|
Report Date : |
19.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
AGRANI BANK LTD |
|
|
|
|
Registered Office : |
9D, Dilkusha Commercial Area Dhaka, 1000 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Incorporation : |
1972 |
|
|
|
|
Legal Form : |
Private Parent |
|
|
|
|
Line of Business : |
The Company offers private, retail and corporate banking. The bank offers personal, corporate business, agri and rural banking, small and medium enterprises financing, non-resident Bangladeshi (NRB), merchant banking, Islami banking and treasury services. |
|
|
|
|
No. of Employees : |
Not Available |
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
Agrani Bank Ltd
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
Business
Description
|
Agrani Bank, Ltd. is a Bangladesh-based company that operates as a commercial
bank. The Company offers private, retail and corporate banking. The bank
offers personal, corporate business, agri and rural banking, small and medium
enterprises financing, non-resident Bangladeshi (NRB), merchant banking,
Islami banking and treasury services. The bank has 11 Circle offices, 25
Divisions in head office, 54 zonal offices and 876 branches including 27
corporate and 40 AD (authorized dealer) branches. For the fiscal year ended
31 December 2010, Agrani Bank Ltd interest income increased 38% to BDT14B.
Net interest income after loan loss provision increased 92% to BDT6.02B. Net
income increased from BDT1.36B to BDT3.52B. Net interest income after loan
loss provision reflects increase in interest earning assets and decrease in
interest bearing liabilities. Net income benefited from Investment income
increase of 76% to BDT6.48B (income). |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
ISIC Rev 4: |
|
|
NACE Rev 2: |
|
|
NAICS 2012: |
|
|
UK SIC 2007: |
|
|
US SIC 1987: |
|
|
|
|
Key Executives
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = BDT 69.60265
2 - Balance Sheet Item Exchange Rate: USD 1 = BDT 70.475
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Executives Report
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
69.60265 |
69.026932 |
|
Auditor |
ACNABIN |
ACNABIN |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Other Interest Income |
201.1 |
146.6 |
|
Interest Income, Bank |
201.1 |
146.6 |
|
Interest on Deposit |
101.8 |
88.1 |
|
Total Interest Expense |
101.8 |
88.1 |
|
Net Interest Income |
99.3 |
58.5 |
|
|
|
|
|
Loan Loss Provision |
12.8 |
13.2 |
|
Net Interest Income after Loan Loss Provision |
86.5 |
45.3 |
|
|
|
|
|
Commissions & Fees from Securities
Activities |
39.6 |
30.8 |
|
Investment Securities Gains |
93.1 |
53.5 |
|
Other Revenue |
11.3 |
6.2 |
|
Non-Interest Income, Bank |
143.9 |
90.5 |
|
Labor & Related Expenses |
-64.8 |
-44.1 |
|
Depreciation Expense |
-3.2 |
-1.9 |
|
Other Expense |
-70.4 |
-42.6 |
|
Non-Interest Expense, Bank |
-138.4 |
-88.6 |
|
Income Before Tax |
92.1 |
47.2 |
|
|
|
|
|
Total Income Tax |
41.5 |
27.6 |
|
Income After Tax |
50.5 |
19.6 |
|
|
|
|
|
Net Income Before Extraord Items |
50.5 |
19.6 |
|
Net Income |
50.5 |
19.6 |
|
|
|
|
|
Income Available to Common Excl Extraord Items |
50.5 |
19.6 |
|
|
|
|
|
Income Available to Common Incl Extraord Items |
50.5 |
19.6 |
|
|
|
|
|
Diluted Net Income |
50.5 |
19.6 |
|
Depreciation, Supplemental |
3.2 |
1.9 |
|
Normalized Income Before Tax |
92.1 |
47.2 |
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
41.5 |
27.6 |
|
Normalized Income After Tax |
50.5 |
19.6 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
50.5 |
19.6 |
|
|
|
|
|
Bank Total Revenue |
243.2 |
149.0 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate |
70.475 |
69.26 |
|
Auditor |
ACNABIN |
ACNABIN |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash & Due from Banks |
227.3 |
180.8 |
|
Fed Funds Sold/Securities Purch Under Resale
Agrmnt |
0.0 |
24.5 |
|
Other Short Term Investments |
623.1 |
590.5 |
|
Other Earning Assets, Total |
623.1 |
615.0 |
|
Net Loans |
2,242.0 |
1,731.9 |
|
Property/Plant/Equipment - Net |
77.1 |
41.6 |
|
Other Assets |
588.5 |
521.5 |
|
Other Assets, Total |
588.5 |
521.5 |
|
Total Assets |
3,758.1 |
3,090.7 |
|
|
|
|
|
Accounts Payable |
56.8 |
42.4 |
|
Interest Bearing Deposits |
2,346.1 |
1,953.8 |
|
Total Deposits |
2,870.9 |
2,358.5 |
|
Long Term Debt |
88.2 |
17.2 |
|
Total Long Term Debt |
88.2 |
17.2 |
|
Total Debt |
88.2 |
17.2 |
|
|
|
|
|
Other Liabilities |
519.2 |
507.4 |
|
Other Liabilities, Total |
519.2 |
507.4 |
|
Total Liabilities |
3,535.1 |
2,925.5 |
|
|
|
|
|
Additional Paid-In Capital |
77.5 |
71.7 |
|
Retained Earnings (Accumulated Deficit) |
145.5 |
93.5 |
|
Total Equity |
223.0 |
165.2 |
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,758.1 |
3,090.7 |
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
54.7 |
54.7 |
|
Total Common Shares Outstanding |
0.0 |
0.0 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
69.60265 |
69.026932 |
|
Auditor |
ACNABIN |
ACNABIN |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash Receipts |
267.8 |
196.6 |
|
Cash Payments |
-97.2 |
-83.4 |
|
Other Assets |
-539.4 |
-217.6 |
|
Other Liabilities |
537.3 |
295.2 |
|
Other Operating Cash Flow |
-31.7 |
-30.6 |
|
Changes in Working Capital |
-33.8 |
46.9 |
|
Cash from Operating Activities |
136.8 |
160.2 |
|
|
|
|
|
Principal Payments from Securities |
-160.7 |
-19.2 |
|
Other Investing Cash Flow |
-41.8 |
-97.0 |
|
Other Investing Cash Flow Items, Total |
-202.5 |
-116.2 |
|
Cash from Investing Activities |
-202.5 |
-116.2 |
|
|
|
|
|
Long Term Debt
Reduction |
-8.5 |
-3.0 |
|
Long Term Debt, Net |
72.2 |
-13.2 |
|
Issuance (Retirement) of Debt, Net |
72.2 |
-13.2 |
|
Cash from Financing Activities |
72.2 |
-13.2 |
|
|
|
|
|
Foreign Exchange Effects |
19.4 |
16.8 |
|
Net Change in Cash |
25.9 |
47.5 |
|
|
|
|
|
Net Cash - Beginning Balance |
204.5 |
158.7 |
|
Net Cash - Ending Balance |
230.4 |
206.2 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
69.60265 |
69.026932 |
|
Auditor |
ACNABIN |
ACNABIN |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Interest income |
201.1 |
146.6 |
|
Total Revenue |
201.1 |
146.6 |
|
|
|
|
|
Interest paid on deposits, borrowings et |
101.8 |
88.1 |
|
Provision for loans and advances |
12.8 |
13.2 |
|
Total Operating Expense |
114.6 |
101.3 |
|
|
|
|
|
Investment income |
93.1 |
53.5 |
|
Commission, exchange earnings and broker |
39.6 |
30.8 |
|
Other operating income |
11.3 |
6.2 |
|
Salary and allowance |
-64.8 |
-44.1 |
|
Rent, taxes, insurance, electricity etc. |
-4.8 |
-3.9 |
|
Legal expenses |
-0.1 |
-0.2 |
|
Postage, stamp, telecommunication etc. |
-1.4 |
-1.3 |
|
Stationery, printing, advertisement etc. |
-2.0 |
-1.4 |
|
Chief Executive's salary and fees |
-0.1 |
-0.1 |
|
Directors' fees |
-0.1 |
0.0 |
|
Auditors' fees |
0.0 |
0.0 |
|
Depreciation and repair of bank's assets |
-3.2 |
-1.9 |
|
Other expenses |
-10.8 |
-2.7 |
|
Amortization of Valuation Adjustment |
-19.1 |
-19.3 |
|
Other provision |
-32.1 |
-13.7 |
|
Total Non-Interest Revenue |
143.9 |
90.5 |
|
|
|
|
|
Total Non-Interest Expense |
-138.4 |
-88.6 |
|
|
|
|
|
Net Income Before Taxes |
92.1 |
47.2 |
|
|
|
|
|
Provision for Income Taxes |
41.5 |
27.6 |
|
Net Income After Taxes |
50.5 |
19.6 |
|
|
|
|
|
Net Income Before Extra. Items |
50.5 |
19.6 |
|
Net Income |
50.5 |
19.6 |
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
50.5 |
19.6 |
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
50.5 |
19.6 |
|
|
|
|
|
Diluted Net Income |
50.5 |
19.6 |
|
Normalized Income Before Taxes |
92.1 |
47.2 |
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
41.5 |
27.6 |
|
Normalized Income After Taxes |
50.5 |
19.6 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
50.5 |
19.6 |
|
|
|
|
|
Depreciation, Supplemental |
3.2 |
1.9 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate |
70.475 |
69.26 |
|
Auditor |
ACNABIN |
ACNABIN |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash in Hand (including foreign currenci |
36.9 |
23.1 |
|
Balance with Bangladesh Bank and its age |
147.8 |
114.6 |
|
In Bangladesh |
34.5 |
40.1 |
|
Outside Bangladesh |
8.1 |
3.0 |
|
money at call and short notice: |
0.0 |
24.5 |
|
Government |
429.4 |
548.1 |
|
Others |
193.8 |
42.4 |
|
Loans, Cash Credit & Over Draft etc. |
2,242.0 |
1,731.9 |
|
Bills Discounted and Purchased |
74.6 |
33.0 |
|
Fixed assets including land, building, f |
77.1 |
41.6 |
|
other assets: |
514.0 |
488.4 |
|
Total Assets |
3,758.1 |
3,090.7 |
|
|
|
|
|
Current deposits & other accounts |
524.8 |
404.7 |
|
Bills payable |
56.8 |
42.4 |
|
Savings bank deposits |
1,137.0 |
1,005.7 |
|
Fixed deposits |
1,209.1 |
948.1 |
|
Borrowings from other banks, Financial i |
88.2 |
17.2 |
|
Total Long Term Debt |
88.2 |
17.2 |
|
|
|
|
|
Other Liabilities |
519.2 |
507.4 |
|
Total Liabilities |
3,535.1 |
2,925.5 |
|
|
|
|
|
Paid-up Capital |
77.5 |
71.7 |
|
Statutory Reserve |
37.9 |
20.1 |
|
General Reserve |
0.1 |
0.1 |
|
Asset Revaluation Reserve |
30.9 |
0.0 |
|
Revaluation & Amortization Reserve |
12.8 |
29.8 |
|
Retained surplus |
63.8 |
43.5 |
|
Total Equity |
223.0 |
165.2 |
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,758.1 |
3,090.7 |
|
|
|
|
|
S/O-Common Stock |
54.7 |
54.7 |
|
Total Common Shares Outstanding |
0.0 |
0.0 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate (Period
Average) |
69.60265 |
69.026932 |
|
Auditor |
ACNABIN |
ACNABIN |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash Receipts |
267.8 |
196.6 |
|
Cash Payments |
-97.2 |
-83.4 |
|
Dividend receipts |
7.0 |
0.1 |
|
Fees and commission receipts |
19.3 |
14.1 |
|
Recovery of loans previously written off |
8.4 |
3.3 |
|
Cash payment to employees |
-57.0 |
-44.2 |
|
Cash payments to suppliers |
-1.9 |
-1.4 |
|
Receipts from other operating activities |
11.3 |
6.3 |
|
Payments for other operating activities |
-18.9 |
-8.9 |
|
Treasury bills |
80.3 |
20.0 |
|
Repo |
0.0 |
-76.1 |
|
Fund advanced to customers |
-589.3 |
-128.6 |
|
Other assets |
-30.3 |
-33.1 |
|
Deposit from customers |
575.3 |
282.0 |
|
Other liabilities |
-38.0 |
13.1 |
|
Cash from Operating Activities |
136.8 |
160.2 |
|
|
|
|
|
Other bond |
-45.1 |
-101.1 |
|
Debenture |
3.3 |
4.1 |
|
Purchase of securities |
-157.3 |
-14.5 |
|
Purchase/ sales of properties, plant & e |
-4.7 |
-5.7 |
|
Proceeds from sale of properties, plant |
1.3 |
1.0 |
|
Cash from Investing Activities |
-202.5 |
-116.2 |
|
|
|
|
|
Payment of long term borrowings |
-8.5 |
-3.0 |
|
Receipt from other borrowings |
80.7 |
-10.2 |
|
Cash from Financing Activities |
72.2 |
-13.2 |
|
|
|
|
|
Foreign Exchange Effects |
19.4 |
16.8 |
|
Net Change in Cash |
25.9 |
47.5 |
|
|
|
|
|
Cash & cash equivalents at the beginning |
204.5 |
158.7 |
|
Cash & cash equivalents at the end of ye |
230.4 |
206.2 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 : |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.