MIRA INFORM REPORT

Report Date :

19.08.2013

IDENTIFICATION DETAILS

Name :	AL ARAFAH ISLAMI BANK LTD
Registered Office :	36, (6-9 Floor), Dilkusha C/A Dhaka, 1000
Country :	Bangladesh
Financials (as on) :	31.12.2011
Date of Incorporation :	1995
Legal Form :	Public Independent
Line of Business :	Commercial Banks
No. of Employees :	1,807

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, 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

AL ARAFAH ISLAMI BANK LTD

36, (6-9 Floor), Dilkusha C/A Dhaka, 1000

Bangladesh

Tel:	880-2-7123255
Fax:	880-2-9569351
www.al-arafahbank.com

Employees:

1,807

Company Type:

Public Independent

Traded:

Dhaka Stock Exchange:

ALARABANK

Incorporation Date:

1995

Auditor:

ACNABIN

Financials in:	USD (Rs. is Millions)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Bangladesh Taka
Annual Sales:	79.2 ^1
Net Income:	29.7
Total Assets:	1,304.8 ^2
Market Value:	229.8
	(14-Feb-2013)

Business Description

Al-Arafah Islami Bank Ltd (The Bank) is a Bangladesh-based Company. The Bank is an interest free Shanah Bank of Bangladesh rendering all types of commercial banking services. The Bank provides a range of financial services, including commercial banking, consumer banking, trade finance and other related custody and clearing services to the customers. The Bank also carries out brokerage activities through its capital market services division (CMSD). The Bank is engaged in buying and selling of securities for its own and its customers through CMSD. Al-Arafah Islami Bank Ltd also extends margin investment to its customers against their margin for investment in the listed companies. For the nine months ended 30 September 2012, Al Arafah Islami Bank Ltd interest income increased 45% to BDT3.86B. Net interest income after loan loss provision increased 26% to BDT3.3B. Net income increased 28% to BDT2.17B. Net interest income after loan loss provision reflects Investment Income increase of 65% to BDT10.75B. Net income benefited from Income from Investment in Shares & Secur increase from BDT45.1M to BDT609.7M (income).

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
Golam Rabbani	Deputy Managing Director
Kazi Towhidul Alam	Deputy Managing Director
Rafiul Alam	Executive Vice President
Masodul Bari	Executive VP
Badiur Rahman	Chairman

Significant Developments

Topic	#*	Most Recent Headline	Date
Mergers & Acquisitions	1	Al-Arafah Islami Bank Ltd To Purchase Proportionate Land And Two Car Parking	27-Nov-2012

* number of significant developments within the last 12 months

News

Title	Date
AIBL recommends 21pc stock dividend New Nation (Bangladesh) (116 Words)	21-Apr-2012
SEC forms another probe body Financial Express (India) (217 Words)	20-Apr-2012
AIBL inks MoU with HAAB New Nation (Bangladesh) (127 Words)	11-Apr-2012

Financial Summary

As of 30-Sep-2012

Key Ratios	Company	Industry
Debt to Equity (MRQ)	0.0000
Net Profit Margin (TTM) %	34.32
Return on Assets (TTM) %	2.27
Return on Equity (TTM) %	25.91

Stock Snapshot

Traded: Dhaka Stock Exchange: ALARABANK

As of 14-Feb-2013

   Financials in: BDT

Recent Price	25.50	EPS	3.08
52 Week High	30.10	Price/Sales	3.10
52 Week Low	21.40	Price/Earnings	7.54
Avg. Volume (mil)	0.43	Price/Book	1.85
Market Value (mil)	18,184.00

	Price % Change	Rel S&P 500%
4 Week	3.66%
13 Week	8.97%
52 Week	-4.18%
Year to Date	1.59%

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
36, (6-9 Floor), Dilkusha C/A
Dhaka, 1000
Bangladesh

Tel:	880-2-7123255
Fax:	880-2-9569351

www.al-arafahbank.com

Quote Symbol - Exchange
ALARABANK - Dhaka Stock Exchange
Sales BDT(mil):	5,866.5
Assets BDT(mil):	106,768.2
Employees:	1,807
Fiscal Year End:	31-Dec-2011

Industry:

Commercial Banks

Incorporation Date:	1995
Company Type:	Public Independent
Quoted Status:	Quoted

Chairman :	Badiur Rahman

Industry Codes

ANZSIC 2006 Codes:
6221	-	Banking
6411	-	Financial Asset Broking Services
6230	-	Non-Depository Financing

NACE 2002 Codes:
6512	-	Other monetary intermediation
6712	-	Security broking and fund management
6522	-	Other credit granting

NAICS 2002 Codes:
52211	-	Commercial Banking
523110	-	Investment Banking and Securities Dealing
522298	-	All Other Nondepository Credit Intermediation

US SIC 1987:
6029	-	Commercial Banks, Not Elsewhere Classified
6211	-	Security Brokers, Dealers, and Flotation Companies
6153	-	Short-Term Business Credit Institutions, Except Agricultural

UK SIC 2003:
65121	-	Banks
6712	-	Security broking and fund management
6522	-	Other credit granting

UK SIC 2007:
64191	-	Banks
6612	-	Security and commodity contracts brokerage
6492	-	Other credit granting

Business Description

Al-Arafah Islami Bank Ltd (The Bank) is a Bangladesh-based Company. The Bank is an interest free Shanah Bank of Bangladesh rendering all types of commercial banking services. The Bank provides a range of financial services, including commercial banking, consumer banking, trade finance and other related custody and clearing services to the customers. The Bank also carries out brokerage activities through its capital market services division (CMSD). The Bank is engaged in buying and selling of securities for its own and its customers through CMSD. Al-Arafah Islami Bank Ltd also extends margin investment to its customers against their margin for investment in the listed companies. For the nine months ended 30 September 2012, Al Arafah Islami Bank Ltd interest income increased 45% to BDT3.86B. Net interest income after loan loss provision increased 26% to BDT3.3B. Net income increased 28% to BDT2.17B. Net interest income after loan loss provision reflects Investment Income increase of 65% to BDT10.75B. Net income benefited from Income from Investment in Shares & Secur increase from BDT45.1M to BDT609.7M (income).

More Business Descriptions

Commerical banking services operating under Islamic principles

Banking & Investment Services

Al-Arafah Islami Bank Ltd (AIBL) is a Bangladesh based Islami bank which was incorporated as a private limited company. The bank is principally involved in providing banking services to the citizens of Bangladesh. The bank aims at providing financial services to the retail sector, small and medium scale enterprises, as well as corporate clients. Its retail services include different accounts, various investment schemes as per the customer’s needs, personal financing. The bank also serves its corporate clients by it offering services like trade finance, equity finance, corporate accounts and loans. In addition, AIBL is also offering its valuable services in the agricultural sector as well as transport sector. Further, the company is providing Micro Finance, Mobile Banking and Locker services to the clients. The bank has a wide network of 53 branches through which it renders its valuable services to their clients. AIBL is headquartered in Dhaka, Bangladesh.The bank reported interest income of (Bangladeshi Taka) BDT 4,014.89 million during the fiscal year ended December 2011, an increase of 242.29% over 2010. The net interest income after loan loss provision of the bank was BDT 3,634.73 million during the fiscal year 2011, an increase of 353.13% over 2010. The net profit of the bank was BDT 2,198.75 million during the fiscal year 2011, an increase of 12.24% over 2010.

Financial Data

Financials in:	BDT(mil)
Revenue:	5,866.5
Net Income:	2,198.8
Assets:	106,768.2
Long Term Debt:	0.0
Total Liabilities:	96,933.8
Date of Financial Data:	31-Dec-2011

1 Year Growth

28.9%

12.2%

44.3%

Key Corporate Relationships

Auditor:	ACNABIN
Auditor:	ACNABIN

Competitors Report

CompanyName	Location	Employees	Ownership
AB Bank Ltd	Dhaka, Bangladesh	1,952	Public
Islami Bank Bangladesh Limited	Dhaka, Bangladesh	9,622	Public
Sonali Bank Ltd	Dhaka, Bangladesh	21,839	Private

Executives Report

Board of Directors

Name	Title	Function
Al-Hajj S M Shameem Iqbal	Vice Chairman	Chairman
Badiur Rahman	Chairman	Chairman
Sarker Mohammad Shameem Iqbal	Board Member	Vice-Chairman
Al-Hajj Kh Mesbah Uddin Ahmed	Director	Director/Board Member
Kh. Mesbahuddin Ahmed	Board Member	Director/Board Member
Momtaz Uddin Ahmed	Board Member	Director/Board Member
Al-Hajj Hafez Md Enayetullah	Director	Director/Board Member
Ahamedul Haque	Board Member	Director/Board Member
Ekramul Hoque	Managing Director	Director/Board Member
Md. Mofazzal Hossain	Deputy Managing Director & Secretary	Director/Board Member
Anwar Hossain	Board Member	Director/Board Member
Md. Rafiqul Islam	Deputy Managing Director	Director/Board Member
Al-Hajj Nazmul Ahsan Khaled	Director	Director/Board Member
Nazmul Ahsan Khaled	Board Member	Director/Board Member
Al-Hajj Md Haroon-ar-Rashid Khan	Director	Director/Board Member
Md. Harun-ar-Rashid Khan	Board Member	Director/Board Member
M. A. Malek	Board Member	Director/Board Member
Enayetullah, Hafez Md.	Board Member	Director/Board Member
Abdul Moktadir	Board Member	Director/Board Member
Al-Hajj Abdul Malek Mollah	Director	Director/Board Member
Abdul Malek Mollah	Board Member	Director/Board Member
Mohammded Emadur Rahman	Board Member	Director/Board Member
Abdus Salam	Board Member	Director/Board Member
Abdus Samad	Board Member	Director/Board Member
Abu Naser Mohammad Yeahea	Board Member	Director/Board Member

Executives

Name	Title	Function
Kazi Towhidul Alam	Deputy Managing Director	Managing Director
Ihsanul Aziz	Deputy Managing Director	Managing Director
Education: South East University, MBA
A T M Haron-ur-Rashid Chodhury	Managing Director	Managing Director
Ekramul Hoque	Managing Director	Managing Director
Md. Mofazzal Hossain	Deputy Managing Director & Secretary	Managing Director
Md. Rafiqul Islam	Deputy Managing Director	Managing Director
Khondoker Nayeemul Kabir	Deputy Managing Director	Managing Director
Golam Rabbani	Deputy Managing Director	Managing Director
Md Abdus Samad Sheikh	Managing Director	Managing Director
Rafiul Alam	Executive Vice President	Administration Executive
Md Abdul Jalil Miah	Executive Vice President	Administration Executive
Sabrina Farah Ahmed	Director	Other
Masodul Bari	Executive VP	Other
Md. Mahmoodul Haque	Executive VP	Other
Alhajj Abdus Salam	Director	Other

Significant Developments

Al-Arafah Islami Bank Ltd To Purchase Proportionate Land And Two Car Parking

Nov 27, 2012

Al-Arafah Islami Bank Ltd announced that the Board of Directors of the Company has decided to purchase 4,800 sft. (approx.) floor area with proportionate land and two Car parking at 3/A, Apon Angina, Mirpur City Centre, Darus Salam Road, Mirpur, Dhaka at a cost of Tk. 22,000.00 per sft. totaling Tk. 10,56,00,000.00 and two Car parking cost Tk. 10,00,000.00 including registration cost Tk. 1,33,25,000.00 totaling Tk. 11,99,25,000.00 subject to obtaining approval from Bangladesh Bank.

News

AIBL recommends 21pc stock dividend New Nation (Bangladesh) (116 Words)	21-Apr-2012
SEC forms another probe body Financial Express (India) (217 Words)	20-Apr-2012
AIBL inks MoU with HAAB New Nation (Bangladesh) (127 Words)	11-Apr-2012

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	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265	69.026932	68.582616
Auditor	ACNABIN	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Interest & Dividends on Investment Securities	128.0	61.9	58.0	50.4
Interest on Deposits	-73.8	-45.0	-38.6	-32.4
Interest Income, Bank	54.2	16.9	19.4	18.0
Net Interest Income	54.2	16.9	19.4	18.0
Loan Loss Provision	5.1	5.3	2.0	3.9
Net Interest Income after Loan Loss Provision	49.1	11.5	17.3	14.1
Commissions & Fees from Securities Activities	21.0	29.5	15.8	10.1
Investment Securities Gains	1.4	0.5	0.2	1.7
Other Revenue	2.6	18.6	2.8	1.9
Non-Interest Income, Bank	25.0	48.5	18.8	13.7
Labor & Related Expenses	-12.4	-10.3	-8.0	-6.1
Depreciation Expense	-1.5	-1.1	-0.9	-0.6
Other Unusual Expense	-	-	0.0	0.0
Other Expense	-6.9	-7.7	-4.2	-2.6
Non-Interest Expense, Bank	-20.8	-19.1	-13.2	-9.4
Income Before Tax	53.3	41.0	23.0	18.4
Total Income Tax	23.6	12.8	10.6	8.6
Income After Tax	29.7	28.1	12.4	9.7
Net Income Before Extraord Items	29.7	28.1	12.4	9.7
Net Income	29.7	28.1	12.4	9.7
Income Available to Common Excl Extraord Items	29.7	28.1	12.4	9.7
Income Available to Common Incl Extraord Items	29.7	28.1	12.4	9.7
Basic/Primary Weighted Average Shares	713.1	713.1	713.1	713.1
Basic EPS Excl Extraord Items	0.04	0.04	0.02	0.01
Basic/Primary EPS Incl Extraord Items	0.04	0.04	0.02	0.01
Diluted Net Income	29.7	28.1	12.4	9.7
Diluted Weighted Average Shares	713.1	713.1	713.1	713.1
Diluted EPS Excl Extraord Items	0.04	0.04	0.02	0.01
Diluted EPS Incl Extraord Items	0.04	0.04	0.02	0.01
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0
Depreciation, Supplemental	1.5	1.1	0.9	0.6
Total Special Items	-	-	0.0	0.0
Normalized Income Before Tax	53.3	41.0	23.0	18.4
Effect of Special Items on Income Taxes	-	-	0.0	0.0
Inc Tax Ex Impact of Sp Items	23.6	12.8	10.6	8.6
Normalized Income After Tax	29.7	28.1	12.4	9.7
Normalized Inc. Avail to Com.	29.7	28.1	12.4	9.7
Basic Normalized EPS	0.04	0.04	0.02	0.01
Diluted Normalized EPS	0.04	0.04	0.02	0.01
Rental Expenses	1.3	1.3	0.7	0.6
Advertising Expense, Supplemental	0.2	0.2	0.1	0.1
Bank Total Revenue	79.2	65.4	38.2	31.7
Current Tax - Domestic	23.4	12.5	8.6	9.0
Current Tax - Total	23.4	12.5	8.6	9.0
Deferred Tax - Domestic	0.2	0.3	2.0	-0.4
Deferred Tax - Total	0.2	0.3	2.0	-0.4
Income Tax - Total	23.6	12.8	10.6	8.6

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	BDT	BDT	BDT	BDT
Exchange Rate	81.83	70.475	69.26	68.91
Auditor	ACNABIN	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Due from Banks	104.7	71.7	66.9	55.9
Fed Funds Sold/Securities Purch Under Resale Agrmnt	119.8	116.4	40.4	31.9
Other Short Term Investments	949.7	760.3	521.7	402.6
Securities for Sale	46.1	29.5	21.7	15.8
Total Investment Securities	46.1	29.5	21.7	15.8
Other Earning Assets, Total	1,115.6	906.2	583.8	450.3
Buildings	1.3	0.3	0.5	0.3
Land/Improvements	4.3	2.7	1.8	1.8
Machinery/Equipment	3.7	3.6	2.8	2.2
Other Property/Plant/Equipment	2.6	2.7	1.7	1.5
Property/Plant/Equipment - Gross	11.8	9.3	6.7	5.8
Property/Plant/Equipment - Net	11.8	9.3	6.7	5.8
Deferred Income Tax - Long Term Asset	48.6	42.8	32.2	22.3
Other Long Term Assets, Total	48.6	42.8	32.2	22.3
Other Assets	24.0	20.1	10.9	5.3
Other Assets, Total	24.0	20.1	10.9	5.3
Total Assets	1,304.8	1,050.1	700.5	539.5
Accounts Payable	9.2	11.5	7.3	5.8
Interest Bearing Deposits	713.6	476.1	356.5	288.5
Other Deposits	232.5	250.0	159.9	111.3
Total Deposits	946.2	726.1	516.4	399.8
Dividends Payable	0.0	0.0	0.0	0.0
Income Taxes Payable	59.8	48.2	36.8	28.4
Other Current liabilities, Total	59.8	48.2	36.8	28.4
Total Long Term Debt	0.0	0.0	0.0	0.0
Total Debt	0.0	0.0	0.0	0.0
Deferred Income Tax - LT Liability	0.4	0.2	-0.2	-2.1
Deferred Income Tax	0.4	0.2	-0.2	-2.1
Minority Interest	26.3	27.7	0.0	-
Other Liabilities	142.7	125.1	88.6	68.4
Other Liabilities, Total	142.7	125.1	88.6	68.4
Total Liabilities	1,184.6	938.8	649.0	500.2
Common Stock	72.0	66.4	26.0	20.1
Common Stock	72.0	66.4	26.0	20.1
Retained Earnings (Accumulated Deficit)	47.4	44.0	24.6	18.2
Unrealized Gain (Loss)	0.8	0.9	0.9	0.9
Total Equity	120.2	111.3	51.5	39.3
Total Liabilities & Shareholders’ Equity	1,304.8	1,050.1	700.5	539.5
Shares Outstanding - Common Stock Primary Issue	713.1	713.1	713.1	713.1
Total Common Shares Outstanding	713.1	713.1	713.1	713.1
Employees	1,807	1,711	-	-
Number of Common Shareholders	54,267	49,386	11,382	-
Tier 1 Capital %	13.47%	14.49%	11.25%	11.21%

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265	69.026932	68.582616
Auditor	ACNABIN	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash Receipts	-12.4	-9.8	-7.4	-6.3
Cash Payments	-0.4	-0.4	-0.2	-0.1
Other Operating Cash Flow	79.2	-6.7	27.9	17.7
Changes in Working Capital	79.2	-6.7	27.9	17.7
Cash from Operating Activities	66.4	-16.8	20.3	11.3
Purchase of Fixed Assets	-5.4	-3.6	-1.8	-1.9
Capital Expenditures	-5.4	-3.6	-1.8	-1.9
Sale of Fixed Assets	0.0	0.0	0.0	0.0
Other Investing Cash Flow Items, Total	0.0	0.0	0.0	0.0
Cash from Investing Activities	-5.4	-3.6	-1.7	-1.9
Sale/Issuance of Common	0.0	33.6	0.0	-
Common Stock, Net	0.0	33.6	0.0	-
Issuance (Retirement) of Stock, Net	0.0	33.6	0.0	-
Cash from Financing Activities	0.0	33.6	0.0	-
Foreign Exchange Effects	0.0	0.0	0.0	0.0
Net Change in Cash	61.0	13.2	18.5	9.5
Net Cash - Beginning Balance	95.2	88.1	70.3	61.3
Net Cash - Ending Balance	156.2	101.3	88.8	70.8

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	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265	69.026932	68.582616
Auditor	ACNABIN	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Investment Income	128.0	61.9	58.0	50.4
Profit paid on Deposits & Borrowings	-73.8	-45.0	-38.6	-32.4
Total Revenue	54.2	16.9	19.4	18.0
Provision against Investments & Continge	5.0	5.3	2.0	3.7
Provisions for Diminution in Value of In	0.1	0.0	0.0	0.2
Other Provisions	0.0	0.0	0.0	0.0
Total Operating Expense	5.1	5.3	2.0	3.9
Income from Investment in Shares & Secur	1.4	0.5	0.2	1.7
Commossion,Exchange & Brokerage	21.0	29.5	15.8	10.1
Other Operatings Income	2.6	18.6	2.8	1.9
Salaries & Allowances & Contribution to	-12.3	-10.1	-7.9	-6.1
Directors Fees & Expenses	-0.1	-0.1	-0.1	-0.1
Shariah Supervisory Committe's Fees & Ex	0.0	0.0	0.0	0.0
Rent,Taxes,Insurance,Lighting Etc	-2.3	-2.0	-1.3	-1.1
Postage,Telegram,Telephone & Stamps Etc	-0.8	-0.7	-0.6	-0.4
Legal Charges	0.0	0.0	0.0	0.0
Auditor's Fees	0.0	0.0	0.0	0.0
Salary & Allowances to the managing Dire	-0.1	-0.1	-0.1	-0.1
Depreciation & Repairs to the Banks Prop	-1.5	-1.1	-0.9	-0.6
Stationery,Printing,Advertisement	-0.6	-0.6	-0.3	-0.2
Other Expenses	-3.1	-4.2	-1.9	-0.9
Staff Welfare	-	-	0.0	0.0
Loss on Fixed Assets	-	-	0.0	0.0
Total Non-Interest Revenue	25.0	48.5	18.8	13.7
Total Non-Interest Expense	-20.8	-19.1	-13.2	-9.4
Net Income Before Taxes	53.3	41.0	23.0	18.4
Provision for Income Taxes	23.6	12.8	10.6	8.6
Net Income After Taxes	29.7	28.1	12.4	9.7
Net Income Before Extra. Items	29.7	28.1	12.4	9.7
Net Income	29.7	28.1	12.4	9.7
Income Available to Com Excl ExtraOrd	29.7	28.1	12.4	9.7
Income Available to Com Incl ExtraOrd	29.7	28.1	12.4	9.7
Basic Weighted Average Shares	713.1	713.1	713.1	713.1
Basic EPS Excluding ExtraOrdinary Items	0.04	0.04	0.02	0.01
Basic EPS Including ExtraOrdinary Items	0.04	0.04	0.02	0.01
Diluted Net Income	29.7	28.1	12.4	9.7
Diluted Weighted Average Shares	713.1	713.1	713.1	713.1
Diluted EPS Excluding ExtraOrd Items	0.04	0.04	0.02	0.01
Diluted EPS Including ExtraOrd Items	0.04	0.04	0.02	0.01
DPS-Common Shares	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	53.3	41.0	23.0	18.4
Inc Tax Ex Impact of Sp Items	23.6	12.8	10.6	8.6
Normalized Income After Taxes	29.7	28.1	12.4	9.7
Normalized Inc. Avail to Com.	29.7	28.1	12.4	9.7
Basic Normalized EPS	0.04	0.04	0.02	0.01
Diluted Normalized EPS	0.04	0.04	0.02	0.01
Depreciation, Supplemental	1.5	1.1	0.9	0.6
Rental Expense, Supplemental	1.3	1.3	0.7	0.6
Advertising Expense, Supplemental	0.2	0.2	0.1	0.1
Current Tax	23.4	12.5	8.6	9.0
Current Tax - Total	23.4	12.5	8.6	9.0
Deferred Tax	0.2	0.3	2.0	-0.4
Deferred Tax - Total	0.2	0.3	2.0	-0.4
Income Tax - Total	23.6	12.8	10.6	8.6

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	BDT	BDT	BDT	BDT
Exchange Rate	81.83	70.475	69.26	68.91
Auditor	ACNABIN	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash in Hand	9.9	8.1	5.7	4.1
Balance with Bangladesh Bank & its Agent	79.8	52.1	46.9	31.0
Balance with Other banks & Financials In	3.6	4.1	5.6	16.3
Balance with Other banks-Outside Banglad	11.4	7.3	8.7	4.5
Placement with Banks & Other Financials	119.8	116.4	40.4	31.9
Investment in Shares & Securities	36.7	28.4	21.7	14.5
Investment in Shares & Securities- Other	9.4	1.1	0.0	1.3
Investment-General Investment	844.9	669.1	474.4	365.8
Investment-Bills Purchase & Discounted	104.8	91.2	47.3	36.8
Land	4.3	2.7	1.8	1.8
Buildings	1.3	0.3	0.5	0.3
Furniture(Wood)	0.4	0.4	0.4	0.4
Furniture(Steel)	0.3	0.3	0.2	0.2
Computer	0.6	0.6	0.6	0.6
Computer(Accossories)	0.1	0.1	0.0	0.0
Motor Car	0.5	0.5	0.5	0.3
Machine Equipment & Appliances	1.7	1.7	1.1	0.7
Online Hardware	0.7	0.9	0.9	0.9
Online Software	0.2	0.3	0.2	0.2
Interior Decoration	1.2	0.9	0.6	0.4
Books & Library	0.0	0.0	0.0	0.0
AIBL Capital Market Services Ltd.	0.4	0.5	0.0	-
Other Assets	24.0	20.1	10.9	5.3
Advance Income Tax	48.6	42.8	32.2	22.3
Total Assets	1,304.8	1,050.1	700.5	539.5
Placement with Banks & Other Financials	68.4	80.6	37.8	25.8
Mudaraba Savings Deposits	102.2	102.6	79.3	61.2
Mudaraba Term Deposits	611.4	373.5	277.3	227.4
Other Mudaraba Deposits	164.1	169.4	122.1	85.4
Al-Wadia Current Accounts & Other Accoun	117.4	107.5	67.9	51.1
Bills Payable	9.2	11.5	7.3	5.8
Other Liabilities	8.2	2.6	8.9	6.7
Dividend Payable	0.0	0.0	0.0	0.0
Provisions	17.1	15.1	11.8	10.7
Provision for Income Tax	59.8	48.2	36.8	28.4
Deferred Tax Liability	0.4	0.2	-0.2	-2.1
Minority interest	26.3	27.7	0.0	-
Total Liabilities	1,184.6	938.8	649.0	500.2
Paid Up Capital	72.0	66.4	26.0	20.1
Statutory Reserve	29.0	24.3	16.7	12.2
General other reserves	-	-	0.0	0.0
Asset Revaluation Reserves	0.8	0.9	0.9	0.9
Retained Earnings	18.4	19.7	7.8	6.0
Total Equity	120.2	111.3	51.5	39.3
Total Liabilities & Shareholders' Equity	1,304.8	1,050.1	700.5	539.5
S/O-Common Shares	713.1	713.1	713.1	713.1
Total Common Shares Outstanding	713.1	713.1	713.1	713.1
Tier 1 Capital %	12.31%	13.21%	9.68%	9.70%
Tier 2 Capital %	1.16%	1.28%	1.57%	1.51%
Full-Time Employees	1,807	1,711	-	-
Number of Common Shareholders	54,267	49,386	11,382	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2009
Filed Currency	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265	69.026932	68.582616
Auditor	ACNABIN	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash Receipts	-12.4	-9.8	-7.4	-6.3
Cash Payments	-0.4	-0.4	-0.2	-0.1
Investment Income received in Cash	125.4	73.2	58.9	50.2
Profit paid on Deposits	-58.4	-40.6	-36.1	-26.6
Dividend received	0.0	0.0	0.0	0.1
Fees & Commission received in Cash	21.0	29.5	15.8	10.1
Recoveries from write off Investments	0.6	0.3	0.2	0.4
Received from other Operating Activities	3.8	10.0	2.8	1.8
Paid for Other Operating Activities	-6.8	-7.5	-4.2	-2.6
Advance Income tax	-14.8	-9.2	-9.1	-5.8
Increase of Trading Securities	-9.4	-2.5	1.3	-0.3
Increase of Inestment & Advances to othe	-21.6	-77.6	-8.7	-13.1
Increase of Investment & Advances to Cus	-325.9	-275.2	-127.4	-100.3
Increase of Other Assets	-4.8	4.2	-6.6	-1.8
Increase of Deposits from Other Assets	-1.1	44.0	12.2	6.7
Increase of Deposits from Customers	368.8	210.2	125.5	94.0
Increase of Trading Liabilities	2.4	34.6	3.4	5.1
Cash from Operating Activities	66.4	-16.8	20.3	11.3
Capital Expenditure	-5.4	-3.6	-1.8	-1.9
Sales Proceeds of Fixed Assets	0.0	0.0	0.0	0.0
Cash from Investing Activities	-5.4	-3.6	-1.7	-1.9
Increase in share capital	0.0	33.6	0.0	-
Cash from Financing Activities	0.0	33.6	0.0	-
Foreign Exchange Effects	0.0	0.0	0.0	0.0
Net Change in Cash	61.0	13.2	18.5	9.5
Cash,Begining of Year	95.2	88.1	70.3	61.3
Cash,Ending of Year	156.2	101.3	88.8	70.8

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 30-Sep-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	24.8	48.16%	79.2	28.88%	39.25%	-
Income Available to Common Excl Extraord Items1 (?)	10.6	46.75%	29.7	12.24%	48.74%	-
Basic EPS Excl Extraord Items1 (?)	0.01	11.22%	0.04	12.24%	48.74%	-
Capital Expenditures2 (?)	7.4	140.65%	5.4	60.49%	45.97%	-
Cash from Operating Activities2 (?)	146.2	119.03%	66.4	-	84.92%	-
Free Cash Flow (?)	139.7	117.99%	55.2	-	90.92%	-
Total Assets3 (?)	1,700.0	44.31%	1,304.8	44.27%	42.14%	-
Total Liabilities3 (?)	1,560.6	46.53%	1,184.6	46.51%	41.15%	-
Total Long Term Debt3 (?)	0.0	-	0.0	-	-	-
Employees3 (?)	-	-	1807	5.61%	-	-
Total Common Shares Outstanding3 (?)	713.1	0.00%	713.1	0.00%	0.00%	-
1-ExchangeRate: BDT to USD Average for Period	81.700886	Â	74.041708	Â	Â	Â
2-ExchangeRate: BDT to USD Average for Period	82.094518	Â	74.041708	Â	Â	Â
3-ExchangeRate: BDT to USD Period End Date	81.600955	Â	81.830000	Â	Â	Â

Banking Industry Specific USD (mil)
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Interest Income, Bank1 (?)	54.2	16.9	19.4	18.0
Loan Loss Provision1 (?)	5.1	5.3	2.0	3.9
Cash & Due from Banks3 (?)	104.7	71.7	66.9	55.9
Total Deposits3 (?)	946.2	726.1	516.4	399.8
1-ExchangeRate: BDT to USD Average for Period	74.041708	69.602650	69.026932	68.582616
3-ExchangeRate: BDT to USD Period End Date	81.830000	70.475000	69.260000	68.910000

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Profitability
Pretax Margin (?)	98.30%	243.19%	118.85%	101.86%
Net Profit Margin (?)	54.76%	167.02%	64.24%	54.07%
Financial Strength
Long Term Debt/Equity (?)	0.00	0.00	0.00	0.00
Total Debt/Equity (?)	0.00	0.00	0.00	0.00
Management Effectiveness
Return on Assets (?)	2.43%	3.20%	2.00%	-
Return on Equity (?)	24.88%	34.35%	27.40%	-
Efficiency
Asset Turnover (?)	0.06	0.07	0.06	-

Market Valuation USD (mil)
P/E (TTM) (?)	7.40	.	Enterprise Value2 (?)	5.5
Price/Sales (TTM) (?)	2.34	.	Price/Book (MRQ) (?)	1.60
Enterprise Value/EBITDA (TTM) (?)	0.09	.	Market Cap1 (?)	229.8
1-ExchangeRate: BDT to USD on 14-Feb-2013	79.124782
2-ExchangeRate: BDT to USD on 30-Sep-2012	81.600955

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	31-Dec-2008
Financial Strength
Long Term Debt/Equity (?)	0.00	0.00	0.00	0.00
Total Debt/Equity (?)	0.00	0.00	0.00	0.00
Long Term Debt/Total Capital (?)	0.00	0.00	0.00	0.00
Total Debt/Total Capital (?)	0.00	0.00	0.00	0.00
Payout Ratio (?)	0.00%	0.00%	0.00%	0.00%
Effective Tax Rate (?)	44.29%	31.32%	45.95%	46.92%
Total Capital1 (?)	120.2	111.3	51.5	39.3
Efficiency
Asset Turnover (?)	0.06	0.07	0.06	-
Revenue/Employee2 (?)	39,674	37,749	-	-
Profitability
Pretax Margin (?)	98.30%	243.19%	118.85%	101.86%
Net Profit Margin (?)	54.76%	167.02%	64.24%	54.07%
Management Effectiveness
Return on Assets (?)	2.43%	3.20%	2.00%	-
Return on Equity (?)	24.88%	34.35%	27.40%	-
Valuation
Free Cash Flow/Share2 (?)	0.08	-0.03	0.03	0.01
Operating Cash Flow/Share 2 (?)	0.08	-0.02	0.03	0.02
1-ExchangeRate: BDT to USD Period End Date	81.83	70.475	69.26	68.91
2-ExchangeRate: BDT to USD Average for Period	81.83	70.475	69.26	68.91

Current Market Multiples
Market Cap/Earnings (TTM) (?)	7.40
Market Cap/Equity (MRQ) (?)	1.60
Market Cap/Revenue (TTM) (?)	3.49
Market Cap/EBIT (TTM) (?)	3.74
Market Cap/EBITDA (TTM) (?)	3.64
Enterprise Value/Earnings (TTM) (?)	0.18
Enterprise Value/Equity (MRQ) (?)	0.04
Enterprise Value/Revenue (TTM) (?)	0.09
Enterprise Value/EBIT (TTM) (?)	0.09
Enterprise Value/EBITDA (TTM) (?)	0.09

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%)

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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.