|
Report Date : |
17.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
UNITED COMMERCIAL BANK LTD |
|
|
|
|
Registered Office : |
Federation Bhaban 60, Motijheel C/A Dhaka, 1212 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
26.06.1983 |
|
|
|
|
Legal Form : |
Public Independent |
|
|
|
|
Line of Business : |
Subject engaged in all kinds of commercial banking activities/services to its customers through its branches and electronic delivery channels |
|
|
|
|
No. of Employees : |
2,982 |
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
United Commercial
Bank Ltd
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Business
Description
|
United Commercial Bank Ltd (UCB) is engaged in all kinds of commercial
banking activities/services to its customers through its branches and
electronic delivery channels in Bangladesh. Its products and services
includes UCB multi millionaire, UCB money maximizer, UCB earning plus, UCB
DPS plus, western union money transfer, short message service banking
service, online service, credit card, one stop service, time deposit scheme,
monthly savings scheme, deposit insurance scheme, inward and outward
remittances, travelers cheques, import finance, export finance, working
capital finance, loan syndication, and underwriting and bridge financing. As
of December 31, 2009, UCB had 98 branches, which includes Dhaka division has
38 branches, Chittagong division has 32 branches, Sylhet division has 11
branches, Rajshahi division has nine branches, Khulna division has seven
branches and Barisal division has one branch. In October 2009, it launched
its own automated teller machine and debit card. For the nine months ended 30
September 2012, United Commercial Bank Ltd interest income increased 40% to
BDT15.39B. Net interest income after loan loss provision increased 23% to
BDT3.31B. Net income decreased 52% to BDT723.8M. Net interest income after
loan loss provision reflects increase in interest earning assets and decrease
in interest bearing liabilities. Net income was offset by Interest on Deposit
increase of 45% to BDT10.61B (expense). |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
ISIC Rev 4: |
|
|
NACE Rev 2: |
|
|
NAICS 2012: |
|
|
UK SIC 2007: |
|
|
US SIC 1987: |
Key Executives
|
Significant
Developments
|
Financial Summary
|
|
Stock Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = BDT 74.04171
2 - Balance Sheet Item Exchange Rate: USD 1 = BDT 81.83
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Executives
Report
|
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
74.041708 |
69.60265 |
69.026932 |
68.582616 |
68.868552 |
|
Auditor |
Syful Shamsul
Alam & Co |
Syful Shamsul
Alam & Co |
M.J.Abedin &
Co. |
M.J.Abedin &
Co. |
M.J.Abedin &
Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Interest & Fees on Loans |
207.3 |
136.0 |
100.9 |
83.8 |
63.2 |
|
Interest Income, Bank |
207.3 |
136.0 |
100.9 |
83.8 |
63.2 |
|
Interest on Deposit |
135.7 |
77.8 |
62.1 |
53.8 |
39.3 |
|
Interest on Other Borrowings |
2.1 |
3.2 |
0.9 |
0.7 |
0.3 |
|
Total Interest Expense |
137.8 |
80.9 |
63.0 |
54.5 |
39.6 |
|
Net Interest Income |
69.5 |
55.1 |
37.9 |
29.3 |
23.6 |
|
|
|
|
|
|
|
|
Loan Loss Provision |
10.8 |
15.8 |
22.9 |
14.4 |
5.1 |
|
Net Interest Income after Loan Loss Provision |
58.7 |
39.3 |
15.0 |
14.9 |
18.6 |
|
|
|
|
|
|
|
|
Fees & Commissions from Operations |
22.3 |
19.5 |
16.2 |
16.6 |
14.1 |
|
Investment Securities Gains |
23.5 |
28.3 |
14.0 |
9.8 |
6.4 |
|
Other Unusual Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Revenue |
10.2 |
9.9 |
7.1 |
4.3 |
4.2 |
|
Non-Interest Income, Bank |
56.0 |
57.7 |
37.3 |
30.6 |
24.6 |
|
Labor & Related Expenses |
-24.3 |
-26.0 |
-19.2 |
-16.6 |
-13.4 |
|
Depreciation Expense |
-3.2 |
-2.4 |
-1.6 |
-1.4 |
-1.1 |
|
Other Unusual Expense |
0.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Other Expense |
-17.3 |
-16.4 |
-9.2 |
-6.1 |
-4.5 |
|
Non-Interest Expense, Bank |
-44.9 |
-44.9 |
-29.9 |
-24.2 |
-19.0 |
|
Income Before Tax |
69.9 |
52.2 |
22.3 |
21.3 |
24.2 |
|
|
|
|
|
|
|
|
Total Income Tax |
30.1 |
20.8 |
8.8 |
10.2 |
12.4 |
|
Income After Tax |
39.8 |
31.3 |
13.5 |
11.2 |
11.8 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
39.8 |
31.3 |
13.5 |
11.2 |
11.8 |
|
Net Income |
39.8 |
31.3 |
13.5 |
11.2 |
11.8 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
39.8 |
31.3 |
13.5 |
11.2 |
11.8 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
39.8 |
31.3 |
13.5 |
11.2 |
11.8 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
836.6 |
759.3 |
7.8 |
7.8 |
7.8 |
|
Basic EPS Excl Extraord Items |
0.05 |
0.04 |
1.73 |
1.43 |
1.52 |
|
Basic/Primary EPS Incl Extraord Items |
0.05 |
0.04 |
1.73 |
1.43 |
1.52 |
|
Diluted Net Income |
39.8 |
31.3 |
13.5 |
11.2 |
11.8 |
|
Diluted Weighted Average Shares |
836.6 |
759.3 |
46.7 |
46.7 |
7.8 |
|
Diluted EPS Excl Extraord Items |
0.05 |
0.04 |
0.29 |
0.24 |
1.52 |
|
Diluted EPS Incl Extraord Items |
0.05 |
0.04 |
0.29 |
0.24 |
1.52 |
|
Dividends per Share - Common Stock Primary Issue |
0.01 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
19.7 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
2.5 |
1.8 |
1.1 |
1.0 |
0.8 |
|
Total Special Items |
-0.1 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Normalized Income Before Tax |
69.8 |
52.2 |
22.3 |
21.4 |
24.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
30.1 |
20.8 |
8.8 |
10.2 |
12.4 |
|
Normalized Income After Tax |
39.7 |
31.3 |
13.5 |
11.2 |
11.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
39.7 |
31.3 |
13.5 |
11.2 |
11.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.05 |
0.04 |
1.73 |
1.43 |
1.52 |
|
Diluted Normalized EPS |
0.05 |
0.04 |
0.29 |
0.24 |
1.52 |
|
Amort of Intangibles, Supplemental |
0.2 |
0.2 |
0.2 |
- |
- |
|
Rental Expenses |
4.4 |
4.1 |
2.7 |
1.8 |
1.5 |
|
Advertising Expense, Supplemental |
1.2 |
1.0 |
0.7 |
0.6 |
0.5 |
|
Bank Total Revenue |
125.5 |
112.8 |
75.2 |
59.9 |
48.3 |
|
Current Tax - Domestic |
30.1 |
18.5 |
8.7 |
10.1 |
12.4 |
|
Current Tax - Total |
30.1 |
18.5 |
8.7 |
10.1 |
12.4 |
|
Deferred Tax - Domestic |
0.0 |
2.3 |
0.1 |
0.1 |
0.0 |
|
Deferred Tax - Total |
0.0 |
2.3 |
0.1 |
0.1 |
0.0 |
|
Income Tax - Total |
30.1 |
20.8 |
8.8 |
10.2 |
12.4 |
|
Defined Contribution Expense - Domestic |
0.9 |
0.9 |
0.7 |
- |
- |
|
Total Pension Expense |
0.9 |
0.9 |
0.7 |
- |
- |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate |
81.83 |
70.475 |
69.26 |
68.91 |
69.555 |
|
Auditor |
Syful Shamsul
Alam & Co |
Syful Shamsul
Alam & Co |
M.J.Abedin &
Co. |
M.J.Abedin &
Co. |
M.J.Abedin &
Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Due from Banks |
266.9 |
184.1 |
192.4 |
132.4 |
69.9 |
|
Other Short Term Investments |
238.4 |
215.3 |
134.9 |
104.5 |
79.3 |
|
Other Earning Assets, Total |
238.4 |
215.3 |
134.9 |
104.5 |
79.3 |
|
Net Loans |
1,377.8 |
1,293.9 |
873.3 |
613.9 |
499.5 |
|
Buildings |
7.5 |
8.3 |
4.2 |
1.5 |
1.4 |
|
Land/Improvements |
20.8 |
9.6 |
9.8 |
9.1 |
1.6 |
|
Machinery/Equipment |
20.2 |
17.5 |
10.7 |
9.0 |
7.4 |
|
Property/Plant/Equipment - Gross |
48.5 |
35.4 |
24.7 |
19.6 |
10.4 |
|
Accumulated Depreciation |
-9.3 |
-8.3 |
-6.6 |
-5.6 |
-4.7 |
|
Property/Plant/Equipment - Net |
39.2 |
27.1 |
18.2 |
14.0 |
5.8 |
|
Intangibles - Gross |
1.0 |
0.8 |
0.7 |
0.5 |
0.3 |
|
Intangibles, Net |
1.0 |
0.8 |
0.7 |
0.5 |
0.3 |
|
Other Assets |
138.2 |
120.3 |
86.9 |
75.0 |
66.6 |
|
Other Assets, Total |
138.2 |
120.3 |
86.9 |
75.0 |
66.6 |
|
Total Assets |
2,061.5 |
1,841.4 |
1,306.4 |
940.3 |
721.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
27.8 |
36.1 |
14.1 |
14.9 |
12.7 |
|
Accrued Expenses |
30.9 |
19.1 |
16.6 |
20.1 |
12.0 |
|
Interest Bearing Deposits |
1,295.9 |
1,137.4 |
794.9 |
545.8 |
379.9 |
|
Total Deposits |
1,674.3 |
1,566.9 |
1,108.2 |
775.8 |
595.4 |
|
Dividends Payable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Taxes Payable |
79.9 |
61.8 |
44.2 |
58.0 |
25.5 |
|
Other Current liabilities, Total |
79.9 |
61.8 |
44.2 |
58.0 |
25.5 |
|
Long Term Debt |
0.0 |
0.0 |
7.9 |
0.0 |
4.6 |
|
Total Long Term Debt |
0.0 |
0.0 |
7.9 |
0.0 |
4.6 |
|
Total Debt |
0.0 |
0.0 |
7.9 |
0.0 |
4.6 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
2.2 |
2.6 |
0.3 |
0.2 |
0.1 |
|
Deferred Income Tax |
2.2 |
2.6 |
0.3 |
0.2 |
0.1 |
|
Minority Interest |
0.0 |
0.0 |
0.0 |
- |
- |
|
Other Liabilities |
51.2 |
44.1 |
32.7 |
7.7 |
26.1 |
|
Other Liabilities, Total |
51.2 |
44.1 |
32.7 |
7.7 |
26.1 |
|
Total Liabilities |
1,866.4 |
1,730.5 |
1,224.1 |
876.7 |
676.3 |
|
|
|
|
|
|
|
|
Common Stock |
88.9 |
41.3 |
4.3 |
4.3 |
4.3 |
|
Common Stock |
88.9 |
41.3 |
4.3 |
4.3 |
4.3 |
|
Additional Paid-In Capital |
17.8 |
0.0 |
- |
- |
- |
|
Retained Earnings (Accumulated Deficit) |
68.4 |
58.2 |
65.5 |
52.3 |
40.8 |
|
Unrealized Gain (Loss) |
20.0 |
11.4 |
12.6 |
7.0 |
0.0 |
|
Translation Adjustment |
0.0 |
0.0 |
- |
- |
- |
|
Other Equity, Total |
0.0 |
0.0 |
- |
- |
- |
|
Total Equity |
195.1 |
110.9 |
82.4 |
63.6 |
45.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
2,061.5 |
1,841.4 |
1,306.4 |
940.3 |
721.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
836.6 |
759.3 |
7.8 |
7.8 |
7.8 |
|
Total Common Shares Outstanding |
836.6 |
759.3 |
7.8 |
7.8 |
7.8 |
|
Employees |
2,982 |
2,738 |
2,508 |
2,292 |
2,082 |
|
Number of Common Shareholders |
130,175 |
72,793 |
10,337 |
10,337 |
7,499 |
|
Total Risk-Weighted Capital |
0.2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Tier 1 Capital % |
9.20% |
4.87% |
7.39% |
8.44% |
7.87% |
|
Total Capital % |
10.87% |
6.31% |
9.22% |
10.34% |
9.28% |
|
Total Long Term Debt, Supplemental |
- |
- |
7.9 |
0.0 |
4.6 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
7.9 |
0.0 |
4.6 |
|
Long Term Debt Maturing in Year 2 |
- |
- |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in Year 3 |
- |
- |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in Year 4 |
- |
- |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in Year 5 |
- |
- |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in 2-3 Years |
- |
- |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in 4-5 Years |
- |
- |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
0.0 |
0.0 |
0.0 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
74.041708 |
69.60265 |
69.026932 |
68.582616 |
68.868552 |
|
Auditor |
Syful Shamsul
Alam & Co |
Syful Shamsul
Alam & Co |
M.J.Abedin &
Co. |
M.J.Abedin &
Co. |
M.J.Abedin &
Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash Receipts |
224.3 |
150.4 |
111.6 |
92.0 |
69.5 |
|
Cash Payments |
-137.8 |
-80.9 |
-63.0 |
-54.5 |
-39.6 |
|
Other Assets |
-370.1 |
-545.1 |
-315.5 |
-141.4 |
-159.2 |
|
Other Liabilities |
385.9 |
512.8 |
340.7 |
194.4 |
138.7 |
|
Other Operating Cash Flow |
-22.1 |
-11.7 |
-13.4 |
-11.5 |
-7.0 |
|
Changes in Working Capital |
-6.4 |
-44.0 |
11.8 |
41.5 |
-27.4 |
|
Cash from Operating Activities |
80.1 |
25.4 |
60.3 |
78.9 |
2.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-20.6 |
-11.5 |
-5.7 |
-9.5 |
-2.8 |
|
Capital Expenditures |
-20.6 |
-11.5 |
-5.7 |
-9.5 |
-2.8 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Sale/Maturity of Investment |
1.3 |
- |
0.0 |
0.0 |
0.0 |
|
Purchase of Investments |
- |
-11.1 |
-1.8 |
-2.6 |
-1.5 |
|
Other Investing Cash Flow Items, Total |
1.3 |
-11.0 |
-1.8 |
-2.6 |
-1.4 |
|
Cash from Investing Activities |
-19.3 |
-22.5 |
-7.5 |
-12.1 |
-4.2 |
|
|
|
|
|
|
|
|
Sale/Issuance of
Common |
59.0 |
0.0 |
- |
- |
- |
|
Common Stock, Net |
59.0 |
0.0 |
- |
- |
- |
|
Issuance (Retirement) of Stock, Net |
59.0 |
0.0 |
- |
- |
- |
|
Long Term Debt Issued |
- |
- |
8.0 |
0.0 |
0.9 |
|
Long Term Debt
Reduction |
0.0 |
-7.9 |
0.0 |
-4.7 |
0.0 |
|
Long Term Debt, Net |
0.0 |
-7.9 |
8.0 |
-4.7 |
0.8 |
|
Issuance (Retirement) of Debt, Net |
0.0 |
-7.9 |
8.0 |
-4.7 |
0.8 |
|
Cash from Financing Activities |
59.0 |
-7.9 |
8.0 |
-4.7 |
0.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
- |
- |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
119.8 |
-5.0 |
60.8 |
62.2 |
-0.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
175.2 |
191.4 |
132.2 |
70.9 |
71.5 |
|
Net Cash - Ending Balance |
295.0 |
186.4 |
193.0 |
133.0 |
70.6 |
|
Depreciation |
- |
- |
1.2 |
1.0 |
0.8 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
74.041708 |
69.60265 |
69.026932 |
68.582616 |
68.868552 |
|
Auditor |
Syful Shamsul
Alam & Co |
M.J.Abedin &
Co. |
M.J.Abedin &
Co. |
M.J.Abedin &
Co. |
M.J.Abedin &
Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Interest Income |
207.3 |
136.0 |
100.9 |
83.8 |
63.2 |
|
Total Revenue |
207.3 |
136.0 |
100.9 |
83.8 |
63.2 |
|
|
|
|
|
|
|
|
Interest on Deposits |
135.7 |
77.8 |
62.1 |
53.8 |
39.3 |
|
Interest Paid on Borrowings |
2.1 |
3.2 |
0.9 |
0.7 |
0.3 |
|
Loan Loss Provision |
10.8 |
15.8 |
22.9 |
14.4 |
5.1 |
|
Total Operating Expense |
148.6 |
96.7 |
85.9 |
68.9 |
44.7 |
|
|
|
|
|
|
|
|
Income from Investment |
23.5 |
28.3 |
14.0 |
9.8 |
6.4 |
|
Commision, Exchange & Brokarage |
22.3 |
19.5 |
16.2 |
16.6 |
14.1 |
|
Other Operating Income |
10.2 |
9.9 |
7.1 |
4.3 |
4.2 |
|
Gain on Sale of Assets |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Salary & Allowance |
-24.1 |
-25.8 |
-19.0 |
-16.5 |
-13.3 |
|
Rent, Taxes, Insurance, Lighting, etc. |
-6.1 |
-5.4 |
-3.6 |
-1.8 |
-1.5 |
|
Legal Expense |
-0.1 |
-0.2 |
-0.1 |
-0.2 |
-0.1 |
|
Postage, Stamp, Telegram, Telephone etc. |
-0.9 |
-0.8 |
-0.7 |
-0.5 |
-0.5 |
|
Stationary, Printing, Advertisement, etc |
-2.7 |
-2.3 |
-1.4 |
-1.2 |
-0.8 |
|
Chief Executive's Salary & Fees |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Directors' Fees & Other Expense |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Auditors Fee |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation & Repair of Fixed Assets |
-3.2 |
-2.4 |
-1.6 |
-1.4 |
-1.1 |
|
Loss on Sale of Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Loss on Sale of Other Assets |
- |
- |
- |
- |
0.0 |
|
Written off of Assets |
0.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Other Expenses |
-7.6 |
-7.8 |
-3.3 |
-2.5 |
-1.6 |
|
Total Non-Interest Revenue |
56.0 |
57.7 |
37.3 |
30.6 |
24.6 |
|
|
|
|
|
|
|
|
Total Non-Interest Expense |
-44.9 |
-44.9 |
-29.9 |
-24.2 |
-19.0 |
|
|
|
|
|
|
|
|
Net Income Before Taxes |
69.9 |
52.2 |
22.3 |
21.3 |
24.2 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
30.1 |
20.8 |
8.8 |
10.2 |
12.4 |
|
Net Income After Taxes |
39.8 |
31.3 |
13.5 |
11.2 |
11.8 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
39.8 |
31.3 |
13.5 |
11.2 |
11.8 |
|
Net Income |
39.8 |
31.3 |
13.5 |
11.2 |
11.8 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
39.8 |
31.3 |
13.5 |
11.2 |
11.8 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
39.8 |
31.3 |
13.5 |
11.2 |
11.8 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
836.6 |
759.3 |
7.8 |
7.8 |
7.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.05 |
0.04 |
1.73 |
1.43 |
1.52 |
|
Basic EPS Including ExtraOrdinary Items |
0.05 |
0.04 |
1.73 |
1.43 |
1.52 |
|
Diluted Net Income |
39.8 |
31.3 |
13.5 |
11.2 |
11.8 |
|
Diluted Weighted Average Shares |
836.6 |
759.3 |
46.7 |
46.7 |
7.8 |
|
Diluted EPS Excluding ExtraOrd Items |
0.05 |
0.04 |
0.29 |
0.24 |
1.52 |
|
Diluted EPS Including ExtraOrd Items |
0.05 |
0.04 |
0.29 |
0.24 |
1.52 |
|
DPS-Common Stock |
0.01 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
19.7 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
69.8 |
52.2 |
22.3 |
21.4 |
24.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
30.1 |
20.8 |
8.8 |
10.2 |
12.4 |
|
Normalized Income After Taxes |
39.7 |
31.3 |
13.5 |
11.2 |
11.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
39.7 |
31.3 |
13.5 |
11.2 |
11.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.05 |
0.04 |
1.73 |
1.43 |
1.52 |
|
Diluted Normalized EPS |
0.05 |
0.04 |
0.29 |
0.24 |
1.52 |
|
Depreciation, Supplemental |
2.5 |
1.8 |
1.1 |
1.0 |
0.8 |
|
Amort of Intangibles, Supplemental |
0.2 |
0.2 |
0.2 |
- |
- |
|
Rental Expense, Supplemental |
4.4 |
4.1 |
2.7 |
1.8 |
1.5 |
|
Advertising Expense, Supplemental |
1.2 |
1.0 |
0.7 |
0.6 |
0.5 |
|
Current Tax |
30.1 |
18.5 |
8.7 |
10.1 |
12.4 |
|
Current Tax - Total |
30.1 |
18.5 |
8.7 |
10.1 |
12.4 |
|
Deferred Tax |
0.0 |
2.3 |
0.1 |
0.1 |
0.0 |
|
Deferred Tax - Total |
0.0 |
2.3 |
0.1 |
0.1 |
0.0 |
|
Income Tax - Total |
30.1 |
20.8 |
8.8 |
10.2 |
12.4 |
|
Provident fund |
0.9 |
0.9 |
0.7 |
- |
- |
|
Total Pension Expense |
0.9 |
0.9 |
0.7 |
- |
- |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate |
81.83 |
70.475 |
69.26 |
68.91 |
69.555 |
|
Auditor |
Syful Shamsul
Alam & Co |
M.J.Abedin &
Co. |
M.J.Abedin &
Co. |
M.J.Abedin &
Co. |
M.J.Abedin &
Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash in Hand |
21.5 |
22.9 |
17.7 |
11.6 |
14.0 |
|
Balance with Balngladesh Bank & Sonali B |
137.8 |
119.4 |
83.4 |
57.3 |
45.2 |
|
Balance with Other Banks & Fin Insti.- B |
39.2 |
18.1 |
25.4 |
54.9 |
5.7 |
|
Balance with Other Banks & Fin Insti.- O |
6.5 |
7.8 |
9.5 |
6.7 |
5.0 |
|
Money at Call & Short Notice |
62.0 |
15.9 |
56.3 |
1.9 |
0.0 |
|
Investment- Government |
199.2 |
176.1 |
113.8 |
89.3 |
70.7 |
|
Investment- Others |
39.1 |
39.2 |
21.2 |
15.2 |
8.6 |
|
Loans, Cash Credit & Overdraft etc. |
1,377.8 |
1,293.9 |
873.3 |
613.9 |
499.5 |
|
Bills Purchased & Discounted |
33.8 |
33.7 |
17.4 |
31.1 |
40.5 |
|
Immovable Properties (Land) |
20.8 |
9.6 |
9.8 |
9.1 |
1.6 |
|
Immovable Properties (Buildings) |
7.5 |
8.3 |
4.2 |
1.5 |
1.4 |
|
Furniture & Fixture |
6.9 |
5.4 |
3.1 |
2.7 |
2.4 |
|
Office Equipments |
5.5 |
4.6 |
3.0 |
2.3 |
2.0 |
|
Computer & Equipments |
4.8 |
5.0 |
3.1 |
2.6 |
1.9 |
|
Banks Car/ Scooter/ Vehicle |
3.0 |
2.5 |
1.5 |
1.5 |
1.2 |
|
Computer Software |
1.0 |
0.8 |
0.7 |
0.5 |
0.3 |
|
Accumulated depreciation |
-9.3 |
-8.3 |
-6.6 |
-5.6 |
-4.7 |
|
Other Assets |
104.4 |
86.6 |
69.5 |
43.9 |
26.1 |
|
Total Assets |
2,061.5 |
1,841.4 |
1,306.4 |
940.3 |
721.5 |
|
|
|
|
|
|
|
|
Current Deposit & Other Accounts |
197.4 |
230.4 |
150.2 |
101.4 |
99.2 |
|
Bills Payable |
27.8 |
36.1 |
14.1 |
14.9 |
12.7 |
|
Saving Bank Deposits |
181.0 |
199.1 |
163.0 |
128.6 |
116.3 |
|
Term Deposit |
1,295.9 |
1,137.4 |
794.9 |
545.8 |
379.9 |
|
Borrowings from Other Banks, Financial I |
0.0 |
0.0 |
7.9 |
0.0 |
4.6 |
|
Total Long Term Debt |
0.0 |
0.0 |
7.9 |
0.0 |
4.6 |
|
|
|
|
|
|
|
|
Provision for Taxation |
79.9 |
61.8 |
44.2 |
58.0 |
25.5 |
|
Deferred Tax Liability |
2.2 |
2.6 |
0.3 |
0.2 |
0.1 |
|
Dividend Payable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Payable |
30.9 |
19.1 |
16.6 |
20.1 |
12.0 |
|
Other Liabilities |
51.2 |
44.1 |
32.7 |
7.7 |
26.1 |
|
Non controlling Interest |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Liabilities |
1,866.4 |
1,730.5 |
1,224.1 |
876.7 |
676.3 |
|
|
|
|
|
|
|
|
Paid up Capital |
88.9 |
41.3 |
4.3 |
4.3 |
4.3 |
|
Share Premium |
17.8 |
0.0 |
- |
- |
- |
|
Statutory Reserve |
43.9 |
36.3 |
26.5 |
22.1 |
17.7 |
|
General Reserve |
0.3 |
1.3 |
5.2 |
5.3 |
5.2 |
|
Assets Revaluation Reserve |
18.1 |
6.5 |
6.6 |
6.6 |
0.0 |
|
Currency Translation Reserve |
0.0 |
0.0 |
- |
- |
- |
|
Revaluation Reserve (HTM & HFT) |
1.8 |
1.1 |
0.6 |
0.2 |
0.0 |
|
Revaluation Reserve - HFT |
0.1 |
3.7 |
5.3 |
0.2 |
- |
|
Retained Earnings- P/L Account |
24.1 |
20.6 |
33.8 |
24.9 |
17.9 |
|
Total Equity |
195.1 |
110.9 |
82.4 |
63.6 |
45.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
2,061.5 |
1,841.4 |
1,306.4 |
940.3 |
721.5 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
836.6 |
759.3 |
7.8 |
7.8 |
7.8 |
|
Total Common Shares Outstanding |
836.6 |
759.3 |
7.8 |
7.8 |
7.8 |
|
Tier 1 Capital % |
9.20% |
4.87% |
7.39% |
8.44% |
7.87% |
|
Total Capital % |
10.87% |
6.31% |
9.22% |
10.34% |
9.28% |
|
Total Risk-Weighted Capital |
206.2 |
128.9 |
87.1 |
69.5 |
53.1 |
|
Full-Time Employees |
2,982 |
2,738 |
2,508 |
2,292 |
2,082 |
|
Number of Common Shareholders |
130,175 |
72,793 |
10,337 |
10,337 |
7,499 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
7.9 |
0.0 |
4.6 |
|
Long Term Debt Maturing in Year 5 |
- |
- |
0.0 |
0.0 |
0.0 |
|
Total Long Term Debt, Supplemental |
- |
- |
7.9 |
0.0 |
4.6 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
74.041708 |
69.60265 |
69.026932 |
68.582616 |
68.868552 |
|
Auditor |
Syful Shamsul
Alam & Co |
M.J.Abedin &
Co. |
M.J.Abedin &
Co. |
M.J.Abedin &
Co. |
M.J.Abedin &
Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Interest Receipts |
224.3 |
150.4 |
111.6 |
92.0 |
69.5 |
|
Interest Payments |
-137.8 |
-80.9 |
-63.0 |
-54.5 |
-39.6 |
|
Dividend Receipts |
2.2 |
1.1 |
0.1 |
0.5 |
0.1 |
|
Fees & Commision Receipts |
14.4 |
12.2 |
9.3 |
9.2 |
9.2 |
|
Recoveries on Previously Written off Adv |
2.0 |
2.0 |
1.0 |
0.1 |
1.9 |
|
Payment to Employees |
-24.2 |
-25.9 |
-19.2 |
-16.6 |
-13.3 |
|
Payment to Suppliers |
-9.7 |
-8.4 |
-5.7 |
-3.5 |
-2.8 |
|
Payment for Advance Income Tax |
-18.4 |
-12.2 |
-11.4 |
-11.0 |
-9.1 |
|
Receipt from Other Activities |
20.5 |
28.2 |
16.2 |
12.8 |
9.1 |
|
Payment for Other Activities |
-8.8 |
-8.6 |
-3.8 |
-3.1 |
-2.0 |
|
Statutory Deposits |
-52.5 |
-65.4 |
-25.0 |
-18.0 |
15.7 |
|
Purchase/ Sales of Trading Securities |
-7.3 |
-5.4 |
-4.2 |
-3.9 |
-5.8 |
|
Loans & Advances to Customers |
-298.8 |
-468.0 |
-271.6 |
-112.8 |
-168.2 |
|
Other Assets |
-11.5 |
-6.3 |
-14.6 |
-6.7 |
-0.9 |
|
Deposits from Banks |
-27.0 |
-29.0 |
31.5 |
0.0 |
- |
|
Deposit from Customers |
383.7 |
536.7 |
305.2 |
177.7 |
134.8 |
|
Other Liabilities |
29.1 |
5.0 |
3.9 |
16.7 |
4.0 |
|
Cash from Operating Activities |
80.1 |
25.4 |
60.3 |
78.9 |
2.5 |
|
|
|
|
|
|
|
|
Proceeds from sale of Securities |
1.3 |
- |
0.0 |
0.0 |
0.0 |
|
Purchase of Securities |
- |
-11.1 |
-1.8 |
-2.6 |
-1.5 |
|
Capital Expenditure |
-20.6 |
-11.5 |
-5.7 |
-9.5 |
-2.8 |
|
Sales of Property, Plant & Equipment |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Cash from Investing Activities |
-19.3 |
-22.5 |
-7.5 |
-12.1 |
-4.2 |
|
|
|
|
|
|
|
|
Receipt from Borrowings & Issuance of D |
- |
- |
8.0 |
0.0 |
0.9 |
|
Repayment of Borrowings & Release of Deb |
0.0 |
-7.9 |
0.0 |
-4.7 |
0.0 |
|
Cash Received from Issuing of Right Shar |
59.0 |
0.0 |
- |
- |
- |
|
Cash from Financing Activities |
59.0 |
-7.9 |
8.0 |
-4.7 |
0.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
- |
- |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
119.8 |
-5.0 |
60.8 |
62.2 |
-0.9 |
|
|
|
|
|
|
|
|
Depreciation |
- |
- |
1.2 |
1.0 |
0.8 |
|
Cash & Cash Equivalent at Beginning of Y |
175.2 |
191.4 |
132.2 |
70.9 |
71.5 |
|
Cash & Cash Equivalent at Ending of Year |
295.0 |
186.4 |
193.0 |
133.0 |
70.6 |
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Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
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Financials in: USD (mil) |
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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 |
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.