MIRA INFORM REPORT
|
Report Date : |
19.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SOCIAL ISLAMI BANK LTD |
|
|
|
|
Registered Office : |
City Center, 18th, 19th, 20th Floor, 103, Motijheel
Commercial Area Dhaka, 1000 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
05.07.1995 |
|
|
|
|
Legal Form : |
Public Independent |
|
|
|
|
Line of Business : |
Commercial Banking |
|
|
|
|
No. of Employees : |
1,625 |
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 |
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|
|
|
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 |
company name and address
SOCIAL ISLAMI BANK LTD
|
city center, 18th, 19th, 20th Floor, 103, Motijheel
Commercial Area Dhaka, 1000, Bangladesh
|
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Business Description
Social Islami Bank Limited (the Bank) is a Bangladesh-based
bank. In the corporate sector, the Bank would, among others, offer banking
services through opening of various types of deposit and investment accounts,
financing trade, providing letters of guarantee, opening letters of credit,
collection of bills effecting domestic and international transfer, leasing of
equipment and consumer durables, hire purchase and installment sale for capital
goods, investment in low-cost housing and management of real estates,
participatory investment in various industrial, agricultural, transport,
educational and health projects. In the Non-formal non-corporate sector, it
would, among others, engage in cash Waqf Certificate and development and
management of WAQF and MOSQUE properties, and Trust funds. On January 1, 2012,
the Bank opened 76th Humna Branch. For the nine months ended 30 September 2012,
Social Islami Bank Ltd interest income increased 63% to BDT7.95B. Net interest
income after loan loss provision increased 78% to BDT1.94B. Net income
increased 15% to BDT822.2M. Net interest income after loan loss provision
reflects increase in interest earning assets and decrease in interest bearing
liabilities. Net income was partially offset by Profit paid on Deposits increase
of 68% to BDT5.39B (expense).
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
ISIC Rev 4: |
|
|
NACE Rev 2: |
|
|
NAICS 2012: |
|
|
UK SIC 2007: |
|
|
US SIC 1987: |
Key Executives
|
Name |
Title |
|
Managing Director, Director |
|
|
Executive Vice President, Chief Financial Officer |
|
|
Executive Vice President, Company Secretary |
|
|
Executive Vice President |
|
|
Executive Vice President |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
1 |
Social
Islami Bank Ltd Appoints Mr. Md. Shafiqur Rahman As Managing Director |
7-Jan-2013 |
|
|
2 |
15-May-2013 |
||
|
1 |
Emerging
Credit Rating Limited Rates Social Islami Bank Ltd With AA- |
30-May-2013 |
* number of
significant developments within the last 12 months
News
|
Title |
Date |
|
World Stock Reports: Chittagong
Stock Exchange Ltd Securities Traded Statement: 15-08-2013 |
15-Aug-2013 |
|
World Stock Reports: Chittagong
Stock Exchange Ltd OddLot Trade: 15-08-2013 |
15-Aug-2013 |
|
Banking shares fall Tk 20 on poor
feat, scandals |
15-Aug-2013 |
|
World Stock Reports: Chittagong Stock
Exchange Ltd Securities Traded Statement: 14-08-2013 |
14-Aug-2013 |
|
World Stock Reports: Chittagong
Stock Exchange Ltd OddLot Trade: 14-08-2013 |
14-Aug-2013 |
|
World Stock Reports: Chittagong
Stock Exchange Ltd Securities Traded Statement: 12-08-2013 |
12-Aug-2013 |
Financial Summary
As of 30-Sep-2012
|
Key Ratios |
Company |
Industry |
|
Debt to Equity (MRQ) |
0.0000 |
|
|
Net Profit Margin (TTM) % |
21.94 |
42.82 |
Stock Snapshot
|
Traded: Dhaka Stock Exchange: SIBL |
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As of 25-Jul-2013 Financials in: BDT |
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|
1 - Profit & Loss
Item Exchange Rate: USD 1 = BDT 81.86564
2 - Balance Sheet Item Exchange Rate: USD 1 = BDT 81.2
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|
ANZSIC 2006 Codes: |
||
|
6221 |
- |
Banking |
|
6240 |
- |
Financial
Asset Investing |
|
6720 |
- |
Real
Estate Services |
|
6230 |
- |
Non-Depository
Financing |
|
ISIC Rev 4 Codes: |
||
|
6419 |
- |
Other
monetary intermediation |
|
6820 |
- |
Real
estate activities on a fee or contract basis |
|
6499 |
- |
Other financial
service activities, except insurance and pension funding activities, n.e.c. |
|
6492 |
- |
Other
credit granting |
|
NACE Rev 2 Codes: |
||
|
6419 |
- |
Other
monetary intermediation |
|
6831 |
- |
Real
estate agencies |
|
6499 |
- |
Other financial
service activities, except insurance and pension funding, n.e.c. |
|
6492 |
- |
Other
credit granting |
|
NAICS 2012 Codes: |
||
|
52211 |
- |
Commercial
Banking |
|
525990 |
- |
Other
Financial Vehicles |
|
522220 |
- |
Sales
Financing |
|
531210 |
- |
Offices
of Real Estate Agents and Brokers |
|
523910 |
- |
Miscellaneous
Intermediation |
|
522293 |
- |
International
Trade Financing |
|
US SIC 1987: |
||
|
6029 |
- |
Commercial
Banks, Not Elsewhere Classified |
|
6726 |
- |
Unit Investment
Trusts, Face-Amount Certificate offices, and Closed-End Management Investment
Offices |
|
6081 |
- |
Branches
and Agencies of Foreign Banks |
|
6531 |
- |
Real
Estate Agents and Managers |
|
6799 |
- |
Investors,
Not Elsewhere Classified |
|
6159 |
- |
Miscellaneous
Business Credit Institutions |
|
UK SIC 2007: |
||
|
64191 |
- |
Banks |
|
6831 |
- |
Real
estate agencies |
|
6499 |
- |
Other
financial service activities, except insurance and pension funding, n.e.c. |
|
6492 |
- |
Other credit
granting |
Social
Islami Bank Limited (the Bank) is a Bangladesh-based bank. In the corporate
sector, the Bank would, among others, offer banking services through opening of
various types of deposit and investment accounts, financing trade, providing
letters of guarantee, opening letters of credit, collection of bills effecting
domestic and international transfer, leasing of equipment and consumer
durables, hire purchase and installment sale for capital goods, investment in
low-cost housing and management of real estates, participatory investment in
various industrial, agricultural, transport, educational and health projects.
In the Non-formal non-corporate sector, it would, among others, engage in cash
Waqf Certificate and development and management of WAQF and MOSQUE properties,
and Trust funds. On January 1, 2012, the Bank opened 76th Humna Branch. For the
nine months ended 30 September 2012, Social Islami Bank Ltd interest income
increased 63% to BDT7.95B. Net interest income after loan loss provision
increased 78% to BDT1.94B. Net income increased 15% to BDT822.2M. Net interest
income after loan loss provision reflects increase in interest earning assets
and decrease in interest bearing liabilities. Net income was partially offset
by Profit paid on Deposits increase of 68% to BDT5.39B (expense).
More
Business Descriptions
Commerical
banking services operating under Islamic principles
Investment
Banking Services
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Executives Report
Board of Directors
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Chairman of the Board |
Chairman |
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Vice Chairman |
Chairman |
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Chairman |
Chairman |
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Vice Chairman of the Board |
Vice-Chairman |
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Vice Chairman |
Vice-Chairman |
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Vice Chairman of the Board |
Vice-Chairman |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Managing Director, Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Member |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Member |
Director/Board Member |
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Executives
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Deputy Managing Director |
Managing Director |
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Managing Director, Director |
Managing Director |
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Deputy Managing Director |
Managing Director |
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Deputy Managing Director |
Managing Director |
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Deputy Managing Director |
Managing Director |
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Secretary |
Administration Executive |
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Executive Vice President, Company Secretary |
Company Secretary |
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Executive Vice President, Chief Financial Officer |
Finance Executive |
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Executive Vice President |
Human Resources Executive |
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Executive Vice President |
Other |
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Executive Vice President |
Other |
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Executive Vice President |
Other |
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Executive Vice President |
Other |
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Executive Vice President |
Other |
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Executive Vice President |
Other |
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Executive Vice President |
Other |
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Executive Vice President |
Other |
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|||||
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|
Emerging Credit Rating Limited Rates Social Islami Bank Ltd With AA- May 30, 2013
|
|
Social Islami Bank Ltd Proposes Bonus Share May 15, 2013
|
|
Social Islami Bank Ltd Recommends Cash Dividend And Stock Dividend May 12, 2013
|
|
Social Islami Bank Ltd Appoints Mr. Md. Shafiqur Rahman As Managing Director Jan 07, 2013
|
News
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items
(actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate (Period
Average) |
81.86564 |
74.041708 |
69.60265 |
69.026932 |
68.582616 |
|
Auditor |
|
Syful Shamsul Alam
& Co |
Syful Shamsul Alam
& Co |
|
|
|
Auditor Opinion |
|
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
|
|
Interest & Dividends on
Investment Securities |
- |
93.5 |
55.8 |
44.6 |
39.8 |
|
Interest Income, Bank |
- |
93.5 |
55.8 |
44.6 |
39.8 |
|
Interest on Deposit |
- |
61.3 |
35.0 |
29.9 |
30.2 |
|
Total Interest Expense |
- |
61.3 |
35.0 |
29.9 |
30.2 |
|
Net Interest Income |
- |
32.2 |
20.8 |
14.7 |
9.6 |
|
|
|
|
|
|
|
|
Loan Loss Provision |
- |
7.2 |
6.1 |
4.3 |
4.9 |
|
Net Interest Income after Loan Loss Provision |
- |
25.0 |
14.7 |
10.4 |
4.8 |
|
|
|
|
|
|
|
|
Fees & Commissions from
Operations |
- |
16.3 |
9.4 |
7.5 |
6.6 |
|
Investment Securities Gains |
- |
2.3 |
4.9 |
0.7 |
1.5 |
|
Other Revenue |
- |
5.2 |
2.7 |
2.0 |
1.1 |
|
Non-Interest Income, Bank |
- |
23.8 |
17.0 |
10.2 |
9.2 |
|
Labor & Related Expenses |
- |
-12.1 |
-9.1 |
-5.8 |
-4.7 |
|
Depreciation Expense |
- |
-1.1 |
-0.9 |
-0.5 |
-0.3 |
|
Other Expense |
- |
-10.7 |
-5.4 |
-3.8 |
-3.7 |
|
Non-Interest Expense, Bank |
- |
-23.9 |
-15.4 |
-10.1 |
-8.8 |
|
Income Before Tax |
- |
25.0 |
16.3 |
10.5 |
5.2 |
|
|
|
|
|
|
|
|
Total Income Tax |
- |
11.0 |
7.1 |
4.3 |
2.2 |
|
Income After Tax |
- |
13.9 |
9.2 |
6.3 |
2.9 |
|
|
|
|
|
|
|
|
Minority Interest |
- |
0.0 |
0.0 |
- |
- |
|
Net Income Before Extraord Items |
- |
13.9 |
9.2 |
6.3 |
2.9 |
|
Net Income |
- |
13.9 |
9.2 |
6.3 |
2.9 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
- |
13.9 |
9.2 |
6.3 |
2.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
- |
13.9 |
9.2 |
6.3 |
2.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
- |
660.1 |
509.4 |
51.6 |
25.8 |
|
Basic EPS Excl Extraord Items |
- |
0.02 |
0.02 |
0.12 |
0.11 |
|
Basic/Primary EPS Incl Extraord Items |
- |
0.02 |
0.02 |
0.12 |
0.11 |
|
Diluted Net Income |
- |
13.9 |
9.2 |
6.3 |
2.9 |
|
Diluted Weighted Average Shares |
- |
660.1 |
509.4 |
51.6 |
25.8 |
|
Diluted EPS Excl Extraord Items |
- |
0.02 |
0.02 |
0.12 |
0.11 |
|
Diluted EPS Incl Extraord Items |
- |
0.02 |
0.02 |
0.12 |
0.11 |
|
Depreciation, Supplemental |
- |
1.1 |
0.9 |
0.5 |
0.3 |
|
Normalized Income Before Tax |
- |
25.0 |
16.3 |
10.5 |
5.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
- |
11.0 |
7.1 |
4.3 |
2.2 |
|
Normalized Income After Tax |
- |
13.9 |
9.2 |
6.3 |
2.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
- |
13.9 |
9.2 |
6.3 |
2.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
- |
0.02 |
0.02 |
0.12 |
0.11 |
|
Diluted Normalized EPS |
- |
0.02 |
0.02 |
0.12 |
0.11 |
|
Bank Total Revenue |
- |
56.0 |
37.8 |
24.9 |
18.8 |
|
Current Tax - Domestic |
- |
- |
- |
4.0 |
2.2 |
|
Current Tax - Total |
- |
- |
- |
4.0 |
2.2 |
|
Deferred Tax - Domestic |
- |
- |
- |
0.2 |
0.0 |
|
Deferred Tax - Total |
- |
- |
- |
0.2 |
0.0 |
|
Income Tax - Total |
- |
- |
- |
4.3 |
2.2 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate |
81.199997 |
81.83 |
70.475 |
69.26 |
68.91 |
|
Auditor |
|
Syful Shamsul Alam
& Co |
Syful Shamsul Alam
& Co |
|
|
|
Auditor Opinion |
|
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
|
|
Cash & Due from Banks |
- |
117.4 |
87.1 |
135.5 |
97.9 |
|
Interest-earning Deposits |
- |
91.1 |
77.6 |
0.0 |
- |
|
Other Short Term Investments |
- |
658.8 |
520.5 |
383.8 |
289.5 |
|
Securities
for Sale |
- |
46.0 |
36.2 |
18.9 |
12.4 |
|
Total Investment Securities |
- |
46.0 |
36.2 |
18.9 |
12.4 |
|
Other Earning Assets, Total |
- |
795.9 |
634.2 |
402.7 |
301.9 |
|
Property/Plant/Equipment - Net |
- |
26.1 |
13.0 |
9.4 |
6.4 |
|
Other Assets |
- |
86.7 |
41.4 |
29.6 |
26.3 |
|
Other Assets, Total |
- |
86.7 |
41.4 |
29.6 |
26.3 |
|
Total Assets |
- |
1,026.0 |
775.7 |
577.3 |
432.6 |
|
|
|
|
|
|
|
|
Interest Bearing Deposits |
- |
615.0 |
457.1 |
282.9 |
293.3 |
|
Other Deposits |
- |
230.7 |
209.3 |
163.7 |
50.6 |
|
Total Deposits |
- |
845.7 |
666.5 |
446.6 |
344.0 |
|
Other Bearing Liabilities |
- |
11.7 |
9.4 |
9.5 |
5.7 |
|
Other Bearing Liabilities, Total |
- |
11.7 |
9.4 |
9.5 |
5.7 |
|
Other Short Term Borrowings |
- |
- |
- |
41.9 |
34.8 |
|
Total Short Term Borrowings |
- |
- |
- |
41.9 |
34.8 |
|
Total Long Term Debt |
- |
0.0 |
0.0 |
- |
- |
|
Total Debt |
- |
0.0 |
0.0 |
41.9 |
34.8 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
- |
-0.1 |
-0.1 |
0.4 |
0.2 |
|
Deferred Income Tax |
- |
-0.1 |
-0.1 |
0.4 |
0.2 |
|
Minority Interest |
- |
0.0 |
0.0 |
- |
- |
|
Other Liabilities |
- |
54.3 |
40.4 |
27.6 |
20.8 |
|
Other Liabilities, Total |
- |
54.3 |
40.4 |
27.6 |
20.8 |
|
Total Liabilities |
- |
911.7 |
716.1 |
525.9 |
405.5 |
|
|
|
|
|
|
|
|
Common Stock |
- |
78.1 |
42.4 |
38.9 |
19.0 |
|
Common Stock |
- |
78.1 |
42.4 |
38.9 |
19.0 |
|
Retained Earnings (Accumulated Deficit) |
- |
22.3 |
17.1 |
12.5 |
8.1 |
|
Unrealized Gain (Loss) |
- |
13.9 |
0.0 |
- |
- |
|
Total Equity |
- |
114.4 |
59.5 |
51.3 |
27.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
- |
1,026.0 |
775.7 |
577.3 |
432.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock
Primary Issue |
- |
703.3 |
657.3 |
592.2 |
288.2 |
|
Total Common Shares Outstanding |
- |
703.3 |
657.3 |
592.2 |
288.2 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate (Period
Average) |
81.86564 |
74.041708 |
69.60265 |
69.026932 |
68.582616 |
|
Auditor |
|
Syful Shamsul Alam
& Co |
Syful Shamsul Alam
& Co |
|
|
|
Auditor Opinion |
|
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
|
|
Cash Receipts |
- |
93.5 |
55.8 |
44.6 |
39.8 |
|
Cash Payments |
- |
-13.3 |
-10.0 |
-6.6 |
-5.4 |
|
Cash Taxes Paid |
- |
-8.4 |
-4.4 |
-2.1 |
-2.0 |
|
Other Assets |
- |
-48.0 |
-8.0 |
-1.3 |
-8.3 |
|
Other Liabilities |
- |
297.5 |
182.0 |
106.6 |
65.2 |
|
Other Operating Cash Flow |
- |
-304.9 |
-191.7 |
-124.8 |
-78.2 |
|
Changes in Working Capital |
- |
-55.4 |
-17.6 |
-19.5 |
-21.2 |
|
Cash from Operating Activities |
- |
16.4 |
23.8 |
16.3 |
11.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
- |
-2.1 |
-4.5 |
-3.4 |
-4.8 |
|
Capital Expenditures |
- |
-2.1 |
-4.5 |
-3.4 |
-4.8 |
|
Sale of Fixed Assets |
- |
0.1 |
0.0 |
- |
- |
|
Other Investing Cash Flow Items, Total |
- |
0.1 |
0.0 |
- |
- |
|
Cash from Investing Activities |
- |
-1.9 |
-4.5 |
-3.4 |
-4.8 |
|
|
|
|
|
|
|
|
Sale/Issuance
of Common |
- |
53.6 |
7.2 |
18.1 |
0.0 |
|
Common Stock, Net |
- |
53.6 |
7.2 |
18.1 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
- |
53.6 |
7.2 |
18.1 |
0.0 |
|
Short Term
Debt Issued |
- |
5.7 |
5.5 |
7.2 |
0.0 |
|
Short Term Debt, Net |
- |
5.7 |
5.5 |
7.2 |
0.0 |
|
Issuance (Retirement) of Debt, Net |
- |
5.7 |
5.5 |
7.2 |
0.0 |
|
Cash from Financing Activities |
- |
59.3 |
12.6 |
25.4 |
0.0 |
|
|
|
|
|
|
|
|
Net Change in Cash |
- |
73.7 |
31.9 |
38.3 |
6.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
- |
156.7 |
134.9 |
97.7 |
91.9 |
|
Net Cash - Ending Balance |
- |
230.4 |
166.7 |
136.0 |
98.4 |
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 |
Restated 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 |
|
|
|
|
Auditor Opinion |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
|
|
|
Investment Income |
93.5 |
55.8 |
44.6 |
39.8 |
30.4 |
|
Total Revenue |
93.5 |
55.8 |
44.6 |
39.8 |
30.4 |
|
|
|
|
|
|
|
|
Profit paid on Deposits |
61.3 |
35.0 |
29.9 |
30.2 |
24.8 |
|
Specific Provision for Investment |
4.9 |
4.8 |
3.5 |
4.3 |
1.8 |
|
General Provision for Investment |
2.2 |
1.4 |
0.8 |
0.5 |
0.8 |
|
Total Operating Expense |
68.5 |
41.1 |
34.2 |
35.1 |
27.4 |
|
|
|
|
|
|
|
|
Other Operating Income |
5.2 |
2.7 |
2.0 |
1.1 |
0.9 |
|
Commission, Exchange &
Brokerage |
16.3 |
9.4 |
7.5 |
6.6 |
5.1 |
|
Income from Investment in Shares
& Secur |
2.3 |
4.9 |
0.7 |
1.5 |
1.5 |
|
Salaries and Allowance |
-12.1 |
-9.1 |
-5.8 |
-4.7 |
-3.8 |
|
Rent, Taxes, Insurance,
Electricity |
-1.7 |
-1.5 |
-1.0 |
-0.7 |
-0.6 |
|
Legal Expenses |
0.0 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Postage, Stamps, telecommunication
etc |
-0.3 |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
|
Stationery, Printing, Advertising
etc |
-0.7 |
-0.6 |
-0.5 |
-0.3 |
-0.2 |
|
Managing Directors Salary &
Allowan |
-0.2 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Directors Fees & Expenses |
-0.1 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Shariah Supervisory Committee Fees |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Auditors Fees |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation & Repair of Bank |
-1.1 |
-0.9 |
-0.5 |
-0.3 |
-0.3 |
|
Other Expenses |
-3.0 |
-1.8 |
-1.3 |
-0.9 |
-0.8 |
|
General Provision for off-Balance
Sheet |
-0.6 |
-0.3 |
-0.1 |
-0.9 |
- |
|
Provision for other assets |
-2.2 |
0.0 |
- |
- |
- |
|
Provision for diminution in value
of |
-0.8 |
0.0 |
- |
- |
- |
|
Provision for Diminuation in Value
of Sh |
- |
- |
0.0 |
-0.1 |
0.0 |
|
Provision for Zakat Fund |
-0.3 |
-0.3 |
-0.2 |
-0.2 |
-0.2 |
|
Provision for Gratuity |
-0.6 |
-0.5 |
-0.3 |
-0.3 |
-0.2 |
|
Total Non-Interest Revenue |
23.8 |
17.0 |
10.2 |
9.2 |
7.5 |
|
|
|
|
|
|
|
|
Total Non-Interest Expense |
-23.9 |
-15.4 |
-10.1 |
-8.8 |
-6.5 |
|
|
|
|
|
|
|
|
Net Income Before Taxes |
25.0 |
16.3 |
10.5 |
5.2 |
3.9 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
11.0 |
7.1 |
4.3 |
2.2 |
1.7 |
|
Net Income After Taxes |
13.9 |
9.2 |
6.3 |
2.9 |
2.2 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
- |
- |
- |
|
Net Income Before Extra. Items |
13.9 |
9.2 |
6.3 |
2.9 |
2.2 |
|
Net Income |
13.9 |
9.2 |
6.3 |
2.9 |
2.2 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
13.9 |
9.2 |
6.3 |
2.9 |
2.2 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
13.9 |
9.2 |
6.3 |
2.9 |
2.2 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
660.1 |
509.4 |
51.6 |
25.8 |
18.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.02 |
0.02 |
0.12 |
0.11 |
0.12 |
|
Basic EPS Including ExtraOrdinary Items |
0.02 |
0.02 |
0.12 |
0.11 |
0.12 |
|
Diluted Net Income |
13.9 |
9.2 |
6.3 |
2.9 |
2.2 |
|
Diluted Weighted Average Shares |
660.1 |
509.4 |
51.6 |
25.8 |
18.8 |
|
Diluted EPS Excluding ExtraOrd Items |
0.02 |
0.02 |
0.12 |
0.11 |
0.12 |
|
Diluted EPS Including ExtraOrd Items |
0.02 |
0.02 |
0.12 |
0.11 |
0.12 |
|
Normalized Income Before Taxes |
25.0 |
16.3 |
10.5 |
5.2 |
3.9 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
11.0 |
7.1 |
4.3 |
2.2 |
1.7 |
|
Normalized Income After Taxes |
13.9 |
9.2 |
6.3 |
2.9 |
2.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
13.9 |
9.2 |
6.3 |
2.9 |
2.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.02 |
0.02 |
0.12 |
0.11 |
0.12 |
|
Diluted Normalized EPS |
0.02 |
0.02 |
0.12 |
0.11 |
0.12 |
|
Depreciation, Supplemental |
1.1 |
0.9 |
0.5 |
0.3 |
0.3 |
|
Current Tax |
- |
- |
4.0 |
2.2 |
1.9 |
|
Current Tax - Total |
- |
- |
4.0 |
2.2 |
1.9 |
|
Deferred tax |
- |
- |
0.2 |
0.0 |
-0.1 |
|
Deferred Tax - Total |
- |
- |
0.2 |
0.0 |
-0.1 |
|
Income Tax - Total |
- |
- |
4.3 |
2.2 |
1.7 |
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 |
Restated Normal |
Updated Normal |
Updated Normal |
Updated 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 |
|
|
|
|
Auditor Opinion |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
|
|
|
Cash in Hand |
13.0 |
8.6 |
32.0 |
24.2 |
24.5 |
|
Balance with Bangladesh Bank &
It's Agen |
56.2 |
54.5 |
0.0 |
- |
- |
|
Balance with other Banks in
Bangladesh |
40.5 |
15.3 |
98.5 |
67.6 |
63.0 |
|
Balance with other Banks in
Outside Bang |
7.6 |
8.6 |
5.0 |
6.0 |
3.1 |
|
Placement with Banks & Other
Financial |
91.1 |
77.6 |
0.0 |
- |
- |
|
Investment in Shares &
Securities Govt |
25.1 |
14.9 |
10.8 |
10.9 |
7.2 |
|
Investment in Shares &
Securities Others |
20.9 |
21.3 |
8.1 |
1.5 |
0.8 |
|
General Investments |
597.9 |
434.7 |
0.0 |
- |
- |
|
Musharaka, Mudaraba, Murabaha,
Bai-Muazz |
- |
- |
323.6 |
226.0 |
192.8 |
|
Bills Purchased & Discounted |
60.9 |
85.8 |
60.1 |
63.5 |
43.6 |
|
Fixed Assets |
26.1 |
13.0 |
9.4 |
6.4 |
1.9 |
|
Other Assets |
86.7 |
41.4 |
29.6 |
26.3 |
16.0 |
|
Total Assets |
1,026.0 |
775.7 |
577.3 |
432.6 |
352.9 |
|
|
|
|
|
|
|
|
Borrowing from Other Banks,
Financial In |
- |
- |
41.9 |
34.8 |
30.6 |
|
Placement from Banks & Other
Financial |
45.2 |
46.5 |
0.0 |
- |
- |
|
Mudaraba Savings Deposits |
48.0 |
52.4 |
49.6 |
25.2 |
21.7 |
|
Mudaraba Term Deposits |
521.8 |
358.2 |
233.3 |
182.9 |
148.6 |
|
Mudaraba Short Notice Deposits |
- |
- |
0.0 |
22.7 |
14.7 |
|
Mudaraba Scheme Deposits |
- |
- |
0.0 |
62.5 |
46.0 |
|
Other Mudaraba Deposits |
128.3 |
115.8 |
101.8 |
0.0 |
- |
|
Al-Wadeeah Current & Other Deposits |
102.4 |
93.5 |
61.9 |
50.6 |
40.0 |
|
Bills Payable |
11.1 |
8.8 |
9.1 |
5.4 |
11.2 |
|
Cash Waqf Fund |
0.7 |
0.6 |
0.4 |
0.4 |
0.3 |
|
Other Liabilities |
54.3 |
40.4 |
27.6 |
20.8 |
15.8 |
|
Deferred Tax |
-0.1 |
-0.1 |
0.4 |
0.2 |
0.0 |
|
Minority Interest |
0.0 |
0.0 |
- |
- |
- |
|
Total Liabilities |
911.7 |
716.1 |
525.9 |
405.5 |
329.0 |
|
|
|
|
|
|
|
|
Paid-up Capital |
78.1 |
42.4 |
38.9 |
19.0 |
16.1 |
|
Statutory Reserves |
14.3 |
11.2 |
8.1 |
6.0 |
5.0 |
|
Revaluation Reserve |
13.9 |
0.0 |
- |
- |
- |
|
Other Reserves |
- |
- |
0.1 |
0.1 |
0.1 |
|
Retained earnings |
8.0 |
6.0 |
4.3 |
2.0 |
2.8 |
|
Total Equity |
114.4 |
59.5 |
51.3 |
27.1 |
23.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,026.0 |
775.7 |
577.3 |
432.6 |
352.9 |
|
|
|
|
|
|
|
|
S/O-Common Shares |
703.3 |
657.3 |
592.2 |
288.2 |
246.3 |
|
Total Common Shares Outstanding |
703.3 |
657.3 |
592.2 |
288.2 |
246.3 |
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 |
Restated 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 |
|
|
|
|
Auditor Opinion |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
|
|
|
Cash Receipts |
93.5 |
55.8 |
44.6 |
39.8 |
30.4 |
|
Cash Payments |
-13.3 |
-10.0 |
-6.6 |
-5.4 |
-4.3 |
|
Cash Taxes Paid |
-8.4 |
-4.4 |
-2.1 |
-2.0 |
-1.7 |
|
Investment Income |
2.3 |
4.9 |
0.7 |
1.5 |
1.5 |
|
Fee & Commission |
7.5 |
5.0 |
3.3 |
3.0 |
2.0 |
|
Profit paid on Deposits |
-61.3 |
-35.0 |
-29.9 |
-30.2 |
-24.8 |
|
Receipts from other Operating
Activities |
13.9 |
7.1 |
6.1 |
4.7 |
4.1 |
|
Payment from other Operating
Activities |
-5.0 |
-3.6 |
-2.4 |
-1.7 |
-1.5 |
|
Trading Securities |
-29.6 |
-25.0 |
0.0 |
- |
- |
|
Investment to Other Bank |
- |
- |
-6.6 |
-4.3 |
-0.8 |
|
Investment to Customers |
-232.7 |
-145.1 |
-96.0 |
-51.2 |
-16.4 |
|
Other Assets |
-48.0 |
-8.0 |
-1.3 |
-8.3 |
-3.1 |
|
Deposits from other Banks |
69.9 |
15.7 |
27.4 |
14.4 |
13.4 |
|
Deposits received from Customers |
228.7 |
167.7 |
81.1 |
50.5 |
38.6 |
|
Other Liabilities |
-1.1 |
-1.3 |
-1.9 |
0.4 |
3.7 |
|
Cash from Operating Activities |
16.4 |
23.8 |
16.3 |
11.2 |
41.0 |
|
|
|
|
|
|
|
|
Proceeds from sale of fixed assets |
0.1 |
0.0 |
- |
- |
- |
|
Capital Expenditure |
-2.1 |
-4.5 |
-3.4 |
-4.8 |
-0.2 |
|
Cash from Investing Activities |
-1.9 |
-4.5 |
-3.4 |
-4.8 |
-0.2 |
|
|
|
|
|
|
|
|
Receipts from Issue of Debt
Instruments |
5.7 |
5.5 |
7.2 |
0.0 |
- |
|
Receipts from Issue of
Rightshares/Ordin |
53.6 |
7.2 |
18.1 |
0.0 |
7.8 |
|
Cash from Financing Activities |
59.3 |
12.6 |
25.4 |
0.0 |
7.8 |
|
|
|
|
|
|
|
|
Net Change in Cash |
73.7 |
31.9 |
38.3 |
6.4 |
48.6 |
|
|
|
|
|
|
|
|
Cash at the Begining of the Period |
156.7 |
134.9 |
97.7 |
91.9 |
42.9 |
|
Cash at the End of the Period |
230.4 |
166.7 |
136.0 |
98.4 |
91.5 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items
(actual units)
|
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|
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|
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|
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Annual Ratios
Financials in: USD (mil)
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.