MIRA
INFORM REPORT
|
Report Date : |
12.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
BANK ASIA LTD |
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Registered Office : |
Rangs Towe(2nd to 6th Floor) 68, Purana Paltan, Dhaka,
1000 |
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Country : |
Bangladesh |
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|
Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.09.1999 |
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Legal Form : |
Public Parent |
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Line of Business : |
Subject is engaged to provide all kinds of commercial
banking services |
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No. of Employees : |
1,237 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
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Restricted |
C2 |
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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
BANK ASIA LTD
|
Rangs Towe(2nd to 6th Floor) 68 Purana Paltan Dhaka, 1000 Bangladesh
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Business Description
Bank Asia Limited (the Bank) is private commercial banks engaged to provide all kinds of commercial banking services to its customers through its branches in Bangladesh. The Bank’s products and services include business banking, credit card, small and medium enterprise (SME), treasury, consumer finance, deposit accounts, Islamic banking off -shore banking unit products, service products and capital market division. Business banking includes secured overdraft, working capital finance, packing credit, demand loan and house building loan. Consumer Finance includes auto loan, consumer durable loan and unsecured personal loan. SME includes Subidha-Unsecured Trading, Sondhi-Secured Trading, Sristi-Unsecured Manufacturing. Deposit Accounts include savings account, current account and short-term deposit. Service products include automated teller machine service, remittance service, locker service and online banking. Islamic Banking includes deposit products and investment products. For the fiscal year ended 31 December 2011, Bank Asia Ltd interest income increased 36% to BDT11.41B. Net interest income after loan loss provision decreased 3% to BDT2.41B. Net income increased 6% to BDT2.04B. Net interest income after loan loss provision reflects decrease in interest earning assets and increase in interest bearing liabilities. Net income reflects General provision - loans and advances decrease of 96% to BDT14.3M (expense).
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
|
Name |
Title |
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President, Managing Director, Director |
|
|
Aminul Islam |
Chief Operating Officer, Deputy Managing Director, Company Secretary |
|
Imran Ahmed |
CFO & Senior VP |
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Chairman of the Board |
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|
Vice Chairman of the Board |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
2 |
15-Apr-2013 |
||
|
1 |
23-Apr-2013 |
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|
1 |
29-Mar-2013 |
||
|
1 |
3-Mar-2013 |
||
|
1 |
The Credit Rating Agency of Bangladesh Limited
Announces Rating AA2 To Bank Asia Ltd |
21-Jun-2012 |
* number of
significant developments within the last 12 months
News
|
Title |
Date |
|
CCB unveils
HK's first Octopus UnionPay dual-currency credit card |
7-Jun-2013 |
|
Avaloq Announces
Plans for BPO Centre for Singaporean Market |
6-Jun-2013 |
|
Markets'
rally ending? Analysts stay upbeat |
6-Jun-2013 |
|
Asia
Alliance Bank joins money transfer system Migom |
5-Jun-2013 |
|
Corporates
drive Asia's local currency bond market |
4-Jun-2013 |
|
Samoa
economy begins to recover after cyclone |
3-Jun-2013 |
Stock Snapshot
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Traded: Dhaka Stock Exchange: BANKASIA |
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As of 22-May-2013 Financials in: BDT |
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1 - Profit & Loss Item Exchange Rate: USD 1 = BDT 74.04171
2 - Balance Sheet Item Exchange Rate:
USD 1 = BDT 81.83
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ANZSIC 2006 Codes: |
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6221 |
- |
Banking |
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6230 |
- |
Non-Depository
Financing |
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6411 |
- |
Financial
Asset Broking Services |
|
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 |
|
522120 |
- |
Savings
Institutions |
|
522291 |
- |
Consumer
Lending |
|
522110 |
- |
Commercial Banking |
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US SIC 1987: |
||
|
6029 |
- |
Commercial
Banks, Not Elsewhere Classified |
|
6021 |
- |
National
Commercial Banks |
|
6211 |
- |
Security
Brokers, Dealers, and Flotation Companies |
|
6035 |
- |
Savings
Institutions, Federally Chartered |
|
6153 |
- |
Short-Term
Business Credit Institutions, Except Agricultural |
|
6141 |
- |
Personal
Credit Institutions |
|
UK SIC 2003: |
||
|
65121 |
- |
Banks |
|
6522 |
- |
Other credit
granting |
|
6712 |
- |
Security
broking and fund management |
|
UK SIC 2007: |
||
|
64191 |
- |
Banks |
|
6492 |
- |
Other credit
granting |
|
6612 |
- |
Security and
commodity contracts brokerage |
Bank Asia Limited (the Bank) is private commercial banks
engaged to provide all kinds of commercial banking services to its customers
through its branches in Bangladesh. The Bank’s products and services include
business banking, credit card, small and medium enterprise (SME), treasury,
consumer finance, deposit accounts, Islamic banking off -shore banking unit
products, service products and capital market division. Business banking
includes secured overdraft, working capital finance, packing credit, demand
loan and house building loan. Consumer Finance includes auto loan, consumer
durable loan and unsecured personal loan. SME includes Subidha-Unsecured Trading,
Sondhi-Secured Trading, Sristi-Unsecured Manufacturing. Deposit Accounts
include savings account, current account and short-term deposit. Service
products include automated teller machine service, remittance service, locker
service and online banking. Islamic Banking includes deposit products and
investment products. For the fiscal year ended 31 December 2011, Bank Asia Ltd
interest income increased 36% to BDT11.41B. Net interest income after loan loss
provision decreased 3% to BDT2.41B. Net income increased 6% to BDT2.04B. Net
interest income after loan loss provision reflects decrease in interest earning
assets and increase in interest bearing liabilities. Net income reflects
General provision - loans and advances decrease of 96% to BDT14.3M (expense).
More Business Descriptions
Retail, corporate and Islamic banking services
Banking Services
|
|
|
Auditor: |
S. F. Ahmed & Co |
|
Auditor: |
S. F. Ahmed & Co |
Corporate
Family
Corporate Structure News:
Total Corporate Family Members: 2
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Dhaka |
Bangladesh |
Commercial Banks |
92.2 |
1,237 |
|
|
Subsidiary |
London |
United Kingdom |
Commercial Banks |
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Executives Report
Board of Directors
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Chairman of the Board |
Chairman |
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Vice Chairman of the Board |
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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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Board Member |
Director/Board Member |
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Director |
Director/Board Member |
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President, Managing Director, Director |
Director/Board Member |
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Chief Operating Officer, Deputy Managing Director, Company
Secretary |
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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Executives
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President, Managing Director, Director |
President |
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Deputy Managing Director |
Managing Director |
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Chief Operating Officer, Deputy Managing Director, Company
Secretary |
Managing Director |
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Deputy Managing Director |
Managing Director |
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Deputy Managing Director |
Managing Director |
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CFO & Senior VP |
Finance Executive |
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Bank Asia Ltd Appoints Mr. A Rouf Chowdhury As Chairman
Apr 23, 2013
Bank Asia Ltd announced that the Board of Directors of the Company has elected
Mr. A Rouf Chowdhury as Chairman and Mr. A M Nurul Islam and Mr. Mohammed
Lakiotullah as Vice Chairmen of the Company.
Bank Asia Ltd Announces Purchase Of Property
Apr 15, 2013
Bank Asia Ltd announced that it has purchased the floor space measuring
6,426.5167 sft. (66.73 sft. on the Ground Floor for ATM Booth, 4,133.665 sft.
on the first floor including part of out stair, 2,173.1644 sft. in the Western
part of 2nd floor and another 52.9573 sft. floor for out stairs) and 4 car
parking spaces at basement of multistoried building namely Jahan Plaza along
with undivided and un-demarcated land measuring 165.48 ajutangsha out of 9.58
decimals situated at Nawab Sirajuddoula Road, Falpatti, Narayangonj at a total
cost of BDT2,50,96,178.00 only. The Deed of Sale was concluded on April 11,
2013.
Bank Asia Ltd Opens New Branch-The New Nation (Bangladesh)
Mar 29, 2013
The New Nation (Bangladesh) reported that Bank Asia Ltd has started operation
at Satmasjid Road in the capital Dhaka. The new branch has all the modern
banking facilities including on-line banking and ATM.
Bank Asia Ltd Announces Acquisition Of Property
Mar 21, 2013
Bank Asia Ltd announced that it has purchased the floor space measuring
6,720.41 sft. (1,679.20 sft. floor space with 1,306.58 sft. common space in the
first floor, 1,850.96 sft floor space with 1,295.67 sft. common space in the
second floor, 420 sft. floor space with 168 sft. common space in the fifth
floor) of the Building namely 'Bismillah Tower' alongwith undivided and
undemarcated proportionate land measuring 0.81329 decimal out of 17.44 decimals
out of total 54.74 decimals, situated at Mitford Road (Biren Bose Street),
Lalbagh, Dhaka at a total cost of BDT171,928,000. The deed of sale was
concluded on March 20, 2013.
Bank Asia Ltd Recommends Stock Dividend
Mar 03, 2013
Bank Asia Ltd announced that the Board of Directors has recommended stock
dividend at 10% for the year ended on December 31, 2012. Record date on March
12, 2013.
The Credit Rating Agency of Bangladesh Limited Announces Rating AA2 To Bank Asia Ltd
Jun 21, 2012
The Credit Rating Agency of Bangladesh Limited (CRAB) announced that it has
rated the Bank Asia Ltd as AA2 in the long term and ST-1 in the short term
based on audited financial statements of the Company up to December 31, 2011
and other relevant quantitative as well as qualitative information up to the
date of rating declaration.
News
|
CCB unveils
HK's first Octopus UnionPay dual-currency credit card |
07-Jun-2013 |
|
Avaloq
Announces Plans for BPO Centre for Singaporean Market |
06-Jun-2013 |
|
Markets'
rally ending? Analysts stay upbeat |
06-Jun-2013 |
|
Asia
Alliance Bank joins money transfer system Migom |
05-Jun-2013 |
|
Corporates
drive Asia's local currency bond market |
04-Jun-2013 |
|
Samoa
economy begins to recover after cyclone |
03-Jun-2013 |
|
Bank Asia's
donation for treatment of a minor girl |
30-May-2013 |
|
Bank Asia
signs MoU with Rakeen & bti |
28-May-2013 |
|
ACC
interrogates bank MDs |
26-May-2013 |
|
Bank Asia
sings MoU with UDDL |
20-May-2013 |
|
LankaBangla
Finance Limited and Building For Future Ltd. signed MOU |
15-May-2013 |
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 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
|
Exchange Rate (Period
Average) |
74.041708 |
69.60265 |
69.026932 |
|
Auditor |
S. F. Ahmed & Co |
S. F. Ahmed & Co |
Rahman Rahman Huq |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
Interest & Dividends on
Investment Securities |
154.1 |
120.4 |
90.5 |
|
Interest Income, Bank |
154.1 |
120.4 |
90.5 |
|
Interest on Deposit |
115.9 |
77.9 |
65.2 |
|
Total Interest Expense |
115.9 |
77.9 |
65.2 |
|
Net Interest Income |
38.2 |
42.5 |
25.3 |
|
|
|
|
|
|
Loan Loss Provision |
5.6 |
6.9 |
3.6 |
|
Net Interest Income after Loan Loss Provision |
32.5 |
35.7 |
21.8 |
|
|
|
|
|
|
Commissions & Fees from
Securities Activities |
50.0 |
47.5 |
31.7 |
|
Investment Securities Gains |
0.1 |
0.0 |
- |
|
Other Unusual Income |
0.0 |
0.0 |
- |
|
Other Revenue |
3.9 |
5.8 |
2.7 |
|
Non-Interest Income, Bank |
54.1 |
53.3 |
34.5 |
|
Labor & Related Expenses |
-15.3 |
-14.7 |
-8.7 |
|
Depreciation Expense |
-4.6 |
-3.7 |
-2.5 |
|
Other Expense |
-17.9 |
-19.1 |
-12.0 |
|
Non-Interest Expense, Bank |
-37.8 |
-37.6 |
-23.1 |
|
Income Before Tax |
48.8 |
51.4 |
33.1 |
|
|
|
|
|
|
Total Income Tax |
21.2 |
23.7 |
13.9 |
|
Income After Tax |
27.6 |
27.7 |
19.2 |
|
|
|
|
|
|
Net Income Before Extraord Items |
27.6 |
27.7 |
19.2 |
|
Net Income |
27.6 |
27.7 |
19.2 |
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
27.6 |
27.7 |
19.2 |
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
27.6 |
27.7 |
19.2 |
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
693.6 |
39.6 |
39.6 |
|
Basic EPS Excl Extraord Items |
0.04 |
0.70 |
0.49 |
|
Basic/Primary EPS Incl Extraord Items |
0.04 |
0.70 |
0.49 |
|
Diluted Net Income |
27.6 |
27.7 |
19.2 |
|
Diluted Weighted Average Shares |
693.6 |
39.6 |
39.6 |
|
Diluted EPS Excl Extraord Items |
0.04 |
0.70 |
0.49 |
|
Diluted EPS Incl Extraord Items |
0.04 |
0.70 |
0.49 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
4.6 |
3.7 |
2.5 |
|
Total Special Items |
0.0 |
0.0 |
- |
|
Normalized Income Before Tax |
48.8 |
51.4 |
33.1 |
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
- |
|
Inc Tax Ex Impact of Sp Items |
21.2 |
23.7 |
13.9 |
|
Normalized Income After Tax |
27.6 |
27.7 |
19.2 |
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
27.6 |
27.7 |
19.2 |
|
|
|
|
|
|
Basic Normalized EPS |
0.04 |
0.70 |
0.49 |
|
Diluted Normalized EPS |
0.04 |
0.70 |
0.49 |
|
Bank Total Revenue |
92.2 |
95.8 |
59.8 |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
|
Exchange Rate |
81.83 |
70.475 |
69.26 |
|
Auditor |
S. F. Ahmed & Co |
S. F. Ahmed & Co |
Rahman Rahman Huq |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
Cash & Due from Banks |
107.1 |
91.6 |
73.7 |
|
Other Short Term Investments |
196.8 |
178.4 |
139.5 |
|
Other Earning Assets, Total |
196.8 |
178.4 |
139.5 |
|
Net Loans |
924.4 |
996.4 |
661.4 |
|
Property/Plant/Equipment - Net |
56.4 |
26.1 |
14.7 |
|
Other Assets |
158.9 |
200.2 |
102.1 |
|
Other Assets, Total |
158.9 |
200.2 |
102.1 |
|
Total Assets |
1,443.8 |
1,492.7 |
991.4 |
|
|
|
|
|
|
Non-Interest Bearing Deposits |
146.9 |
165.0 |
76.9 |
|
Interest Bearing Deposits |
1,015.6 |
1,060.4 |
714.8 |
|
Total Deposits |
1,162.6 |
1,225.5 |
791.7 |
|
Long Term Debt |
15.0 |
73.3 |
31.5 |
|
Total Long Term Debt |
15.0 |
73.3 |
31.5 |
|
Total Debt |
15.0 |
73.3 |
31.5 |
|
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
- |
|
Other Liabilities |
112.2 |
93.8 |
96.7 |
|
Other Liabilities, Total |
112.2 |
93.8 |
96.7 |
|
Total Liabilities |
1,289.7 |
1,392.5 |
919.9 |
|
|
|
|
|
|
Common Stock |
64.2 |
42.6 |
31.0 |
|
Common Stock |
64.2 |
42.6 |
31.0 |
|
Additional Paid-In Capital |
0.0 |
0.0 |
0.0 |
|
Retained Earnings (Accumulated Deficit) |
89.8 |
57.6 |
40.6 |
|
Total Equity |
154.1 |
100.2 |
71.5 |
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,443.8 |
1,492.7 |
991.4 |
|
|
|
|
|
|
Shares Outstanding - Common Stock
Primary Issue |
693.6 |
39.6 |
28.3 |
|
Total Common Shares Outstanding |
693.6 |
39.6 |
28.3 |
|
Total Risk-Weighted Capital |
- |
- |
0.7 |
|
Tier 1 Capital % |
11.40% |
6.53% |
10.29% |
|
Total Capital % |
14.88% |
8.11% |
12.27% |
Annual
Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
|
Exchange Rate (Period
Average) |
74.041708 |
69.60265 |
69.026932 |
|
Auditor |
S. F. Ahmed & Co |
S. F. Ahmed & Co |
Rahman Rahman Huq |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
Cash Receipts |
30.5 |
30.8 |
17.1 |
|
Cash Payments |
-14.8 |
-16.6 |
-8.7 |
|
Cash Taxes Paid |
-16.1 |
-12.4 |
-10.8 |
|
Cash Interest Paid |
-101.8 |
-77.9 |
-67.4 |
|
Other Assets |
12.9 |
-19.4 |
-0.2 |
|
Other Liabilities |
66.3 |
468.2 |
189.1 |
|
Other Operating Cash Flow |
158.3 |
127.7 |
94.4 |
|
Loans, Gains/Losses |
-51.8 |
-420.0 |
-149.1 |
|
Changes in Working Capital |
185.7 |
156.4 |
134.2 |
|
Cash from Operating Activities |
83.4 |
80.3 |
64.3 |
|
|
|
|
|
|
Purchase of Fixed Assets |
-9.0 |
-14.7 |
-7.5 |
|
Capital Expenditures |
-9.0 |
-14.7 |
-7.5 |
|
Purchase of Investments |
-43.1 |
-45.4 |
-45.7 |
|
Other Investing Cash Flow Items, Total |
-43.1 |
-45.4 |
-45.7 |
|
Cash from Investing Activities |
-52.1 |
-60.2 |
-53.2 |
|
|
|
|
|
|
Long Term
Debt Reduction |
-0.2 |
-0.7 |
-1.2 |
|
Long Term Debt, Net |
-0.2 |
-0.7 |
-1.2 |
|
Issuance (Retirement) of Debt, Net |
-0.2 |
-0.7 |
-1.2 |
|
Cash from Financing Activities |
-0.2 |
-0.7 |
-1.2 |
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
31.2 |
19.4 |
9.9 |
|
|
|
|
|
|
Net Cash - Beginning Balance |
87.3 |
73.4 |
64.1 |
|
Net Cash - Ending Balance |
118.4 |
92.8 |
74.0 |
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 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
|
Exchange Rate (Period
Average) |
74.041708 |
69.60265 |
69.026932 |
|
Auditor |
S. F. Ahmed & Co |
Rahman Rahman Huq |
Rahman Rahman Huq |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
Interest income/profit on
investments |
154.1 |
120.4 |
90.5 |
|
Total Revenue |
154.1 |
120.4 |
90.5 |
|
|
|
|
|
|
Interest paid/profit shared on
deposits |
115.9 |
77.9 |
65.2 |
|
General provision - loans and
advances |
0.2 |
4.8 |
1.9 |
|
Specific provision - loans and
advances |
5.4 |
2.0 |
1.7 |
|
Total Operating Expense |
121.6 |
84.7 |
68.7 |
|
|
|
|
|
|
Investment income |
19.5 |
16.7 |
14.7 |
|
Commission, exchange and brokerage |
30.5 |
30.8 |
17.1 |
|
Profit on Sale of Assets |
0.0 |
0.0 |
- |
|
Bank Asia Securities Ltd |
0.1 |
0.0 |
- |
|
Other operating income |
3.9 |
5.8 |
2.7 |
|
Salaries and allowances |
-15.2 |
-14.6 |
-8.6 |
|
Rent, taxes, insurance,
electricity etc. |
-4.0 |
-2.3 |
-1.7 |
|
Legal expenses |
-0.1 |
-0.1 |
-0.1 |
|
Postage, stamp, telecommunication
etc. |
-0.3 |
-0.3 |
-0.5 |
|
Stationery, printing,
advertisements etc |
-1.1 |
-1.2 |
-0.8 |
|
Managing Director's salary and
fees |
-0.1 |
-0.1 |
-0.1 |
|
Directors' fees |
0.0 |
0.0 |
0.0 |
|
Auditors' fees |
0.0 |
0.0 |
0.0 |
|
Depreciation and repair of Bank's
assets |
-4.6 |
-3.7 |
-2.5 |
|
Other expenses |
-9.7 |
-12.5 |
-7.7 |
|
Provision for off-balance sheet
items |
-0.6 |
-2.4 |
-1.2 |
|
Provision for diminution in value
of inv |
-1.2 |
-0.3 |
0.0 |
|
Other provisions |
-0.8 |
0.0 |
0.0 |
|
Total Non-Interest Revenue |
54.1 |
53.3 |
34.5 |
|
|
|
|
|
|
Total Non-Interest Expense |
-37.8 |
-37.6 |
-23.1 |
|
|
|
|
|
|
Net Income Before Taxes |
48.8 |
51.4 |
33.1 |
|
|
|
|
|
|
Provision for Income Taxes |
21.2 |
23.7 |
13.9 |
|
Net Income After Taxes |
27.6 |
27.7 |
19.2 |
|
|
|
|
|
|
Net Income Before Extra. Items |
27.6 |
27.7 |
19.2 |
|
Net Income |
27.6 |
27.7 |
19.2 |
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
27.6 |
27.7 |
19.2 |
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
27.6 |
27.7 |
19.2 |
|
|
|
|
|
|
Basic Weighted Average Shares |
693.6 |
39.6 |
39.6 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.04 |
0.70 |
0.49 |
|
Basic EPS Including ExtraOrdinary Items |
0.04 |
0.70 |
0.49 |
|
Diluted Net Income |
27.6 |
27.7 |
19.2 |
|
Diluted Weighted Average Shares |
693.6 |
39.6 |
39.6 |
|
Diluted EPS Excluding ExtraOrd Items |
0.04 |
0.70 |
0.49 |
|
Diluted EPS Including ExtraOrd Items |
0.04 |
0.70 |
0.49 |
|
DPS-Ordinary Shares |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
48.8 |
51.4 |
33.1 |
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
21.2 |
23.7 |
13.9 |
|
Normalized Income After Taxes |
27.6 |
27.7 |
19.2 |
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
27.6 |
27.7 |
19.2 |
|
|
|
|
|
|
Basic Normalized EPS |
0.04 |
0.70 |
0.49 |
|
Diluted Normalized EPS |
0.04 |
0.70 |
0.49 |
|
Depreciation, Supplemental |
4.6 |
3.7 |
2.5 |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
|
Exchange Rate |
81.83 |
70.475 |
69.26 |
|
Auditor |
S. F. Ahmed & Co |
Rahman Rahman Huq |
Rahman Rahman Huq |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
Cash in hand |
11.9 |
10.9 |
6.8 |
|
Cash balance with Bangladesh bank
& its |
74.0 |
72.5 |
47.5 |
|
Balance with other banks &
financial ins |
15.1 |
7.9 |
16.0 |
|
Balance with other banks &
financial ins |
6.2 |
0.4 |
3.4 |
|
Money at call and on Short notice
invest |
0.0 |
0.0 |
128.5 |
|
Investments |
196.8 |
178.4 |
11.0 |
|
Loans, cash credit, overdrafts
etc./inve |
924.4 |
996.4 |
661.4 |
|
Bills purchased and discounted |
94.1 |
131.7 |
64.4 |
|
Fixed assets including
premises, furnitu |
56.4 |
26.1 |
14.7 |
|
Other assets |
64.9 |
68.4 |
37.6 |
|
Total Assets |
1,443.8 |
1,492.7 |
991.4 |
|
|
|
|
|
|
Current/Al-wadeeah current
accounts and |
146.9 |
165.0 |
76.9 |
|
Deposits and other account-Bills
payable |
13.5 |
12.8 |
10.5 |
|
Savings bank/Mudaraba savings bank
depos |
110.7 |
112.8 |
71.3 |
|
Fixed deposits/Mudaraba fixed
deposits |
891.4 |
934.9 |
633.1 |
|
Other liabilities |
112.2 |
93.8 |
96.7 |
|
Borrowings from other bank
financial |
15.0 |
73.3 |
31.5 |
|
Total Long Term Debt |
15.0 |
73.3 |
31.5 |
|
|
|
|
|
|
Non-controlling (Minority)
interest |
0.0 |
0.0 |
- |
|
Total Liabilities |
1,289.7 |
1,392.5 |
919.9 |
|
|
|
|
|
|
Paid up capital |
64.2 |
42.6 |
31.0 |
|
Share premium |
0.0 |
0.0 |
0.0 |
|
Statutory reserve |
36.2 |
32.3 |
22.5 |
|
Revaluation reserve |
35.9 |
6.8 |
4.4 |
|
Exchange equalization reserve |
0.0 |
0.0 |
0.0 |
|
Other reserve |
0.1 |
0.1 |
0.0 |
|
Retained earnings |
17.7 |
18.4 |
13.6 |
|
Total Equity |
154.1 |
100.2 |
71.5 |
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,443.8 |
1,492.7 |
991.4 |
|
|
|
|
|
|
S/O-Ordinary Shares |
693.6 |
39.6 |
28.3 |
|
Total Common Shares Outstanding |
693.6 |
39.6 |
28.3 |
|
Tier 1 Capital % |
11.40% |
6.53% |
10.29% |
|
Total Capital % |
14.88% |
8.11% |
12.27% |
|
Total Risk-Weighted Capital |
- |
- |
651.9 |
Annual
Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
|
Exchange Rate (Period
Average) |
74.041708 |
69.60265 |
69.026932 |
|
Auditor |
S. F. Ahmed & Co |
Rahman Rahman Huq |
Rahman Rahman Huq |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
Cash Receipts |
30.5 |
30.8 |
17.1 |
|
Cash Payments |
-14.8 |
-16.6 |
-8.7 |
|
Interest receipts |
166.0 |
134.6 |
100.5 |
|
Cash Interest Paid |
-101.8 |
-77.9 |
-67.4 |
|
Cash Taxes Paid |
-16.1 |
-12.4 |
-10.8 |
|
Receipts from other operating
activities |
4.4 |
8.6 |
2.7 |
|
Receipts from other operating
activities |
-12.0 |
-15.6 |
-8.8 |
|
Loans and advances to customers |
-51.8 |
-420.0 |
-149.1 |
|
Other assets |
12.9 |
-19.4 |
-0.2 |
|
Deposits from customers |
121.9 |
413.3 |
179.6 |
|
Trading liabilities |
-53.2 |
42.9 |
8.2 |
|
Other liabilities |
-2.4 |
12.0 |
1.4 |
|
Cash from Operating Activities |
83.4 |
80.3 |
64.3 |
|
|
|
|
|
|
Investments of treasury bills and
bonds |
-13.1 |
-35.4 |
-41.4 |
|
Purchase of trading securities |
-30.0 |
-10.0 |
-4.3 |
|
Purchase of fixed assets |
-9.0 |
-14.7 |
-7.5 |
|
Cash from Investing Activities |
-52.1 |
-60.2 |
-53.2 |
|
|
|
|
|
|
Payment for finance lease |
-0.2 |
-0.7 |
-1.2 |
|
Cash from Financing Activities |
-0.2 |
-0.7 |
-1.2 |
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
31.2 |
19.4 |
9.9 |
|
|
|
|
|
|
Net Cash - Beginning Balance |
87.3 |
73.4 |
64.1 |
|
Net Cash - Ending Balance |
118.4 |
92.8 |
74.0 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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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.58.92 |
|
|
1 |
Rs.91.80 |
|
Euro |
1 |
Rs.78.18 |
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.