MIRA INFORM REPORT

Report Date :

19.08.2013

IDENTIFICATION DETAILS

Name :	DUTCH BANGLA BANK
Registered Office :	Sena Kalyan Bhaban, 4th Floor, 195 Motijheel Commercial Area, Dhaka, 1000
Country :	Bangladesh
Financials (as on) :	31.12.2011
Date of Incorporation :	03.06.1996
Legal Form :	Public Independent Company
Line of Business :	provider of all kinds of commercial banking products and services to the customers, including project finance, working capital finance and trade finance for corporate customers, small and medium enterprises (SME) loans to small traders and businesses, and house building loan, car loan and range of life style and need based loans for retail customers
No. of Employees :	4015

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 & address

Dutch Bangla Bank

Sena Kalyan Bhaban, 4th Floor

195 Motijheel Commercial Area

Dhaka, 1000

Bangladesh

Tel: 880-2-7176390

Fax: 880-2-9561889

Web: www.dutchbanglabank.com

synthesis

Employees: 4,015

Company Type: Public Independent

Traded: Dhaka Stock Exchange: DUTCHBANGL

Incorporation Date: 03-Jun-1996

Auditor: A. Qasem & Co.

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Bangladesh Taka

Annual Sales: 122.8 1

Net Income: 29.1

Total Assets: 1,506.4 2

Market Value: 258.7 (25-Jul-2013)

Business Description

Dutch-Bangla Bank Limited (the Bank) is a commercial bank. The principal activities of the Bank is to provide all kinds of commercial banking products and services to the customers, including project finance, working capital finance and trade finance for corporate customers, small and medium enterprises (SME) loans to small traders and businesses, and house building loan, car loan and range of life style and need based loans for retail customers. IT network also provides short message service banking, alert banking and Internet banking services. The Company also introduced EMV debit cards of MasterCard and VISA brands. For the nine months ended 30 September 2012, Dutch Bangla Bank interest income increased 43% to BDT10.22B. Net interest income after loan loss provision increased 41% to BDT4.43B. Net income increased 1% to BDT1.55B. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities.

Industry

Industry Banking

ANZSIC 2006: 6221 - Banking

ISIC Rev 4: 6419 - Other monetary intermediation

NACE Rev 2: 6419 - Other monetary intermediation

NAICS 2012: 52211 - Commercial Banking

UK SIC 2007: 64191 - Banks

US SIC 1987: 6029 - Commercial Banks, Not Elsewhere Classified

Key Executives

Name	Title
K. Shamshi Tabrez	Managing Director, Ex-officio Director
Md. Monirul Alam	Company Secretary
Md. Sayedul Hasan	Deputy Managing Director
Moyen Uddin Ahmed	Executive VP-Marketing & Development
Iqbal Amin	Executive VP-HR

Financial Summary

As of 30-Sep-2012

Key Ratios	Company	Industry
Debt to Equity (MRQ)	0.38
Sales 5 Year Growth	19.75	11.33
Net Profit Margin (TTM) %	20.13	42.82
Return on Assets (TTM) %	1.63	5.01
Return on Equity (TTM) %	23.53	3.28

Stock Snapshot

Traded: Dhaka Stock Exchange: DUTCHBANGL

As of 25-Jul-2013

   Financials in: BDT

Recent Price	100.70	EPS	10.76
52 Week High	129.00	Price/Sales	2.22
52 Week Low	92.70	Dividend Rate	4.00
Avg. Volume (mil)	0.04	Price/Earnings	9.95
Market Value (mil)	20,140.00	Price/Book	2.25

	Price % Change	Rel S&P 500%
4 Week	-2.71%
13 Week	5.11%
52 Week	-0.69%
Year to Date	-13.93%

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

Sena Kalyan Bhaban, 4th Floor

195 Motijheel Commercial Area

Dhaka, 1000

Bangladesh

Tel: 880-2-7176390

Fax: 880-2-9561889

Web: www.dutchbanglabank.com

Quote Symbol - Exchange

DUTCHBANGL - Dhaka Stock Exchange

Sales BDT(mil): 9,090.5

Assets BDT(mil): 123,267.0

Employees: 4,015

Fiscal Year End: 31-Dec-2011

Industry: Commercial Banks

Incorporation Date: 03-Jun-1996

Company Type: Public Independent

Quoted Status: Quoted

Company Secretary: Md. Monirul Alam

Industry Codes

ANZSIC 2006 Codes:

6221 - Banking

ISIC Rev 4 Codes:

6419 - Other monetary intermediation

NACE Rev 2 Codes:

6419 - Other monetary intermediation

NAICS 2012 Codes:

52211 - Commercial Banking

US SIC 1987:

6029 - Commercial Banks, Not Elsewhere Classified

UK SIC 2007:

64191 - Banks

Business Description

Dutch-Bangla Bank Limited (the Bank) is a commercial bank. The principal activities of the Bank is to provide all kinds of commercial banking products and services to the customers, including project finance, working capital finance and trade finance for corporate customers, small and medium enterprises (SME) loans to small traders and businesses, and house building loan, car loan and range of life style and need based loans for retail customers. IT network also provides short message service banking, alert banking and Internet banking services. The Company also introduced EMV debit cards of MasterCard and VISA brands. For the nine months ended 30 September 2012, Dutch Bangla Bank interest income increased 43% to BDT10.22B. Net interest income after loan loss provision increased 41% to BDT4.43B. Net income increased 1% to BDT1.55B. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities.

More Business Descriptions

Commercial bank, providing a full range of personal, corporate, international trade, foreign exchange, lease finance and capital market services

Commercial Banking Services

Financial Data

Financials in:	BDT(mil)
Revenue:	9,090.5
Net Income:	2,154.9
Assets:	123,267.0
Long Term Debt:	3,183.0
Total Liabilities:	114,327.4
Date of Financial Data:	31-Dec-2011

1 Year Growth

27.0%

7.6%

21.8%

Key Corporate Relationships

Auditor:	A. Qasem & Co.
Auditor:	A. Qasem & Co.

Executives Report

Board of Directors

Name	Title	Function
Zahid Hossain Khan	Chairman	Chairman
Abedur Rashid Khan	Chairman of the Board	Chairman
Biography: Mr. Abedur Rashid Khan is Chairman of the Board of Dutch-Bangla Bank Ltd. He is a Businessman, having 24 years of experience specially in Export-Import trading. Age: 62
Sayem Ahmed	Non-Executive Director	Director/Board Member
Biography: Mr. Sayem Ahmed is Non-Executive Director of Dutch-Bangla Bank Ltd. He is a Chairman of Executive Committee. He is a CEO of Banglalink. He has Bachelors of Software Engineering, University of Toronto, Canada, Certified Managerial Accountant (CMA), University of Toronto, Canada. Education: University of Toronto, B
Md. Yeasin Ali	Independent Director	Director/Board Member
Biography: Mr. Md. Yeasin Ali is Independent Director of Dutch-Bangla Bank Ltd. He is Chairman of the Board of Directors, Bangladesh House Building Finance Corporation. He is a former Managing Director of DBBL (2002-2010). He has 42 years of experience in both development and commercial banks including as Managing Director in public and private sector banks. He has M. Sc. (Agri. Econ.) Bangladesh Agricultural University, Mymensingh. Age: 67 Education: Bangladesh Agricultural University, MS (Agricultural Economics)
Syed Fakhrul Ameen	Director from the Depositors	Director/Board Member
Biography: Dr. Syed Fakhrul Ameen is Director from the Depositors of Dutch-Bangla Bank Ltd. He has 32 years of teaching experience in BUET. Professor, Department of Civil Engineering, BUET. He has M. A. (Journalism) University of Dhaka. Age: 59 Education: University of Dhaka, MA (Journalism)
Chowdhury M. Ashraf Hossain	Director from the Depositors	Director/Board Member
Biography: Mr. Chowdhury M. Ashraf Hossain is Director from the Depositors of Dutch-Bangla Bank Ltd. He is Businessman, having 29 years of experience specially in Export-Import trading. He has M. A. (Journalism) University of Dhaka. Age: 61 Education: University of Dhaka, MA (Journalism)
Md. Fakhrul Islam	Non-Executive Director - Elected from General Public Shareholders' Group	Director/Board Member
Irshad Kamal Khan	Independent Director	Director/Board Member
Biography: Dr. Irshad Kamal Khan is an Independent Director of Dutch-Bangla Bank Ltd. He is a member of Audit Committee. He has 29 years of teaching experience in University. He is a Professor on leave from the Department of Economics of University of Chittagong. Currently, he is the Pro-Vice Chancellor of Chittagong Independent University. He has Ph.D. (Economics). Age: 59
K. Shamshi Tabrez	Managing Director, Ex-officio Director	Director/Board Member
Biography: Mr. K. Shamshi Tabrez is Managing Director, Ex-officio Director of Dutch-Bangla Bank Ltd. He is a member of Executive Committee.
Frey-Tang Yuen Mei	Non-Executive Director - Nominee of Ecotrim Hong Kong Limited	Director/Board Member
Biography: Mrs. Frey-Tang Yuen Mei is Non-Executive Director - Nominee of Ecotrim Hong Kong Limited of Dutch-Bangla Bank Ltd. She has been Director - Ecotrim Hong Kong Limited.

Executives

Name	Title	Function
Md. Abul Kashem Khan	Executive VP-IT Operations Division	Division Head Executive
Md. Sayedul Hasan	Deputy Managing Director	Managing Director
Khan Tariqul Islam	CFO & Deputy Managing Director	Managing Director
Abul Kashem Md. Shirin	Deputy Managing Director	Managing Director
Md. Mosaddiqur Rahman	Deputy Managing Director	Managing Director
K. Shamshi Tabrez	Managing Director, Ex-officio Director	Managing Director
Biography: Mr. K. Shamshi Tabrez is Managing Director, Ex-officio Director of Dutch-Bangla Bank Ltd. He is a member of Executive Committee.
Md. Monirul Alam	Company Secretary	Company Secretary
Iqbal Amin	Executive VP-HR	Human Resources Executive
Moyen Uddin Ahmed	Executive VP-Marketing & Development	Marketing Executive

Significant Developments

Credit Rating Agency of Bangladesh Limited Announces Rating AA1 To Dutch-Bangla Bank Ltd Jun 16, 2013

Credit Rating Agency of Bangladesh Limited (CRAB) announced the Surveillance rating of the Dutch-Bangla Bank Ltd as AA1 in the long term and ST-1 in the short term based on audited financial statements of the Company up to 31 December 2012 and other relevant quantitative as well as qualitative information up to the date of rating declaration.

Dutch-Bangla Bank Ltd Recommends Cash Dividend Mar 21, 2013

Dutch-Bangla Bank Ltd announced that the Board of Directors has recommended cash dividend at 40% (i.e. BDT4.00 per share of BDT10.00 each) for the General Public Shareholders and Foreign Sponsors/Shareholders for the year ended on December 31, 2012. Record date on April 3, 2013.

Dutch-Bangla Bank Ltd Opens New Branch In Wari, Dhaka-MarketLine Dec 19, 2012

MarketLine reported that Dutch-Bangla Bank Limited has announced the opening of a new branch in Wari, Dhaka. Like the other DBBL branch network, this branch also provides on-line banking facilities to the clients. Tabrez, Managing Director of the bank in his address of welcome informed that DBBL provides a wide array of banking products and financial services including card services to its retail and corporate customers. He said that, the bank has started mobile banking operation, first of this kind in the Country to reach banking services to the door steps of the millions of rural people.

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	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265	69.026932	68.582616	68.868552
Auditor	A. Qasem & Co.	A. Qasem & Co.	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Interest & Fees on Loans	134.8	103.1	89.3	79.5	70.9
Interest Income, Bank	134.8	103.1	89.3	79.5	70.9
Interest on Other Borrowings	67.9	49.5	59.3	53.0	53.6
Total Interest Expense	67.9	49.5	59.3	53.0	53.6
Net Interest Income	67.0	53.5	29.9	26.5	17.3
Loan Loss Provision	3.1	6.6	6.2	1.0	3.6
Net Interest Income after Loan Loss Provision	63.9	46.9	23.7	25.5	13.6
Commissions & Fees from Securities Activities	38.5	31.8	25.1	21.5	18.7
Investment Securities Gains	0.0	2.9	6.7	0.0	0.7
Other Unusual Income	0.0	0.0	0.0	0.0	0.0
Other Revenue	17.2	14.6	8.1	5.1	2.1
Non-Interest Income, Bank	55.8	49.3	39.9	26.6	21.6
Labor & Related Expenses	-28.3	-21.4	-14.4	-10.3	-7.9
Depreciation Expense	-10.4	-6.9	-5.6	-4.1	-3.0
Other Unusual Expense	0.0	0.0	0.0	-	-
Other Expense	-19.5	-14.2	-12.3	-11.8	-9.5
Non-Interest Expense, Bank	-58.2	-42.5	-32.4	-26.2	-20.4
Income Before Tax	61.4	53.7	31.2	25.9	14.8
Total Income Tax	32.3	25.0	14.7	13.9	7.9
Income After Tax	29.1	28.8	16.5	12.0	7.0
Net Income Before Extraord Items	29.1	28.8	16.5	12.0	7.0
Net Income	29.1	28.8	16.5	12.0	7.0
Income Available to Common Excl Extraord Items	29.1	28.8	16.5	12.0	7.0
Income Available to Common Incl Extraord Items	29.1	28.8	16.5	12.0	7.0
Basic/Primary Weighted Average Shares	200.0	200.0	200.0	200.0	200.0
Basic EPS Excl Extraord Items	0.15	0.14	0.08	0.06	0.03
Basic/Primary EPS Incl Extraord Items	0.15	0.14	0.08	0.06	0.03
Diluted Net Income	29.1	28.8	16.5	12.0	7.0
Diluted Weighted Average Shares	200.0	200.0	200.0	200.0	200.0
Diluted EPS Excl Extraord Items	0.15	0.14	0.08	0.06	0.03
Diluted EPS Incl Extraord Items	0.15	0.14	0.08	0.06	0.03
Dividends per Share - Common Stock Primary Issue	0.05	0.04	0.00	0.00	0.00
Gross Dividends - Common Stock	4.2	3.3	0.0	0.0	0.0
Depreciation, Supplemental	8.7	5.6	4.4	3.2	2.2
Total Special Items	-0.1	-0.1	0.0	0.0	0.0
Normalized Income Before Tax	61.4	53.6	31.2	25.9	14.8
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	32.3	24.9	14.7	13.9	7.9
Normalized Income After Tax	29.1	28.7	16.5	12.0	7.0
Normalized Inc. Avail to Com.	29.1	28.7	16.5	12.0	7.0
Basic Normalized EPS	0.15	0.14	0.08	0.06	0.03
Diluted Normalized EPS	0.15	0.14	0.08	0.06	0.03
Rental Expenses	5.0	3.4	1.7	1.7	1.5
Advertising Expense, Supplemental	2.5	1.8	1.8	1.1	0.9
Bank Total Revenue	122.8	102.9	69.8	53.1	38.9
Current Tax - Domestic	30.8	24.6	16.5	13.3	11.0
Current Tax - Total	30.8	24.6	16.5	13.3	11.0
Deferred Tax - Domestic	1.5	0.4	-1.8	0.6	-3.1
Deferred Tax - Total	1.5	0.4	-1.8	0.6	-3.1
Income Tax - Total	32.3	25.0	14.7	13.9	7.9

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 31-Dec-2011	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010	Restated Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate	81.83	70.475	69.26	68.91	69.555
Auditor	A. Qasem & Co.	A. Qasem & Co.	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Due from Banks	189.4	180.4	243.5	102.0	130.1
Fed Funds Sold/Securities Purch Under Resale Agrmnt	69.7	19.9	11.8	36.3	29.5
Other Short Term Investments	256.6	276.9	202.1	133.2	137.5
Other Earning Assets, Total	326.2	296.8	213.9	169.5	167.0
Net Loans	850.1	839.2	636.0	539.2	355.3
Buildings	4.9	5.6	3.2	1.8	1.7
Land/Improvements	9.1	10.6	4.6	4.6	4.4
Machinery/Equipment	53.7	39.7	27.2	19.3	14.2
Other Property/Plant/Equipment	5.6	5.3	5.1	4.0	3.5
Property/Plant/Equipment - Gross	73.3	61.3	40.1	29.8	23.8
Accumulated Depreciation	-24.7	-19.7	-14.5	-10.3	-7.3
Property/Plant/Equipment - Net	48.7	41.6	25.6	19.4	16.5
Interest Receivable	0.0	0.0	0.7	9.9	14.9
Other Assets	92.0	77.7	61.1	39.6	26.1
Other Assets, Total	92.0	77.7	61.8	49.5	41.0
Total Assets	1,506.4	1,435.7	1,180.9	879.7	709.8
Accounts Payable	13.6	17.9	14.4	12.1	12.3
Accrued Expenses	1.3	1.3	1.0	18.2	17.5
Interest Bearing Deposits	986.0	952.5	799.1	619.4	497.0
Other Deposits	231.2	210.8	165.3	117.0	96.1
Total Deposits	1,217.2	1,163.3	964.4	736.4	593.1
Income Taxes Payable	89.2	71.2	52.5	33.5	19.5
Other Current liabilities, Total	89.2	71.2	52.5	33.5	19.5
Long Term Debt	38.9	46.6	58.1	29.3	29.7
Total Long Term Debt	38.9	46.6	58.1	29.3	29.7
Total Debt	38.9	46.6	58.1	29.3	29.7
Other Liabilities	37.0	36.2	27.7	4.4	4.1
Other Liabilities, Total	37.0	36.2	27.7	4.4	4.1
Total Liabilities	1,397.1	1,336.4	1,118.1	833.8	676.3
Common Stock	28.2	31.7	28.9	21.8	14.4
Common Stock	28.2	31.7	28.9	21.8	14.4
Additional Paid-In Capital	0.1	0.2	0.2	0.2	0.2
Retained Earnings (Accumulated Deficit)	69.2	54.2	29.5	20.4	15.5
Unrealized Gain (Loss)	11.7	13.3	4.3	3.6	3.5
Other Equity	-	-	-	-	0.0
Other Equity, Total	-	-	-	-	0.0
Total Equity	109.2	99.3	62.8	45.9	33.6
Total Liabilities & Shareholders’ Equity	1,506.4	1,435.7	1,180.9	879.7	709.8
Shares Outstanding - Common Stock Primary Issue	200.0	200.0	200.0	200.0	200.0
Total Common Shares Outstanding	200.0	200.0	200.0	200.0	200.0
Employees	4,015	2,794	1,785	1,229	789
Number of Common Shareholders	7,457	8,409	7,508	4,010	1,387
Tier 1 Capital %	8.02%	6.39%	7.95%	6.91%	7.23%
Total Capital %	11.23%	9.64%	11.59%	10.89%	11.76%
Total Long Term Debt, Supplemental	38.9	40.9	58.1	29.3	22.5
Long Term Debt Maturing within 1 Year	9.0	2.9	23.8	2.7	3.3
Long Term Debt Maturing in Year 2	5.0	5.5	6.2	2.7	2.8
Long Term Debt Maturing in Year 3	5.0	5.5	6.2	2.7	2.8
Long Term Debt Maturing in Year 4	5.0	5.5	6.2	2.7	2.8
Long Term Debt Maturing in Year 5	5.0	5.5	6.2	2.7	2.8
Long Term Debt Maturing in 2-3 Years	9.9	11.1	12.4	5.5	5.7
Long Term Debt Maturing in 4-5 Years	9.9	11.1	12.4	5.5	5.7
Long Term Debt Matur. in Year 6 & Beyond	10.1	15.9	9.4	15.6	7.8

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 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265	69.026932	68.582616	68.868552
Auditor	A. Qasem & Co.	A. Qasem & Co.	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash Receipts	139.5	120.7	-15.2	-10.1	-7.8
Cash Payments	-39.7	-29.3	-3.6	-3.0	-1.9
Cash Taxes Paid	-23.0	-20.2	-9.6	-14.1	-5.4
Cash Interest Paid	-59.7	-52.3	-60.7	-56.1	-53.6
Other Operating Cash Flow	100.0	-49.8	213.9	59.6	109.6
Changes in Working Capital	100.0	-49.8	213.9	59.6	109.6
Cash from Operating Activities	117.0	-30.9	124.7	-23.7	41.0
Purchase of Fixed Assets	-23.2	-14.3	-10.8	-6.1	-7.6
Capital Expenditures	-23.2	-14.3	-10.8	-6.1	-7.6
Sale of Fixed Assets	0.4	0.1	0.1	0.2	0.1
Sale/Maturity of Investment	0.0	0.0	0.0	0.0	0.0
Investment, Net	8.7	-7.8	0.0	0.0	0.0
Other Investing Cash Flow Items, Total	9.0	-7.7	0.1	0.2	0.1
Cash from Investing Activities	-14.2	-21.9	-10.7	-5.9	-7.5
Cash Dividends Paid - Common	-3.1	0.0	0.0	0.0	-0.7
Total Cash Dividends Paid	-3.1	0.0	0.0	0.0	-0.7
Sale/Issuance of Common	0.0	0.0	1.3	7.1	7.2
Common Stock, Net	0.0	0.0	1.3	7.1	7.2
Issuance (Retirement) of Stock, Net	0.0	0.0	1.3	7.1	7.2
Cash from Financing Activities	-3.1	0.0	1.3	7.1	6.4
Net Change in Cash	99.7	-52.8	115.3	-22.5	39.9
Net Cash - Beginning Balance	189.3	254.2	141.0	164.4	123.8
Net Cash - Ending Balance	289.1	201.4	256.3	141.9	163.7
Depreciation	8.7	5.6	4.4	3.2	2.2

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	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265	69.026932	68.582616	68.868552
Auditor	A. Qasem & Co.	A. Qasem & Co.	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Interest on Loans & Advances	124.6	95.9	79.8	75.4	63.2
Interest on Balances with Other banks &	10.2	7.2	9.5	4.1	7.7
Interst Income - Off Shore Banking Unit	0.1	0.0	0.0	-	-
Total Revenue	134.8	103.1	89.3	79.5	70.9
Interest paid on Deposits & Borrowings &	67.9	49.5	59.3	53.0	53.6
Specific Provisions	2.0	0.6	4.0	-0.7	3.6
General Provisions	2.2	3.2	1.5	-0.1	-1.4
Release from General Provision for loans	-1.1	2.9	0.6	1.8	1.4
Provision for Other Classified Assets	0.0	0.0	0.0	0.0	0.0
Total Operating Expense	71.0	56.2	65.5	54.0	57.2
Dividend on Shares	0.0	0.1	0.0	0.0	0.0
Interest on Debenture	-	-	0.0	0.0	0.0
Interest on Treasury Bills	15.8	15.4	12.6	9.0	8.4
Gain on Sale of Shares	0.0	2.9	6.7	0.0	0.7
Commision,Exchange & Brokerage	22.7	16.4	12.5	12.4	10.3
Other Operating Income	17.2	14.5	8.1	5.0	2.1
Income from Sale of Fixed Assets	0.1	0.0	0.0	0.0	0.0
Salary & Allowances	-28.1	-21.2	-14.3	-10.3	-7.9
Rent, Rates & Taxes,Insurance,Electricit	-7.7	-5.4	-3.2	-2.7	-2.3
Legal Expenses	0.0	0.0	0.0	0.0	0.0
Postage,Stamp,Telecommunication,Etc	-1.6	-1.3	-1.1	-0.4	-0.4
Printing,Stationery & Advertisement	-2.5	-1.8	-1.8	-1.1	-0.9
Managing Director's Salary & Allowances	-0.1	-0.2	-0.1	-0.1	-0.1
Directors Fees	0.0	0.0	0.0	0.0	0.0
Audit Fess	0.0	0.0	0.0	0.0	0.0
Charges on Loan Losses	-2.0	0.0	0.0	-2.8	-1.6
Depreciation & Repair of banks Assets	-10.4	-6.9	-5.6	-4.1	-3.0
Other Expenses	-4.7	-4.7	-3.8	-2.8	-3.2
Debit/Credit Charges	-1.1	-1.0	-0.7	-0.5	-0.3
Contribution to Dutch-Bangla bank Founda	-	0.0	-1.6	-1.4	-0.8
Extra Ordinary Gain	0.0	0.0	0.0	-	-
Total Non-Interest Revenue	55.8	49.3	39.9	26.6	21.6
Total Non-Interest Expense	-58.2	-42.5	-32.4	-26.2	-20.4
Net Income Before Taxes	61.4	53.7	31.2	25.9	14.8
Provision for Income Taxes	32.3	25.0	14.7	13.9	7.9
Net Income After Taxes	29.1	28.8	16.5	12.0	7.0
Net Income Before Extra. Items	29.1	28.8	16.5	12.0	7.0
Net Income	29.1	28.8	16.5	12.0	7.0
Income Available to Com Excl ExtraOrd	29.1	28.8	16.5	12.0	7.0
Income Available to Com Incl ExtraOrd	29.1	28.8	16.5	12.0	7.0
Basic Weighted Average Shares	200.0	200.0	200.0	200.0	200.0
Basic EPS Excluding ExtraOrdinary Items	0.15	0.14	0.08	0.06	0.03
Basic EPS Including ExtraOrdinary Items	0.15	0.14	0.08	0.06	0.03
Diluted Net Income	29.1	28.8	16.5	12.0	7.0
Diluted Weighted Average Shares	200.0	200.0	200.0	200.0	200.0
Diluted EPS Excluding ExtraOrd Items	0.15	0.14	0.08	0.06	0.03
Diluted EPS Including ExtraOrd Items	0.15	0.14	0.08	0.06	0.03
DPS-Common Shares	0.05	0.04	0.00	0.00	0.00
Gross Dividends - Common Stock	4.2	3.3	0.0	0.0	0.0
Normalized Income Before Taxes	61.4	53.6	31.2	25.9	14.8
Inc Tax Ex Impact of Sp Items	32.3	24.9	14.7	13.9	7.9
Normalized Income After Taxes	29.1	28.7	16.5	12.0	7.0
Normalized Inc. Avail to Com.	29.1	28.7	16.5	12.0	7.0
Basic Normalized EPS	0.15	0.14	0.08	0.06	0.03
Diluted Normalized EPS	0.15	0.14	0.08	0.06	0.03
Advertising Expense, Supplemental	2.5	1.8	1.8	1.1	0.9
Depreciation, Supplemental	8.7	5.6	4.4	3.2	2.2
Rental Expense, Supplemental	5.0	3.4	1.7	1.7	1.5
Current Tax	30.8	24.6	16.5	13.3	11.0
Current Tax - Total	30.8	24.6	16.5	13.3	11.0
Deferred Tax	1.5	0.4	-1.8	0.6	-3.1
Deferred Tax - Total	1.5	0.4	-1.8	0.6	-3.1
Income Tax - Total	32.3	25.0	14.7	13.9	7.9

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 31-Dec-2011	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010	Restated Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate	81.83	70.475	69.26	68.91	69.555
Auditor	A. Qasem & Co.	A. Qasem & Co.	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash in Hand	43.2	53.5	28.0	18.1	14.2
Balances with Bangladesh Bank & Its Agen	86.8	88.7	68.1	56.3	46.1
Other Banks & Financial Instituions-In B	55.3	31.3	143.5	25.5	66.1
Other Banks & Financial Instituions-Outs	4.2	7.0	3.9	2.1	3.6
Money at Call & Short Notice	69.7	19.9	11.8	36.3	29.5
Investment-Government	118.9	138.2	139.6	77.0	84.6
Investment-Others	14.3	17.9	0.2	0.3	0.3
Loans,Cash Credits,Overdraft,Etc	850.1	839.2	636.0	539.2	355.3
Bills Purchase & Discounted	123.4	120.8	62.3	56.0	52.6
Lease Receivables	0.0	0.0	0.7	9.9	14.9
Land	9.1	10.6	4.6	4.6	4.4
Building	4.9	5.6	3.2	1.8	1.7
Interior Decoration	5.6	5.3	5.1	4.0	3.5
Furniture & Fixtures	1.9	1.9	1.7	1.5	1.2
Machinery & Equipment	6.8	5.9	4.6	3.3	2.4
Computer & Accessories	35.8	24.2	15.7	11.0	8.1
Motor Vehicles	3.6	3.2	2.0	1.9	1.5
ATM Booth	5.5	4.5	3.2	1.7	1.1
Books	0.0	0.0	0.0	0.0	0.0
Accumulated Depreciation	-24.7	-19.7	-14.5	-10.3	-7.3
Other Assets	92.0	77.7	61.1	39.6	26.1
Total Assets	1,506.4	1,435.7	1,180.9	879.7	709.8
Current Deposits & Other Accounts,Etc	231.2	210.8	165.3	117.0	96.1
Savings Bank Deposits	458.3	440.3	322.6	177.2	110.8
Term Deposits	527.7	512.2	476.5	442.2	386.2
Bills Payable	13.6	17.9	14.4	12.1	12.3
Provisions	1.3	1.3	1.0	18.2	17.5
Provision for Tax	89.2	71.2	52.5	33.5	19.5
Others	37.0	36.2	27.7	4.4	4.1
Long-term Liability-DBBL Industrial Bond	-	-	-	-	7.2
Subordiante Debt	16.5	20.1	21.9	20.7	13.5
Borrowings	22.4	26.5	36.3	8.6	9.1
Total Long Term Debt	38.9	46.6	58.1	29.3	29.7
Total Liabilities	1,397.1	1,336.4	1,118.1	833.8	676.3
Share Capital	24.4	28.4	21.7	14.5	2.9
Share Premium	0.1	0.2	0.2	0.2	0.2
Statutory Reserves	44.7	39.0	28.9	17.4	12.1
Other Reserve	0.1	0.2	0.1	0.1	-
Dividend Equalization Accounts	3.1	1.5	0.4	0.4	0.4
Asset Revaluation Reserve	10.4	12.1	3.5	3.6	3.5
Revaluation Reserve of HTM Securities	1.3	1.2	0.8	0.0	0.0
Proposed Bonus Share	3.8	3.3	7.2	7.3	11.5
Proposed Dividend	-	-	-	-	0.0
Retained Earnings	21.2	13.6	0.2	2.6	3.0
Total Equity	109.2	99.3	62.8	45.9	33.6
Total Liabilities & Shareholders' Equity	1,506.4	1,435.7	1,180.9	879.7	709.8
S/O-Common Shares	200.0	200.0	200.0	200.0	200.0
Total Common Shares Outstanding	200.0	200.0	200.0	200.0	200.0
Total Capital %	11.23%	9.64%	11.59%	10.89%	11.76%
Tier Capital %	8.02%	6.39%	7.95%	6.91%	7.23%
Full-Time Employees	4,015	2,794	1,785	1,229	789
Number of Common Shareholders	7,457	8,409	7,508	4,010	1,387
Long Term Debt Maturing within 1 Year	9.0	2.9	23.8	2.7	3.3
Long Term Debt Maturing in Year 5	19.9	22.2	24.9	11.0	11.4
Long Term Debt - Remaining Maturities	10.1	15.9	9.4	15.6	7.8
Total Long Term Debt, Supplemental	38.9	40.9	58.1	29.3	22.5

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 31-Dec-2011	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	74.041708	69.60265	69.026932	68.582616	68.868552
Auditor	A. Qasem & Co.	A. Qasem & Co.	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash Receipts	139.5	120.7	-15.2	-10.1	-7.8
Cash Payments	-39.7	-29.3	-3.6	-3.0	-1.9
Interest Received in Cash	-	-	100.6	74.3	78.1
Cash Interest Paid	-59.7	-52.3	-60.7	-56.1	-53.6
Dividend Received	0.0	0.1	0.0	0.0	0.0
Gain on Sale of Shares	0.0	2.9	1.6	0.0	-
Gain on Sale of Securities	0.7	0.1	5.0	0.0	-
Recoveries of Loan previously Written-Of	0.4	1.5	0.0	0.0	-
Fees & Commission Received in Cash	6.7	7.0	4.7	4.6	3.8
Cash Taxes Paid	-23.0	-20.2	-9.6	-14.1	-5.4
Received from Other Operating Activities	33.2	23.9	15.8	13.5	8.8
Paid for Other Operating Activities	-15.0	-11.0	-8.1	-6.9	-5.4
Statutory Deposits	57.8	35.8	45.3	19.8	9.8
Purchase-Sale of Trading Securities	-5.9	-9.7	-66.1	2.1	-11.5
Loans & Advances to Customer	-157.2	-278.5	-99.3	-177.7	14.7
Other Assets	2.3	-2.1	-4.1	18.3	-6.1
Deposits from Other Banks	-50.7	53.5	1.8	-6.6	-18.1
Deposits from Customers	220.8	135.6	189.0	127.3	37.8
Other Liabilities Accounts of Customer	4.0	-10.1	27.8	-7.9	-3.1
Other Liabilities	2.8	1.4	-0.3	-1.2	0.7
Cash from Operating Activities	117.0	-30.9	124.7	-23.7	41.0
Payments for Purcahse of Securities	8.7	-7.8	0.0	0.0	0.0
Proceeds from Sale of Securities	0.0	0.0	0.0	0.0	0.0
Capital Expenditures	-23.2	-14.3	-10.8	-6.1	-7.6
Sale Proceeds of Property,Plant & equipm	0.4	0.1	0.1	0.2	0.1
Cash from Investing Activities	-14.2	-21.9	-10.7	-5.9	-7.5
Received from Issue of Loan Capital & De	0.0	0.0	1.3	7.1	7.2
Dividend Paid	-3.1	0.0	0.0	0.0	-0.7
Cash from Financing Activities	-3.1	0.0	1.3	7.1	6.4
Net Change in Cash	99.7	-52.8	115.3	-22.5	39.9
Depreciation	8.7	5.6	4.4	3.2	2.2
Cash Begining of Year	189.3	254.2	141.0	164.4	123.8
Cash Ending of Year	289.1	201.4	256.3	141.9	163.7

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 30-Sep-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	33.0	24.17%	122.8	26.98%	35.68%	34.45%
Income Available to Common Excl Extraord Items1	3.9	-21.28%	29.1	7.62%	37.90%	42.86%
Basic EPS Excl Extraord Items1	0.02	-21.12%	0.15	7.62%	37.90%	42.86%
Capital Expenditures2	12.8	-23.87%	23.2	72.92%	60.21%	44.74%
Cash from Operating Activities2	261.8	155.90%	117.0	-	-	45.08%
Free Cash Flow	250.5	191.30%	84.9	-	-	45.17%
Total Assets3	1,826.6	26.06%	1,506.4	21.83%	26.69%	22.06%
Total Liabilities3	1,702.1	26.35%	1,397.1	21.39%	25.78%	21.14%
Total Long Term Debt3	47.7	30.69%	38.9	-2.99%	16.43%	12.25%
Employees3	-	-	4015	43.70%	48.38%	42.47%
Total Common Shares Outstanding3	200.0	0.00%	200.0	0.00%	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	31-Dec-2007
Interest Income, Bank1	134.8	103.1	89.3	79.5	70.9
Total Interest Expense1	67.9	49.5	59.3	53.0	53.6
Loan Loss Provision1	3.1	6.6	6.2	1.0	3.6
Cash & Due from Banks3	189.4	180.4	243.5	102.0	130.1
Total Deposits3	1,217.2	1,163.3	964.4	736.4	593.1
1-ExchangeRate: BDT to USD Average for Period	74.041708	69.602650	69.026932	68.582616	68.868552
3-ExchangeRate: BDT to USD Period End Date	81.830000	70.475000	69.260000	68.910000	69.555000

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Pretax Margin	45.55%	52.11%	34.96%	32.57%	20.95%
Net Profit Margin	21.58%	27.91%	18.46%	15.07%	9.83%
Financial Strength
Long Term Debt/Equity	0.36	0.47	0.93	0.64	0.89
Total Debt/Equity	0.36	0.47	0.93	0.64	0.89
Management Effectiveness
Return on Assets	1.92%	2.19%	1.60%	1.49%	1.01%
Return on Equity	27.04%	35.27%	30.28%	29.89%	24.02%
Efficiency
Receivables Turnover	0.14	0.14	0.12	0.12	0.11
Asset Turnover	0.08	0.08	0.07	0.07	0.06

Market Valuation USD (mil)
P/E (TTM)	9.27	.	Enterprise Value2	-13.8
Price/Sales (TTM)	1.87	.	Price/Book (MRQ)(?)	1.98
Enterprise Value/EBITDA (TTM)	-0.09	.	Market Cap1	258.7
1-ExchangeRate: BDT to USD on 25-Jul-2013	77.844759
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	31-Dec-2007
Financial Strength
Long Term Debt/Equity	0.36	0.47	0.93	0.64	0.89
Total Debt/Equity	0.36	0.47	0.93	0.64	0.89
Long Term Debt/Total Capital	0.26	0.32	0.48	0.39	0.47
Total Debt/Total Capital	0.26	0.32	0.48	0.39	0.47
Payout Ratio	37.13%	29.97%	0.00%	0.00%	0.00%
Effective Tax Rate	52.62%	46.45%	47.19%	53.74%	53.06%
Total Capital1	148.1	145.9	121.0	75.2	63.3
Efficiency
Asset Turnover	0.08	0.08	0.07	0.07	0.06
Receivables Turnover	0.14	0.14	0.12	0.12	0.11
Days Receivables Outstanding	2,583.95	2,630.61	3,075.68	3,102.44	3,392.35
Revenue/Employee2	27,669	36,358	38,976	42,974	48,799
Profitability
Pretax Margin	45.55%	52.11%	34.96%	32.57%	20.95%
Net Profit Margin	21.58%	27.91%	18.46%	15.07%	9.83%
Management Effectiveness
Return on Assets	1.92%	2.19%	1.60%	1.49%	1.01%
Return on Equity	27.04%	35.27%	30.28%	29.89%	24.02%
Valuation
Free Cash Flow/Share2	0.42	-0.22	0.57	-0.15	0.17
Operating Cash Flow/Share 2	0.53	-0.15	0.62	-0.12	0.20
1-ExchangeRate: BDT to USD Period End Date	81.83	70.475	69.26	68.91	69.555
2-ExchangeRate: BDT to USD Average for Period	81.83	70.475	69.26	68.91	69.555

Current Market Multiples
Market Cap/Earnings (TTM)	9.27
Market Cap/Equity (MRQ)	1.98
Market Cap/Revenue (TTM)	1.54
Market Cap/EBIT (TTM)	1.78
Market Cap/EBITDA (TTM)	1.63
Enterprise Value/Earnings (TTM)	-0.52
Enterprise Value/Equity (MRQ)	-0.11
Enterprise Value/Revenue (TTM)	-0.09
Enterprise Value/EBIT (TTM)	-0.10
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 :

MNL

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.