MIRA INFORM REPORT

Report Date :

16.03.2013

IDENTIFICATION DETAILS

Name :	BRAC BANK LIMITED
Registered Office :	1 Gulshan Avenue, Gulshan -1, Dhaka 1212
Country :	Bangladesh
Financials (as on) :	30.09.2012
Date of Incorporation :	20.05.1999
Com. Reg. No.:	C-37782
Legal Form :	Public Limited
Line of Business :	General Banking
No. of Employees :	7,500 Approximately

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
Payment Behaviour :	No Complaints
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
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

The economy has grown 5-6% 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 DETAILS

Name	BRAC Bank Limited
Address	1 Gulshan Avenue, Gulshan -1, Dhaka 1212
Country	Bangladesh
Telephone No	880-2-8859202
Fax No	880-2-9860395
E-Mail	enquiry@bracbank.com
Website	www.bracbank.com
Established	1999
Company Registration No	C-37782
Registration date	20^th May 1999
Legal Status	Public Limited
Issuing Authority	The Registrar of Joint Stock Companies & Firms, Dhaka
Stock Code	BRACBANK
Business Type	General Banking
Status	Satisfactory
Payment Behavior	No complaints have been heard regarding payments from local suppliers or banks.

LOCATIONS

Head Office	1 Gulshan Avenue, Gulshan -1, Dhaka 1212
Telephone No	880-2-8859202
Fax No	880-2-9860395
E-Mail	enquiry@bracbank.com
Website	www.bracbank.com
Branch	50 (Approximately)
Factory	N/A
S.W.I.F.T.:	BRAKBDDH

DIRECTORS

Name	Sir Fazle Hasan Abed KCMG
Designation	Chairman
Nationality	Bangladeshi
Name	Mr. Syed Mahbubur Rahman
Designation	Managing Director
Nationality	Bangladeshi
Name	Mr. Muhammad A. (Rumee) Ali
Designation	Director
Nationality	Bangladeshi
Name	Mr. Shib Narayan Kairy
Designation	Director
Nationality	Bangladeshi
Name	Ms. Tamara Hasan Abed
Designation	Director
Nationality	Bangladeshi
Name	Ms. Nihad Kabir
Designation	Director
Nationality	Bangladeshi
Name	Dr. Hafiz G.A. Siddiqi
Designation	Director
Nationality	Bangladeshi
Name	Ms. Zahida Ispahani
Designation	Director
Nationality	Bangladeshi

BUSINESS DETAILS

Line of Business	General Banking
Range of Services	4 SME Banking 4 Retail Banking 4 Wholesale Banking 4 Probashi Banking 4 e-Banking

FINANCIAL INFORMATION

Balance Sheet

As At 30 September 2012

Currency: Taka (In Million)

Assets	Taka
Cash and Equivalents	15,072.5
TOTAL CASH AND SHORT TERM INVESTMENTS	15,072.5
Other Receivables	24.2
TOTAL RECEIVABLES	24.2
Restricted Cash	6,330.1
Other Current Assets	5,989.6
TOTAL CURRENT ASSETS	27,845.4
Gross Property Plant and Equipment	5,999.7
Accumulated Depreciation	-2,017.8
NET PROPERTY PLANT AND EQUIPMENT	3,981.9
Deferred Tax Assets, Long Term	167.8
Deferred Charges, Long Term	433.5
Other Long-Term Assets	482.2
TOTAL ASSETS	123,267.0
LIABILITIES & EQUITY
Accrued Expenses	1,556.0
Current Portion of Long-Term Debt/Capital Lease	324.3
Current Income Taxes Payable	7,297.1
Other Current Liabilities, Total	1,111.6
TOTAL CURRENT LIABILITIES	105,179.4
Long-Term Debt	2,858.7
Pension & Other Post-Retirement Benefits	80.0
Other Non-Current Liabilities	6,209.3
TOTAL LIABILITIES	114,327.4
Common Stock	2,000.0
Additional Paid in Capital	11.1
Retained Earnings	5,962.9
Comprehensive Income and Other	965.6
TOTAL COMMON EQUITY	8,939.6
TOTAL EQUITY	8,939.6
TOTAL LIABILITIES AND EQUITY	123,267.0

Income Statement

For the Year Ended 31 December 2011

Currency: Taka (In Million)

	Taka
TOTAL REVENUES	8,779.4
Cost of Goods Sold	125.7
GROSS PROFIT	8,653.7
Selling General & Admin Expenses, Total	3,633.7
EBT, EXCLUDING UNUSUAL ITEMS	4,547.7
EBT, INCLUDING UNUSUAL ITEMS	4,547.7
Income Tax Expense	2,392.8
Earnings from Continuing Operations	2,154.9
NET INCOME	2,154.9
NET INCOME TO COMMON INCLUDING EXTRA ITEMS	2,154.9
NET INCOME TO COMMON EXCLUDING EXTRA ITEMS	2,154.9

CURRENCY EXCHANGE RATE

Currency	Unit	Bangladeshi Taka (BDT)
Great Britain Pound	1	117.3756
U.S Dollar	1	78.6700
European Euro	1	101.9249

ADVERSE DATA MONITORING

Dishonored Checks	No Found
Debt	No Found
Litigation	No Records Found
Performance Defaults	No Records Found
Adverse Press Coverage	No Records Found
Money Laundering	No Records Found

GENERAL INFORMATION

Employees	7,500 (apx)
Office Area (Sq. Ft)	3,200 sq.ft (rented)
Factory Area (Sq. Ft)	N/A
Warehouse Area (Sq. Ft)	N/A
Certifications	N/A
Group Name	N/A
Subsidiaries / Affiliates	4 BRAC EPL Stock Brokerage Limited 4 BRAC EPL Investment Limited 4 BRAC Saajan Exchange Limited 4 bKash Limited
Enlisted With	4 Dhaka Stock Exchange Limited, Dhaka 4 Chittagong Stock Exchange Limited, Chittagong
Member	4 Dhaka Chamber of Commerce & Industries, Dhaka 4 Bangladesh Association of Bankers, Dhaka

BUSINESS TREND & PROSPECT

Business Scale	Large
Business Trend	Growing
Management Capability	Good
Reputation	Good

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.16
UK Pound	1	Rs.81.74
Euro	1	Rs.70.50

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%)

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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.