MIRA INFORM REPORT

Report Date :

23.08.2013

IDENTIFICATION DETAILS

Name :	INTERNATIONAL FINANCE INVESTMENT AND COMMERCE BANK LIMITED (IFIC)
Registered Office :	BDBL Building (8^th - 10^th & 16^th – 19^th Floor) 8, Rajuk Avenue G.P.O. Box – 2229, Dhaka-1000,
Country :	Bangladesh.
Financials (as on) :	31.12.2012
Date of Incorporation :	08.10.1976
Com. Reg. No.:	C-4967
Legal Form :	Public Listed Company
Line of Business :	Commercial Banking Services
No. of Employees :	2422

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

IDENTIFICATION DETAILS
Correct company Name	:	International Finance Investment and Commerce Bank Limited (IFIC)
Registered office	:	BDBL Building (8^th - 10^th & 16^th – 19^th Floor) 8, Rajuk Avenue G.P.O. Box – 2229, Dhaka-1000, Bangladesh.
Tel No	:	88-02-7162992, 7162994-6, 9563020, 9562060, 9562062, 9562068
Fax No	:	880-2-9562015
E-mail	:	info@ ificbankbd.com
Website	:	www.ificbankbd.com
Swift	:	IFIC BD DH
Tex identification No	:	210-200-0537, LTU, Dhaka.
Vat Registration No	:	9021077014
Date/ Year of Incorporation	:	08.10.1976
Registered No.	:	C-4967
Legal Form (General)	:	Public Listed Co Public (but not listed) Private Co State-owned Co Sole Proprietorships Partnership Not Registered others (please specify) ________________
Legal form (Specific)	:	LTD CORP INC CO others (please specify) ________________
Issuing Authority	:	Registrar of Joint Stock Companies & Firms City Corporation Municipal Administration Union Council Cantonment Board Chief Controller of Import & Export (CCIE)

FINANCIALS- SUMMARY
Year	Interest Income	Assets	Income
2011	Tk.10,442,619,723	Tk.91,541,002,302	Tk.2,041,449,872
2012	Tk.6,696,082,116	Tk.113,994,836,566	Tk.2,805,659,636
Exchange Rate	USD1-Tk. 77.8200 EUR 1- Tk. 100.2711 GBP 1- Tk.118.5354 AUD 1 - Tk.82.8563 JPY 1 - Tk.0.9286	CAD 1 - Tk.80.1887 SEK 1 - Tk.12.2870 SGD 1 - Tk.65.3045 CNH 1 - Tk.12.8399

Sales Trend – Analysis:
2002	2003	2004	2005	2006	2007	2008	2010	2011	2012
-	-	-	-	-	-	-

FULLCHECK REPORT DETAILS
Information Parted By
Name	:	A.K.M. Mozharul Hoque
Designation	:	Name of Company Secretary
Contract No	:	-

Locations Details
Business Address	:	BDBL Building (8^th - 10^th & 16^th – 19^th Floor) 8, Rajuk Avenue G.P.O. Box – 2229, Dhaka-1000, Bangladesh.
Tel No	:	88-02-7162992, 7162994-6, 9563020, 9562060, 9562062, 9562068
E-mail	:	info@ ificbankbd.com
Fax No	:	880-2-9562015
Website	:	www.ificbankbd.com

Location :

: Owned

Rented

Ö

Leased

Area

80,000

Sq. ft.

Type of Office :	: Commercial Office Bldg.	Ö		Semi-commercial office Bldg.
	Retail shop		Industrial Park
	Business Center		Home Office
	Residential Bldg.

Number of Branches

:

106

Employee:
No. of Employees	In Office	:	2422	In Factory	:
	In Branch:	:		Total	:	2422
Details:

OWNERSHIP/SHAREHOLDERS
Names of Shareholders	No. of Share
Mr. Salman F Rahman	6,922,900
Mr. Mohammad Lutfar Rahman	9,792,475
Mrs. Shoma Alam Rahman	1,05,89,686
Govt. of the People’s Republic of Bangladesh	113,325,525
Mr. Fariduddin Al-Mahmud	1,675
Gneral Public	205,415,114

DIRECTORS
Name	Designation
Salman F Rahman	Chairman
M. Shah Alam Sarwar	Managing Director & CEO
Mohammad Lutfar Rahman	Director
Monirul Islam	Independent Director
Syed Anisul Huq	Independent Director
Mohammed Nayem Syed	Govt. Nominated Director
Jalal Ahmed	Govt. Nominated Director
A.R.M. Nazmus Sakib	Govt. Nominated Director
Arijit Chowdhury	Govt. Nominated Director

MANAGEMENT
Name	:	Mr. M. Shah Alam Sarwar
Email address	:	-
Nationality	:	Bangladesh
Job Description	:	Managing Director & CEO
Other details	:	-

Name	:	Mr. Mati-Ul-Hasan
Email address	:	-
Nationality	:	Bangladesh
Job Description	:	Deputy Managing Director
Other details	:	-

Name	:	Mr. Zaitun Sayef
Email address	:	-
Nationality	:	Bangladesh
Job Description	:	Deputy Managing Director
Other details	:	-

Name	:	Mr. Wakar Hasan
Email address	:	-
Nationality	:	Bangladesh
Job Description	:	Deputy Managing Director
Other details	:	-

Name	:	S. M. Abdul Hamid
Email address	:	-
Nationality	:	Bangladesh
Job Description	:	Chief Financial Officer
Other details	:	-

BUSINESS OPERATIONS
Nature of Activity :	Manufacturer	Trader	Banks	Ö	Distributor
	Exporter	Importer	Others

Range of Products/Item Dealings In:
Products	:	Commercial Banking Services
Production Capacity	:	N/A
Last Year Production	:	N/A

DETAILED DATA
Trade Reference & Related Parties	:	Overseas Clients		:	N/A	Local Clients	:	N/A
		Overseas Suppliers		:	N/A	Local Suppliers	:	N/A
Trade Markets	:	Exports		:	N/A
		Imports		:	N/A
Brand Name	:		N/A
Certified	:		N/A
Auditors	:		Howladar Yunus & Co. Chartered Accountants
Operation Status	:		Active
Member	:		N/A

CAPITAL STRUCTURE
Authorized Capital	:	Tk. 20,000,000,000
Paid-up Capital	:	Tk.346,04,73,750	No. of Shares	:	346,047,375	Share Value	:	Tk.10.00Each
Main Assets	:	Tk.113,994,836,566

FINANCIAL STATEMENT- DETAILED
The subject company don’t submit update financial figure to local registry office.
Balance Sheet :
	Currency	: Tk
	Denomination	: 1
	Financial Year Ending	: December

Income Statement :
	Currency	: Tk
	Denomination	: 1
	Financial Year Ending	: December

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
Sister Concerns	:	N/A
Subsidiary	:	IFIC Securities Limited IFIC Money Transfer (UK) Limited
Name of The Group	:	N/A

BANKING

Bank Name	:	Janata Bank Ltd
Bank Address	:	Motijheel Branch
Bank Name	:	Sonali Bank Ltd
Bank Address	:	Motijheel Branch

REPUTATION

The subject bank reputation is good in all over Bangladesh

ADVERSE DATA MONITORING

Dishonored Checks	:	No Record Found
Debt	:	No Record Found
Litigation	:	Clear
Performance Defaults	:	No Record Found
Adverse Local Media Coverage/ Adverse Filling History	:	No Record Found

SITE VISIT COMMENTARY

Our representative visited the subject Bank Head office which is situated at BDBL Building (8^th - 10^th & 16^th – 19^th Floor) 8, Rajuk Avenue G.P.O. Box – 2229, Dhaka-1000, Bangladesh.

GENERAL COMMENTS

Based on the financial statements, SC’s financial performance appears to be Above   Minimal. SC has been in its line of business for about 37 years. Talking into account its long-standing history, reputation in the market, as well as its financial condition, we recommend that Credit can proceed with favorable terms in Large amount

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.42
UK Pound	1	Rs.102.09
Euro	1	Rs.87.32

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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.