MIRA INFORM REPORT

Report Date :

29.06.2013

IDENTIFICATION DETAILS

Name :	PUBALI BANK LIMITED
Registered Office :	26, Dilkusha Commercial Area, G . P . O. Box. Number 853, Dhaka, 1000
Country :	Bangladesh
Financials (as on) :	31.12.2011
Date of Incorporation :	30.06.2010
Legal Form :	Public Parent
Line of Business :	Banking Services
No. of Employees :	6,219

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Bangladesh	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

BANGLADESH - ECONOMIC OVERVIEW

In real terms Bangladesh's economy has grown 5.8% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, and slow implementation of economic reforms. Bangladesh remains a poor, overpopulated, and inefficiently-governed nation. Although more than half of GDP is generated through the service sector, 45% of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Bangladesh's growth was resilient during the 2008-09 global financial crisis and recession. Garment exports, totaling $12.3 billion in FY09 and remittances from overseas Bangladeshis, totaling $11 billion in FY10, accounted for almost 12% of GDP.

Source : CIA

Company name and address

PUBALI BANK LIMITED

26, Dilkusha Commercial Area, G . P . O. Box. Number 853, Dhaka, 1000

Bangladesh

Tel:	880-2-9551614
Fax:	880-2-9564009
www.pubalibangla.com

Employees:

6,219

Company Type:

Public Parent

Corporate Family:

2 Companies

Traded:

Dhaka Stock Exchange:

PUBALIBANK

Incorporation Date:

30-Jun-2010

Auditor:

Hoda Vasi Chowdhury & Co

Financials in:	USD ()
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Bangladesh Taka
Annual Sales:	128.4 ^1
Net Income:	30.6
Total Assets:	1,922.2 ^2
Market Value:	375.8
	(13-Jun-2013)

Business Description

Pubali Bank Limited is a Bangladesh-based commercial bank. It provides banking services to the customers through its branch network across the Bangladesh. The Bank’s services include deposit schemes, loans and advances, remittances and miscellaneous services. The deposit scheme provides savings bank account, fixed deposit account, short-term deposit account, current account, pension account and foreign currency account. The Company’s loans and advances consists of micro credit, small and medium enterprise financing, industrial loans, import/export credit, working capital finance, bills purchase, letter of credit, lease financing, transport financing, house building loans and letter of guarantee. Its remittance services include foreign remittance and internal remittance. Miscellaneous services include payment of electric bill, gas bill, phone bill, cheque clearing, locker services, card services, instrument collection and automated teller machine (ATM) services. For the nine months ended 30 September 2012, Pubali Bank Limited interest income increased 46% to BDT12.53B. Net interest income after loan loss provision increased 8% to BDT4.18B. Net income decreased 22% to BDT1.34B. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities. Net income was offset by Interest Paid on Deposts, Borrowings increase of 66% to BDT6.84B (expense).

Industry

Industry	Commercial Banks
ANZSIC 2006:	6221 - Banking
NACE 2002:	6512 - Other monetary intermediation
NAICS 2002:	52211 - Commercial Banking
UK SIC 2003:	65121 - Banks
UK SIC 2007:	64191 - Banks
US SIC 1987:	6029 - Commercial Banks, Not Elsewhere Classified

Key Executives

Name	Title	Source
Helal Ahmed Chowdhury	CEO & Managing Director	LexisNexis
Md Sayeed Ahmed	CFO & General Manager-Credit Accounts Division	LexisNexis
Md Sayeed Sikder	Company Secretary	Graham & Whiteside
Mohammad Ali	CTO & General Manager-IT, R&D & GSDD	LexisNexis
Md Shah Alam	General Manager-Audit Division	LexisNexis

Significant Developments

Topic	#*	Most Recent Headline	Date
Dividends	1	Pubali Bank Ltd Recommends Cash Dividend	25-Mar-2013
Debt Ratings	1	National Credit Ratings Limited Announces Rating AA To Pubali Bank Ltd	12-Jun-2013

* number of significant developments within the last 12 months

Financial Summary

As of 30-Sep-2012

Key Ratios	Company	Industry
Debt to Equity (MRQ)	0.18
Sales 5 Year Growth	25.02	11.33
Net Profit Margin (TTM) %	13.65	42.82
Return on Assets (TTM) %	0.94	5.01
Return on Equity (TTM) %	9.01	3.28

Stock Snapshot

Traded: Dhaka Stock Exchange: PUBALIBANK

As of 13-Jun-2013

   Financials in: BDT

Recent Price	34.90	EPS	2.70
52 Week High	37.90	Price/Sales	3.08
52 Week Low	27.00	Dividend Rate	1.00
Avg. Volume (mil)	0.47	Price/Earnings	18.00
Market Value (mil)	29,261.95	Price/Book	1.78

	Price % Change	Rel S&P 500%
4 Week	8.05%
13 Week	0.29%
52 Week	6.40%
Year to Date	5.76%

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
26, Dilkusha Commercial Area
G . P . O. Box. Number 853
Dhaka, 1000
Bangladesh

Tel:	880-2-9551614
Fax:	880-2-9564009

www.pubalibangla.com

Quote Symbol - Exchange
PUBALIBANK - Dhaka Stock Exchange
Sales BDT(mil):	9,506.1
Assets BDT(mil):	157,291.2
Employees:	6,219
Industry:	Commercial Banks

Incorporation Date:	30-Jun-2010
Company Type:	Public Parent
Quoted Status:	Quoted

CEO & Managing Director :	Helal Ahmed Chowdhury

Industry Codes

ANZSIC 2006 Codes:
6221	-	Banking

NACE 2002 Codes:
6512	-	Other monetary intermediation

NAICS 2002 Codes:
52211	-	Commercial Banking

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

UK SIC 2003:
65121	-	Banks

UK SIC 2007:
64191	-	Banks

Business Description

Pubali Bank Limited is a Bangladesh-based commercial bank. It provides banking services to the customers through its branch network across the Bangladesh. The Bank’s services include deposit schemes, loans and advances, remittances and miscellaneous services. The deposit scheme provides savings bank account, fixed deposit account, short-term deposit account, current account, pension account and foreign currency account. The Company’s loans and advances consists of micro credit, small and medium enterprise financing, industrial loans, import/export credit, working capital finance, bills purchase, letter of credit, lease financing, transport financing, house building loans and letter of guarantee. Its remittance services include foreign remittance and internal remittance. Miscellaneous services include payment of electric bill, gas bill, phone bill, cheque clearing, locker services, card services, instrument collection and automated teller machine (ATM) services. For the nine months ended 30 September 2012, Pubali Bank Limited interest income increased 46% to BDT12.53B. Net interest income after loan loss provision increased 8% to BDT4.18B. Net income decreased 22% to BDT1.34B. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities. Net income was offset by Interest Paid on Deposts, Borrowings increase of 66% to BDT6.84B (expense).

More Business Descriptions

Provision of commercial banking services

Commercial Banking Services

Financial Data

Financials in:	BDT(mil)
Revenue:	9,506.1
Net Income:	2,265.8
Assets:	157,291.2
Long Term Debt:	0.0
Total Liabilities:	140,882.3
Date of Financial Data:	31-Dec-2011

1 Year Growth

5.2%

-29.9%

22.4%

Key Corporate Relationships

Auditor:	Hoda Vasi Chowdhury & Co
Auditor:	Hoda Vasi Chowdhury & Co, SF Ahmed & Co, Hoda Vasi Chowdhury & Co

Corporate Family

Corporate Structure News:

Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees	Source
Pubali Bank Limited	Parent	Dhaka	Bangladesh	Commercial Banks	128.4	6,219	RT
Pubali Exchange Co. (UK) Ltd	Subsidiary	London	United Kingdom	Business Services		3	EXP

Executives Report

Board of Directors

Name	Title	Function
Hafiz Ahmed Mazumdar	Chairman	Chairman
Habibur Rahman	Board Member	Vice-Chairman
Md Sayeed Ahmed	CFO & General Manager-Credit Accounts Division	Director/Board Member
Mustafa Shahriar Ahmed	Board Member	Director/Board Member
Khurshid-ul Alam	Board Member	Director/Board Member
Helal Ahmed Chowdhury	CEO & Managing Director	Director/Board Member
Ahmed Shafi Chowdhury	Board Member	Director/Board Member
Fahim Ahmed Faruk Chowdhury	Board Member	Director/Board Member
Syed Moazzem Hussain	Board Member	Director/Board Member
Sk Wahidur Rahman	Director	Director/Board Member
Muhammad Faizur Rahman	Board Member	Director/Board Member
Monzurur Rahman	Board Member	Director/Board Member
Rumana Sharif	Board Member	Director/Board Member
Muhammed Kabiruzzaman Yaqub	Board Member	Director/Board Member

Executives

Name	Title	Function
Helal Ahmed Chowdhury	CEO & Managing Director	Chief Executive Officer
Md Sayeed Ahmed	CFO & General Manager-Credit Accounts Division	Division Head Executive
Syed Aziz Ahmed	General Manager-HR Division	Division Head Executive
Dewan Ruhul Ahsan	General Manager-Law Division	Division Head Executive
Md Shah Alam	General Manager-Audit Division	Division Head Executive
Mohammad Ali	CTO & General Manager-IT, R&D & GSDD	Division Head Executive
Abdul Halim Chowdhury	Managing Director	Managing Director
Safiul Alam Khan Chowdhury	Deputy Managing Director	Managing Director
Md Sayeed Sikder	Company Secretary	Administration Executive

Significant Developments

National Credit Ratings Limited Announces Rating AA To Pubali Bank Ltd

Jun 12, 2013

National Credit Ratings Limited (NCR) announced that it has announced the rating of the Pubali Bank Ltd as AA in the long term and ST-1 in the short term based on audited financial statements of the Company for the year ended on December 31, 2012.

Pubali Bank Ltd Recommends Cash Dividend

Mar 25, 2013

Pubali Bank Ltd announced that the Board of Directors has recommended cash dividend at 10% (i.e. BDT1.00 per share of BDT10.00 each) for the year ended on December 31, 2012. Record date on April 4, 2013.

News

significant rise in remittance The New Nation (185 Words)	25-Jun-2013
World Stock Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 25-06-2013 Plus News (2998 Words)	25-Jun-2013
World Stock Reports: Chittagong Stock Exchange Ltd OddLot Trade: 25-06-2013 Plus News (1184 Words)	25-Jun-2013
World Stock Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 24-06-2013 Plus News (3137 Words)	24-Jun-2013
World Stock Reports: Chittagong Stock Exchange Ltd OddLot Trade: 24-06-2013 Plus News (1236 Words)	24-Jun-2013
World Stock Reports: Chittagong Stock Exchange Ltd OddLot Trade: 21-06-2013 Plus News (1434 Words)	21-Jun-2013
World Stock Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 21-06-2013 Plus News (3091 Words)	21-Jun-2013
World Stock Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 20-06-2013 Plus News (3163 Words)	20-Jun-2013
World Stock Reports: Chittagong Stock Exchange Ltd OddLot Trade: 20-06-2013 Plus News (1621 Words)	20-Jun-2013
World Stock Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 19-06-2013 Plus News (3165 Words)	19-Jun-2013
World Stock Reports: Chittagong Stock Exchange Ltd OddLot Trade: 19-06-2013 Plus News (1245 Words)	19-Jun-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	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	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated 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	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Aziz Halim Khair Choudhury	Aziz Halim Khair Choudhury	Aziz Halim Khair Choudhury
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Interest & Fees on Loans	163.5	129.4	116.7	99.2	78.4
Interest Income, Bank	163.5	129.4	116.7	99.2	78.4
Interest on Deposit	78.8	54.5	54.5	41.0	27.7
Interest on Other Borrowings	-	-	0.1	0.1	0.0
Total Interest Expense	78.8	54.5	54.6	41.1	27.7
Net Interest Income	84.7	74.9	62.2	58.1	50.7
Loan Loss Provision	12.8	7.3	2.5	4.4	3.5
Net Interest Income after Loan Loss Provision	71.9	67.6	59.7	53.6	47.2
Fees & Commissions from Operations	21.4	19.9	17.2	17.3	15.0
Investment Securities Gains	17.6	30.7	16.1	6.6	5.9
Foreign Currency Gains	-	-	-	0.0	-
Other Revenue	4.7	4.3	4.5	8.2	4.5
Non-Interest Income, Bank	43.7	55.0	37.8	32.2	25.4
Labor & Related Expenses	-31.9	-29.7	-25.7	-24.4	-19.2
Depreciation Expense	-2.6	-2.2	-1.7	-1.8	-1.2
Other Expense	-19.8	-19.2	-16.9	-13.7	-12.9
Non-Interest Expense, Bank	-54.3	-51.1	-44.3	-40.0	-33.3
Income Before Tax	61.3	71.5	53.2	45.8	39.2
Total Income Tax	30.7	25.1	22.8	23.7	19.6
Income After Tax	30.6	46.5	30.3	22.1	19.7
Minority Interest	0.0	0.0	-	-	-
Net Income Before Extraord Items	30.6	46.5	30.3	22.1	19.7
Net Income	30.6	46.5	30.3	22.1	19.7
Income Available to Common Excl Extraord Items	30.6	46.5	30.3	22.1	19.7
Income Available to Common Incl Extraord Items	30.6	46.5	30.3	22.1	19.7
Basic/Primary Weighted Average Shares	838.5	838.5	838.5	838.5	838.5
Basic EPS Excl Extraord Items	0.04	0.06	0.04	0.03	0.02
Basic/Primary EPS Incl Extraord Items	0.04	0.06	0.04	0.03	0.02
Diluted Net Income	30.6	46.5	30.3	22.1	19.7
Diluted Weighted Average Shares	838.5	838.5	838.5	838.5	838.5
Diluted EPS Excl Extraord Items	0.04	0.06	0.04	0.03	0.02
Diluted EPS Incl Extraord Items	0.04	0.06	0.04	0.03	0.02
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	-	0.0	0.0
Depreciation, Supplemental	2.6	2.2	1.3	1.1	0.8
Normalized Income Before Tax	61.3	71.5	53.2	45.8	39.2
Inc Tax Ex Impact of Sp Items	30.7	25.1	22.8	23.7	19.6
Normalized Income After Tax	30.6	46.5	30.3	22.1	19.7
Normalized Inc. Avail to Com.	30.6	46.5	30.3	22.1	19.7
Basic Normalized EPS	0.04	0.06	0.04	0.03	0.02
Diluted Normalized EPS	0.04	0.06	0.04	0.03	0.02
Rental Expenses	1.8	1.7	1.4	1.1	1.0
Advertising Expense, Supplemental	1.2	1.2	1.0	0.7	0.4
Bank Total Revenue	128.4	129.9	99.9	90.2	76.0
Current Tax - Domestic	30.1	24.4	22.8	23.7	18.5
Current Tax - Total	30.1	24.4	22.8	23.7	18.5
Deferred Tax - Domestic	0.6	0.7	0.0	0.1	1.1
Deferred Tax - Total	0.6	0.7	0.0	0.1	1.1
Income Tax - Total	30.7	25.1	22.8	23.7	19.6
Defined Contribution Expense - Domestic	7.1	7.5	7.7	6.1	4.9
Total Pension Expense	7.1	7.5	7.7	6.1	4.9

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	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2008
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate	81.83	70.475	69.26	68.91	69.555
Auditor	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Aziz Halim Khair Choudhury	Aziz Halim Khair Choudhury	Aziz Halim Khair Choudhury
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Cash & Due from Banks	164.4	157.8	153.6	142.8	114.2
Other Short Term Investments	301.8	236.1	194.0	137.5	80.2
Other Earning Assets, Total	301.8	236.1	194.0	137.5	80.2
Total Gross Loans	1,278.9	1,264.4	1,093.9	916.7	743.1
Loan Loss Allowances	-	-	-22.5	-20.0	-16.4
Net Loans	1,278.9	1,264.4	1,071.4	896.7	726.8
Buildings	9.7	11.3	6.2	6.1	6.1
Land/Improvements	27.7	32.1	12.2	12.2	12.1
Machinery/Equipment	13.9	13.6	10.8	9.1	7.7
Property/Plant/Equipment - Gross	51.3	57.0	29.2	27.4	25.9
Accumulated Depreciation	-10.0	-9.7	-8.4	-7.3	-6.3
Property/Plant/Equipment - Net	41.3	47.3	20.8	20.1	19.7
Interest Receivable	8.9	7.6	8.5	10.5	22.2
Other Assets	126.9	109.7	104.9	96.8	65.8
Other Assets, Total	135.9	117.3	113.4	107.3	88.0
Total Assets	1,922.2	1,822.8	1,553.3	1,304.4	1,028.8
Interest Bearing Deposits	1,254.5	1,082.2	1,010.5	826.0	621.8
Other Deposits	222.7	285.0	229.4	205.3	184.6
Total Deposits	1,477.2	1,367.3	1,239.8	1,031.3	806.4
Other Short Term Borrowings	5.6	46.7	6.2	5.7	17.1
Total Short Term Borrowings	41.4	82.0	43.6	34.0	44.5
Dividends Payable	0.0	0.0	0.0	0.0	0.0
Income Taxes Payable	109.1	95.1	74.1	77.0	53.0
Other Current liabilities, Total	109.1	95.1	74.1	77.1	53.0
Total Long Term Debt	0.0	-	0.0	0.0	0.0
Total Debt	41.4	82.0	43.6	34.0	44.5
Minority Interest	0.0	0.0	-	-	-
Pension Benefits - Underfunded	0.0	0.0	0.0	0.0	0.0
Other Liabilities	93.9	74.3	58.3	52.5	39.6
Other Liabilities, Total	93.9	74.3	58.4	52.5	39.6
Total Liabilities	1,721.6	1,618.8	1,416.0	1,194.9	943.5
Common Stock	82.0	70.5	55.2	42.7	30.2
Common Stock	82.0	70.5	55.2	42.7	30.2
Retained Earnings (Accumulated Deficit)	82.7	92.1	65.3	48.1	37.9
Unrealized Gain (Loss)	35.5	41.0	16.4	18.4	16.8
Translation Adjustment	0.0	-	-	-	-
Other Equity	0.4	0.4	0.4	0.4	0.4
Other Equity, Total	0.4	0.4	0.4	0.4	0.4
Total Equity	200.5	204.0	137.3	109.5	85.3
Total Liabilities & Shareholders’ Equity	1,922.2	1,822.8	1,553.3	1,304.4	1,028.8
Shares Outstanding - Common Stock Primary Issue	838.5	838.5	838.5	838.5	838.5
Total Common Shares Outstanding	838.5	838.5	838.5	838.5	838.5
Employees	6,219	5,534	5,375	5,321	5,270
Number of Common Shareholders	112,065	86,200	30,899	24,153	19,009
Total Risk-Weighted Capital	-	-	0.1	0.8	0.7
Tier 1 Capital %	10.82%	8.51%	11.29%	10.87%	9.72%
Total Capital %	13.56%	11.23%	13.63%	13.53%	12.17%

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	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated 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	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Aziz Halim Khair Choudhury	Aziz Halim Khair Choudhury	Aziz Halim Khair Choudhury
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Cash Receipts	13.8	11.6	10.5	9.4	8.8
Cash Payments	-34.5	-32.0	-27.7	-26.3	-21.0
Cash Taxes Paid	-24.2	-20.1	2.3	-22.3	-11.0
Other Assets	-354.1	-262.5	-243.8	-201.2	-153.6
Other Liabilities	348.2	197.7	202.6	215.5	147.6
Other Operating Cash Flow	96.9	100.9	74.1	68.2	55.0
Changes in Working Capital	90.9	36.2	32.9	82.6	49.0
Cash from Operating Activities	46.1	-4.4	18.0	43.3	25.7
Purchase of Fixed Assets	-2.8	-1.6	-2.1	-1.3	0.0
Purchase/Acquisition of Intangibles	-0.2	0.0	-	-	-
Capital Expenditures	-3.0	-1.6	-2.1	-1.3	0.0
Sale of Fixed Assets	0.0	0.0	-	-	-
Sale/Maturity of Investment	0.0	0.0	-	-	-
Other Investing Cash Flow Items, Total	0.0	0.0	-	-	-
Cash from Investing Activities	-3.0	-1.6	-2.1	-1.3	0.0
Cash Dividends Paid - Common	-3.4	-2.7	0.0	-	-
Total Cash Dividends Paid	-3.4	-2.7	0.0	-	-
Sale/Issuance of Common	21.8	0.0	-	-	-
Common Stock, Net	21.8	0.0	-	-	-
Issuance (Retirement) of Stock, Net	21.8	0.0	-	-	-
Long Term Debt, Net	0.2	-0.9	-1.9	1.4	0.7
Issuance (Retirement) of Debt, Net	0.2	-0.9	-1.9	1.4	0.7
Cash from Financing Activities	18.6	-3.7	-1.9	1.4	0.7
Net Change in Cash	61.8	-9.7	14.0	43.5	26.5
Net Cash - Beginning Balance	152.0	171.4	158.9	116.4	89.4
Net Cash - Ending Balance	213.8	161.7	172.8	159.9	115.9

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	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated 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	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Aziz Halim Khair Choudhury	Aziz Halim Khair Choudhury	Aziz Halim Khair Choudhury
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Interest Income	163.5	129.4	116.7	99.2	78.4
Total Revenue	163.5	129.4	116.7	99.2	78.4
Interest Paid on Deposts, Borrowings	78.8	54.5	54.5	41.0	27.7
Interest on Borrowings	-	-	0.1	0.1	0.0
Provis for Loans & Advances-Classified	0.9	1.0	0.7	0.7	0.8
Provis for Loans & Advances-Unclassified	0.0	3.9	0.7	3.5	1.5
Pro. for Diminution in Value of Invest	11.9	2.4	1.0	0.2	0.0
Other Provisions	-	-	-	-	1.2
Total Operating Expense	91.6	61.7	57.0	45.6	31.2
Invesmtnet Income	17.6	30.7	16.1	6.6	5.9
Commission, Exchange & Brokerage	21.4	19.9	17.2	17.3	15.0
Foreign Currency Charge	-	-	0.0	0.0	0.0
Other Operating Income	4.7	4.3	4.5	8.2	4.5
Salary & Allowances	-31.7	-29.5	-25.5	-24.3	-19.1
Rent. Taxes, Insurance, Electricity	-3.5	-3.2	-2.7	-2.1	-1.9
Legal Expenses	-0.1	-0.1	-0.2	-0.1	-0.2
Postage, Stamp Telecommunication	-1.1	-0.8	-0.8	-0.7	-0.8
Stationery, Printings, Advertisements	-1.5	-1.4	-1.2	-1.1	-0.8
Managing Director's Salary & Fees	-0.1	-0.1	-0.1	-0.1	-0.1
Directors' Fees	-0.1	-0.1	-0.1	-0.1	-0.1
Charge on Loan Losses	0.0	-0.2	-0.2	-0.1	-0.2
Auditors' Fee	0.0	0.0	0.0	0.0	0.0
Depreciation & Repair of Banks Assets	-2.6	-2.2	-1.7	-1.8	-1.2
Other Expenes	-13.6	-13.4	-12.0	-9.6	-8.0
Adjustment	-	-	-	-	-0.9
Total Non-Interest Revenue	43.7	55.0	37.8	32.2	25.4
Total Non-Interest Expense	-54.3	-51.1	-44.3	-40.0	-33.3
Net Income Before Taxes	61.3	71.5	53.2	45.8	39.2
Provision for Income Taxes	30.7	25.1	22.8	23.7	19.6
Net Income After Taxes	30.6	46.5	30.3	22.1	19.7
Non-Controlling Interest	0.0	0.0	-	-	-
Net Income Before Extra. Items	30.6	46.5	30.3	22.1	19.7
Net Income	30.6	46.5	30.3	22.1	19.7
Income Available to Com Excl ExtraOrd	30.6	46.5	30.3	22.1	19.7
Income Available to Com Incl ExtraOrd	30.6	46.5	30.3	22.1	19.7
Basic Weighted Average Shares	838.5	838.5	838.5	838.5	838.5
Basic EPS Excluding ExtraOrdinary Items	0.04	0.06	0.04	0.03	0.02
Basic EPS Including ExtraOrdinary Items	0.04	0.06	0.04	0.03	0.02
Diluted Net Income	30.6	46.5	30.3	22.1	19.7
Diluted Weighted Average Shares	838.5	838.5	838.5	838.5	838.5
Diluted EPS Excluding ExtraOrd Items	0.04	0.06	0.04	0.03	0.02
Diluted EPS Including ExtraOrd Items	0.04	0.06	0.04	0.03	0.02
DPS-Common Stock	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	-	0.0	0.0
Normalized Income Before Taxes	61.3	71.5	53.2	45.8	39.2
Inc Tax Ex Impact of Sp Items	30.7	25.1	22.8	23.7	19.6
Normalized Income After Taxes	30.6	46.5	30.3	22.1	19.7
Normalized Inc. Avail to Com.	30.6	46.5	30.3	22.1	19.7
Basic Normalized EPS	0.04	0.06	0.04	0.03	0.02
Diluted Normalized EPS	0.04	0.06	0.04	0.03	0.02
Rental Expense, -House Rent & ATM	0.0	0.0	0.0	0.0	0.0
Rental Expense,Banks Premises	1.8	1.7	1.3	1.1	1.0
Rental Expense, Godown	0.0	0.0	0.0	0.0	0.0
Rental Expense, Officer's Residence	0.0	0.0	0.0	0.0	0.0
Advertising Expense, Supplemental	0.8	0.7	0.5	0.4	0.2
Depreciation, Supplemental	2.6	2.2	1.3	1.1	0.8
PromotionalExpense, Supplemental	0.4	0.5	0.5	0.2	0.1
Current Tax	30.1	24.4	22.8	23.7	18.5
Current Tax - Total	30.1	24.4	22.8	23.7	18.5
Deferred Tax	0.6	0.7	0.0	0.1	1.1
Deferred Tax - Total	0.6	0.7	0.0	0.1	1.1
Income Tax - Total	30.7	25.1	22.8	23.7	19.6
Defined Contribution Expense-PF	-	-	0.9	0.9	0.8
Defined Contribution Expense-GPF	-	-	0.0	0.0	0.0
Defined Contribution Expense-MD	-	-	0.0	0.0	0.0
Gratuity	7.1	7.5	6.8	5.2	4.1
Total Pension Expense	7.1	7.5	7.7	6.1	4.9

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	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2008
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate	81.83	70.475	69.26	68.91	69.555
Auditor	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Aziz Halim Khair Choudhury	Aziz Halim Khair Choudhury	Aziz Halim Khair Choudhury
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Cash in Hand	29.0	34.4	28.1	29.4	30.0
Balance with Bangladesh Bank	114.5	110.9	101.2	84.4	68.4
Balance with Other Bank-Bangladesh	10.6	9.9	19.0	26.6	11.2
Bal with Other Bank-Outside Bangladesh	10.3	2.6	5.3	2.4	4.6
Money at Call Short Notice	28.8	1.7	18.3	16.0	0.3
Investments-Government	215.0	153.3	134.9	113.3	78.0
Investments-Others	57.9	81.0	40.8	8.3	1.9
Loans, Cash Credits, Overdrafts	1,261.6	1,250.0	1,085.5	909.4	736.5
Bills Purchased & Discounted	17.3	14.4	8.4	7.2	6.7
Provison for Loan Loss	-	-	-22.5	-20.0	-16.4
Land	27.7	32.1	12.2	12.2	12.1
Building	9.7	11.3	6.2	6.1	6.1
Vehicles	1.6	1.7	1.4	1.1	0.9
Machinery & Equipment	3.2	3.2	2.9	5.2	4.5
Computure & Computer Accessories	5.6	5.1	3.4	0.0	-
Furniture & Fixtures	3.4	3.5	3.1	2.7	2.3
Other premises, furniture-subsidiaries	0.1	0.0	-	-	-
Accumulated Depreciation	-10.0	-9.7	-8.4	-7.3	-6.3
Interest Accrued on Investment	5.5	6.3	6.4	8.3	19.7
Accrued Income on Loans	1.6	0.3	0.5	0.6	0.5
Advance security deposit, rent & prepaid	1.8	1.0	1.6	1.6	2.0
Other Assets	126.9	109.7	104.9	96.8	65.8
Non-Banking Assets	0.0	0.0	0.0	0.0	0.0
Total Assets	1,922.2	1,822.8	1,553.3	1,304.4	1,028.8
Borrworings from Other Banks	5.6	46.7	6.2	5.7	17.1
Unclaimed Dividend	-	-	0.0	0.0	0.0
Current Deposits & Other Accounts	174.8	235.5	185.2	168.0	152.7
Bills Payable	35.8	35.4	37.5	28.3	27.4
Savings Bank Deposits	443.3	478.3	442.7	377.7	349.2
Fixed Deosits	811.2	603.9	567.7	448.3	272.5
Other Deposits	48.0	49.6	44.2	37.3	31.9
Unpaid Dividend	0.0	0.0	0.0	0.0	0.0
Pension Fund	0.0	0.0	0.0	0.0	0.0
Provision for Taxation	109.1	95.1	74.1	77.0	53.0
Other Liabilities	93.9	74.3	58.3	52.5	39.6
Non-Controlling Interest	0.0	0.0	-	-	-
Total Liabilities	1,721.6	1,618.8	1,416.0	1,194.9	943.5
Paid Up Capital	82.0	70.5	55.2	42.7	30.2
Statutory Reserve	63.9	58.9	45.5	35.1	25.7
Assets Revaluation Reserve	35.5	41.0	16.4	18.4	16.8
Share Forfeiture Account	0.0	0.0	0.0	0.0	0.0
Exchange Eqalisation Fund	0.4	0.4	0.4	0.4	0.4
Retained Surplus(General Reserve)	18.8	33.2	19.8	13.0	0.1
Proposed Issue of Bonus Shares	0.0	-	0.0	0.0	12.1
Foreign Currency Translation Reserve	0.0	-	-	-	-
Total Equity	200.5	204.0	137.3	109.5	85.3
Total Liabilities & Shareholders' Equity	1,922.2	1,822.8	1,553.3	1,304.4	1,028.8
S/O-Common Stock	838.5	838.5	838.5	838.5	838.5
Total Common Shares Outstanding	838.5	838.5	838.5	838.5	838.5
Tier 1 Capital %	10.82%	8.51%	11.29%	10.87%	9.72%
Total Capital %	13.56%	11.23%	13.63%	13.53%	12.17%
Total Risk-Weighted Capital	-	-	56.1	834.5	700.2
Full-Time Employees	6,219	5,534	5,375	5,321	5,270
Number of Common Shareholders	112,065	86,200	30,899	24,153	19,009

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	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated 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	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Aziz Halim Khair Choudhury	Aziz Halim Khair Choudhury	Aziz Halim Khair Choudhury
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified	Unqualified	Unqualified
Cash Receipts	13.8	11.6	10.5	9.4	8.8
Cash Payments	-34.5	-32.0	-27.7	-26.3	-21.0
Interest Receipts in Cash	179.5	158.7	130.6	105.5	83.2
Interest Payments	-78.8	-54.5	-54.6	-41.1	-27.7
Dividend Receipts	1.1	1.4	2.2	0.3	0.2
Fees & Commission Reciepts in Cash	12.8	12.7	11.2	11.9	9.2
Recoveries of loans Previously W/Off	0.0	0.0	0.0	4.3	1.6
Cash Taxes Paid	-24.2	-20.1	2.3	-22.3	-11.0
Payments for Other Operating Activities	-17.7	-17.3	-15.3	-12.6	-11.4
Statutory Deposits	-91.8	-21.6	-22.8	-35.4	-8.3
Purchase/Sale of Trading Securiteis	-8.3	-40.9	-32.1	-5.6	-0.1
Loans & Advances to Custmers	-239.7	-214.1	-179.9	-163.9	-147.6
Other Assets	-14.3	14.2	-9.0	3.8	2.3
Deposits from Other Banks	-38.2	41.1	0.5	-11.6	15.5
Deposits from Customers	337.0	149.2	223.8	219.0	135.3
Other Liabilities on Account of Customer	17.6	7.8	-21.6	8.0	-2.1
FC Translation Reserve	0.0	0.0	-	-	-
Other Liabilities	31.7	-0.4	-0.1	0.1	-1.1
Cash from Operating Activities	46.1	-4.4	18.0	43.3	25.7
Proceeds from Sale of Securities	0.0	0.0	-	-	-
Sale of Fixed Assets	0.0	0.0	-	-	-
Membership at cost	-0.2	0.0	-	-	-
Purchase/Sale of Fixed Assets	-2.8	-1.6	-2.1	-1.3	0.0
Cash from Investing Activities	-3.0	-1.6	-2.1	-1.3	0.0
Issue of share Capital	21.8	0.0	-	-	-
Issuance of Loan Capital & Debt Securiti	0.2	-0.9	-1.9	1.4	0.7
Dividend Paid	-3.4	-2.7	0.0	-	-
Cash from Financing Activities	18.6	-3.7	-1.9	1.4	0.7
Net Change in Cash	61.8	-9.7	14.0	43.5	26.5
Cash at the Beginning of the Year	152.0	171.4	158.9	116.4	89.4
Cash at the End of the Year	213.8	161.7	172.8	159.9	115.9

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 (?)	30.6	10.95%	128.4	5.18%	15.38%	19.57%
Income Available to Common Excl Extraord Items1 (?)	1.2	-81.08%	30.6	-29.92%	14.35%	21.79%
Basic EPS Excl Extraord Items1 (?)	0.00	-81.08%	0.04	-29.92%	14.35%	21.79%
Capital Expenditures2 (?)	4.0	73.82%	3.0	94.85%	34.95%	58.89%
Cash from Operating Activities2 (?)	104.7	-0.39%	46.1	-	4.75%	-
Free Cash Flow (?)	101.3	-2.07%	39.0	-	3.49%	-
Total Assets3 (?)	2,220.2	27.38%	1,922.2	22.44%	20.51%	21.91%
Total Liabilities3 (?)	2,006.7	29.95%	1,721.6	23.49%	19.61%	21.20%
Total Long Term Debt3 (?)	0.0	-	0.0	-	-	-
Employees3 (?)	-	-	6219	12.38%	5.34%	3.88%
Total Common Shares Outstanding3 (?)	838.5	0.00%	838.5	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 (?)	163.5	129.4	116.7	99.2	78.4
Total Interest Expense1 (?)	78.8	54.5	54.6	41.1	27.7
Loan Loss Provision1 (?)	12.8	7.3	2.5	4.4	3.5
Cash & Due from Banks3 (?)	164.4	157.8	153.6	142.8	114.2
Total Deposits3 (?)	1,477.2	1,367.3	1,239.8	1,031.3	806.4
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 (?)	37.46%	55.31%	45.55%	46.16%	50.05%
Net Profit Margin (?)	18.71%	35.91%	25.97%	22.27%	25.07%
Financial Strength
Long Term Debt/Equity (?)	0.00	-	0.00	0.00	0.00
Total Debt/Equity (?)	0.21	0.40	0.32	0.31	0.52
Management Effectiveness
Return on Assets (?)	1.59%	2.74%	2.12%	1.88%	2.08%
Return on Equity (?)	14.72%	27.07%	24.53%	22.48%	25.88%
Efficiency
Receivables Turnover (?)	0.10	0.11	0.10	0.11	0.12
Asset Turnover (?)	0.07	0.08	0.07	0.08	0.08

Market Valuation USD (mil)
P/E (TTM) (?)	19.27	.	Enterprise Value2 (?)	183.9
Price/Sales (TTM) (?)	2.63	.	Price/Book (MRQ) (?)	1.68
Enterprise Value/EBITDA (TTM) (?)	4.06	.	Market Cap1 (?)	375.8
1-ExchangeRate: BDT to USD on 13-Jun-2013	77.874940
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 (?)	0.00	-	0.00	0.00	0.00
Total Debt/Equity (?)	0.21	0.40	0.32	0.31	0.52
Long Term Debt/Total Capital (?)	0.00	-	0.00	0.00	0.00
Total Debt/Total Capital (?)	0.21	0.40	0.32	0.31	0.52
Payout Ratio (?)	11.10%	5.76%	9.25%	0.00%	0.00%
Effective Tax Rate (?)	50.05%	35.08%	42.98%	51.76%	49.92%
Total Capital1 (?)	200.5	204.0	137.3	109.5	85.3
Efficiency
Asset Turnover (?)	0.07	0.08	0.07	0.08	0.08
Receivables Turnover (?)	0.10	0.11	0.10	0.11	0.12
Days Receivables Outstanding (?)	3,719.77	3,297.51	3,597.78	3,312.54	3,168.81
Revenue/Employee2 (?)	18,680	23,175	18,530	16,879	14,288
Profitability
Pretax Margin (?)	37.46%	55.31%	45.55%	46.16%	50.05%
Net Profit Margin (?)	18.71%	35.91%	25.97%	22.27%	25.07%
Management Effectiveness
Return on Assets (?)	1.59%	2.74%	2.12%	1.88%	2.08%
Return on Equity (?)	14.72%	27.07%	24.53%	22.48%	25.88%
Valuation
Free Cash Flow/Share2 (?)	0.05	-0.01	0.02	0.05	0.03
Operating Cash Flow/Share 2 (?)	0.05	-0.01	0.02	0.05	0.03
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) (?)	19.27
Market Cap/Equity (MRQ) (?)	1.68
Market Cap/Revenue (TTM) (?)	1.82
Market Cap/EBIT (TTM) (?)	6.88
Enterprise Value/Earnings (TTM) (?)	9.88
Enterprise Value/Equity (MRQ) (?)	0.86
Enterprise Value/Revenue (TTM) (?)	0.93
Enterprise Value/EBIT (TTM) (?)	3.53

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.70
UK Pound	1	Rs.91.14
Euro	1	Rs.77.97

INFORMATION DETAILS

Report Prepared by :

SDA

RATING EXPLANATIONS

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

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

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

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

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.