             Director

Brig Gen Md Akbar Hossain-afwc, psc,

             Director

 

 

MANAGEMENT

 

Name

:

Mr. Ishtiaque Ahmed Chowdhury

Email address

:

-

Nationality

:

Bangladeshi

Job Description

:

MD & CEO

Other details

:

-

           

Name

:

Mr. Khaled Mahbub Morshed, FCA

Email address

:

-

Nationality

:

Bangladeshi

Job Description

:

Chief Financial Officer

Other details

:

-

 

Name

:

Mr. M. M. Haikal Hashmi

Email address

:

-

Nationality

:

Bangladeshi

Job Description

:

DMD

Other details

:

-

 

Name

:

Mr. Abu Zafar Hedaytul Islam

Email address

:

-

Nationality

:

Bangladeshi

Job Description

:

SEVP

Other details

:

-

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

 

Trader

 

Dealer

 

Distributor

 

 

Exporter

 

Importer

 

Commercial Bank

Ö

 

 

Range of Products/Item Dealings In:

 

Products

:

Banking Services.    

Production Capacity

:

N/A

Last Year Production

:

N/A

 

Trading Terms:

 

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

Selling Terms      :

L/C

 

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

 

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

N/A

Local Clients

:

Local People

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

 

:

N/A

 

Imports

 

:

N/A

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

M/S ACNABIN, Chartered Accountants

BDBL Bhaban (13th Floor), 12 Kawran Bazar, Dhaka-1215

Operation Status

:

Activ

Member

:

 N/A

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 10,000,000,000

 

Paid-up Capital

:

Tk.3,459,465,640

No. of Shares

:

345,946,564

 Share Value

:

Tk.10.00Each

Main Assets

:

Tk.96,339,253,607

 

 

 

FINANCIAL STATEMENT- DETAILED

 

Balance Sheet :

 

  Currency

: Tk

 

       Denomination

: 1

 

         Financial Year Ending

:December

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Income Statement :

 

  Currency

: Tk

 

       Denomination

: 1

 

         Financial Year Ending

: December

 

 

 

 

 

 


ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

N/A

Subsidiary

:

Trust Bank Securities Limited

Trust Bank Investment Limited

Name of  The Group

:

Nil

 

 

BANKING

 

Bank Name  

:

Prime Bank Ltd

Bank Address

:

Motijheel Branch

 

Bank Name  

:

Dhaka Bank Ltd

Bank Address

:

Motijheel Branch

 

Bank Name  

:

National Bank Ltd

Bank Address

:

Motijheel Branch

 

Bank Name  

:

Mutual Trust Bank Ltd.

Bank Address

:

Motijheel Branch

 

 

REPUTATION

 

The subject bank is good reputation in local peoples.

 

 

ADVERSE DATA MONITORING

 

Dishonored Checks           

 

:     

No Record Found         

Debt

 

 

No Record Found

Litigation  

                    

:

Clear         

Performance Defaults

 

:

No Record Found         

Adverse Local Media Coverage/ Adverse Filling History

:

No Record Found

 

 

GENERAL COMMENTS

 

The Board of Directors is contemplating to maintain a strong capital base to support business growth to comply with regulatory requirement and to obtain good credit rating as well as Aaa’S rating. A strong capital base is also considered as a cushion to absorb any unforeseen shock arising from credit, operations and market risks. The amount of minimum capital that should be maintained by the Bank against its risk-weighted assets is measured by the Capital Adequacy ratio laid down by Basel Capital Accord. Capital Adequacy is measured by the ratio of the Bank’s Capital to Risk Weighted Assets include both Balance Sheet and Off Balance Sheet items. All assets are assigned weights ranging from 0% - 100%. Off Balance Sheet items are included in the computation by converting them into Balance Sheet equivalents before being allocated a risk weight. Bank’s capital has two components Tier-I (Core Capital) and Tier-II (Supplementary Capital).

 

Core Capital (Tier I)

The Consolidated Core Capital Ratio (Tier - I) was 9.20% of total Risk Weighted Assets at the end of the year 2012. Core Capital represents the Paid Up capital, Minority Interest, Statutory Reserve and Retained Earnings. As on 31 December 2012, our Consolidated Core Capital stood at Tk. 6,841.21 million against Tk. 5,860.18 million in 2011.The Core Capital constituted 66.39% of total Capital while Paid up Capital constituted almost 50.50% of total Shareholder’s Equity.

 

Supplementary Capital (Tier II)

Supplementary Capital of the Bank represents General Provision, Subordinated Bonds (not exceeding 30% of Tier I Capital) and Revaluation Reserve of Held to Maturity Securities (50% of such Reserve). At the close of business on 31 December 2012, our Consolidated Supplementary Capital stood at Tk. 3,462.62 million as against Tk.2,777.22 million in 2011.

 

Total Regulatory Capital

At the end of 2012, Consolidated Regulatory Capital stood at Tk. 10,303.83 million against Tk. 8,637.40 million in 2011 registering a growth of almost 19.29% over the preceding year. And Consolidated Capital Adequacy Ratios were 13.86% and 11.84% of Total Risk Weighted Assets in 2012 and 2011 respectively against the Regulatory requirement of 10% for each year.

 

 

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 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.