MIRA INFORM REPORT
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Report Date : |
30.05.2013 |
IDENTIFICATION DETAILS
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Name : |
SOCIAL ISLAMI BANK LTD |
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Registered Office : |
City Center, 18th, 19th, 20th Floor, 103, Motijheel Commercial Area, 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 : |
05.07.1995 |
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Legal Form : |
Public Independent Company |
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Line of Business : |
Subject 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 |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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 & address
Social Islami Bank Ltd
City Center, 18th, 19th, 20th Floor
103, Motijheel Commercial Area
Dhaka, 1000
Bangladesh
Tel: 880-2-9571852
Fax: 880-2-9568098
Web: www.siblbd.com
Synthesis
Employees: NA
Company Type: Public Independent
Traded: Dhaka
Stock Exchange: SIBL
Incorporation Date:
05-Jul-1995
Auditor: Syful Shamsul Alam & Co
Financials in: USD (Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency:
Bangladesh Taka
Annual Sales: 56.0
1
Net Income: 13.9
Total Assets: 1,026.0 2
Market Value: 138.0
(16-May-2013)
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 twelve months ended 30 September 2012, Social Islami Bank Ltd interest income increased 70% to BDT10.31B. Net interest income after loan loss provision increased 93% to BDT2.4B. Net income increased 29% to BDT1.07B. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities.
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 |
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Muhammed Ali |
Managing Director, Director |
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Walid Mahmud Sobhani |
Executive Vice President, Chief Financial Officer |
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Mahamud Hassan |
Executive Vice President, Company Secretary |
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Md. Akhtar Hussain |
Executive Vice President |
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M. Shams-Uddin Ahmed |
Executive Vice President |
Significant
Developments
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* number of significant developments within the last 12 months
Financial Summary
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Stock
Snapshot
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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
Corporate Overview
Location
city center, 18th, 19th, 20th Floor
103, Motijheel Commercial Area
Dhaka, 1000
Bangladesh
Tel: 880-2-9571852
Fax: 880-2-9568098
Web: www.siblbd.com
Quote Symbol - Exchange
SIBL - Dhaka Stock
Exchange
Sales BDT(mil): 4,146.3
Assets BDT(mil): 83,961.6
Employees: NA
Fiscal Year End: 31-Dec-2011
Industry: Commercial
Banks
Incorporation Date: 05-Jul-1995
Company Type: Public
Independent
Quoted Status: Quoted
Executive Vice
President, Company Secretary:
Mahamud Hassan
Industry Codes
ANZSIC 2006 Codes:
6221 - Banking
6230 - Non-Depository Financing
6720 - Real Estate Services
6240 - Financial Asset Investing
NACE 2002 Codes:
6512 - Other monetary intermediation
7031 - Real estate agencies
6523 - Other financial intermediation not elsewhere classified
6522 - Other credit granting
NAICS 2002 Codes:
52211 - Commercial Banking
522293 - International Trade Financing
525990 - Other Financial Vehicles
531210 - Offices of Real Estate Agents and Brokers
523910 - Miscellaneous Intermediation
522220 - Sales Financing
US SIC 1987:
6029 - Commercial Banks, Not Elsewhere Classified
6799 - Investors, Not Elsewhere Classified
6081 - Branches and Agencies of Foreign Banks
6531 - Real Estate Agents and Managers
6726 - Unit Investment Trusts, Face-Amount Certificate offices,
and Closed-End Management Investment Offices
6159 - Miscellaneous Business Credit Institutions
UK SIC 2003:
65121 - Banks
6523 - Other financial intermediation not elsewhere classified
7031 - Real estate agencies
6522 - Other credit granting
UK SIC 2007:
64191 - Banks
6492 - Other credit granting
6831 - Real estate agencies
6499 - Other financial service activities, except insurance and
pension funding, n.e.c.
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 twelve months
ended 30 September 2012, Social Islami Bank Ltd interest income increased 70%
to BDT10.31B. Net interest income after loan loss provision increased 93% to
BDT2.4B. Net income increased 29% to BDT1.07B. Net interest income after loan
loss provision reflects increase in interest earning assets and decrease in
interest bearing liabilities.
More Business
Descriptions
Commercial banking services operating under Islamic principles
Investment Banking Services
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EXECUTIVE RPEORT
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Board of
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Chairman of the Board |
Chairman |
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Vice Chairman |
Chairman |
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Chairman |
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Vice Chairman of the Board |
Vice-Chairman |
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Vice Chairman of the Board |
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Managing Director, Director |
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Deputy Managing Director |
Director/Board Member |
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Director |
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Member |
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Executives |
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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 |
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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 |
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Executive Vice President |
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Significant Developments
Social Islami Bank Ltd Proposes Bonus Share May 15, 2013
Social Islami Bank Ltd announced that it has proposed bonus share at 10% (to the shareholders except Islamic Charitable Society and Mr. Shahir A. R. Batterjee) for the year 2012.
Social Islami Bank Ltd Recommends Cash Dividend And Stock Dividend May 12, 2013
Social Islami Bank Ltd announced that the Board of Directors has recommended cash dividend at 5% (i.e. BDT0.50 per share of BDT10.00 each) and stock dividend at 10% for the year ended on December 31, 2012.
Social Islami Bank Ltd Appoints Mr. Md. Shafiqur Rahman As Managing Director Jan 07, 2013
Social Islami Bank Ltd announced that Mr. Md. Shafiqur Rahman has assumed the office of Managing Director of the Company with effect from January 03, 2013.
Annual income statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
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Filed Currency |
BDT |
BDT |
BDT |
BDT |
BDT |
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Exchange Rate
(Period Average) |
74.041708 |
69.60265 |
69.026932 |
68.582616 |
68.868552 |
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Auditor |
Syful Shamsul
Alam & Co |
Syful Shamsul
Alam & Co |
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Auditor Opinion |
Unqualified |
Unqualified |
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Interest & Dividends on Investment
Securities |
93.5 |
55.8 |
44.6 |
39.8 |
30.4 |
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Interest Income, Bank |
93.5 |
55.8 |
44.6 |
39.8 |
30.4 |
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Interest on Deposit |
61.3 |
35.0 |
29.9 |
30.2 |
24.8 |
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Total Interest Expense |
61.3 |
35.0 |
29.9 |
30.2 |
24.8 |
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Net Interest Income |
32.2 |
20.8 |
14.7 |
9.6 |
5.6 |
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Loan Loss Provision |
7.2 |
6.1 |
4.3 |
4.9 |
2.7 |
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Net Interest Income after Loan Loss Provision |
25.0 |
14.7 |
10.4 |
4.8 |
2.9 |
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Fees & Commissions from Operations |
16.3 |
9.4 |
7.5 |
6.6 |
5.1 |
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Investment Securities Gains |
2.3 |
4.9 |
0.7 |
1.5 |
1.5 |
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Other Revenue |
5.2 |
2.7 |
2.0 |
1.1 |
0.9 |
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Non-Interest Income, Bank |
23.8 |
17.0 |
10.2 |
9.2 |
7.5 |
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Labor & Related Expenses |
-12.1 |
-9.1 |
-5.8 |
-4.7 |
-3.8 |
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Depreciation Expense |
-1.1 |
-0.9 |
-0.5 |
-0.3 |
-0.3 |
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Other Expense |
-10.7 |
-5.4 |
-3.8 |
-3.7 |
-2.4 |
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Non-Interest Expense, Bank |
-23.9 |
-15.4 |
-10.1 |
-8.8 |
-6.5 |
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Income Before Tax |
25.0 |
16.3 |
10.5 |
5.2 |
3.9 |
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Total Income Tax |
11.0 |
7.1 |
4.3 |
2.2 |
1.7 |
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Income After Tax |
13.9 |
9.2 |
6.3 |
2.9 |
2.2 |
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Minority Interest |
0.0 |
0.0 |
- |
- |
- |
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Net Income Before Extraord Items |
13.9 |
9.2 |
6.3 |
2.9 |
2.2 |
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Net Income |
13.9 |
9.2 |
6.3 |
2.9 |
2.2 |
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Income Available to Common Excl Extraord Items |
13.9 |
9.2 |
6.3 |
2.9 |
2.2 |
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Income Available to Common Incl Extraord Items |
13.9 |
9.2 |
6.3 |
2.9 |
2.2 |
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Basic/Primary Weighted Average Shares |
600.0 |
463.1 |
46.9 |
23.5 |
17.0 |
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Basic EPS Excl Extraord Items |
0.02 |
0.02 |
0.13 |
0.13 |
0.13 |
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Basic/Primary EPS Incl Extraord Items |
0.02 |
0.02 |
0.13 |
0.13 |
0.13 |
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Diluted Net Income |
13.9 |
9.2 |
6.3 |
2.9 |
2.2 |
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Diluted Weighted Average Shares |
600.0 |
463.1 |
46.9 |
23.5 |
17.0 |
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Diluted EPS Excl Extraord Items |
0.02 |
0.02 |
0.13 |
0.13 |
0.13 |
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Diluted EPS Incl Extraord Items |
0.02 |
0.02 |
0.13 |
0.13 |
0.13 |
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Depreciation, Supplemental |
1.1 |
0.9 |
0.5 |
0.3 |
0.3 |
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Normalized Income Before Tax |
25.0 |
16.3 |
10.5 |
5.2 |
3.9 |
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Inc Tax Ex Impact of Sp Items |
11.0 |
7.1 |
4.3 |
2.2 |
1.7 |
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Normalized Income After Tax |
13.9 |
9.2 |
6.3 |
2.9 |
2.2 |
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Normalized Inc. Avail to Com. |
13.9 |
9.2 |
6.3 |
2.9 |
2.2 |
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Basic Normalized EPS |
0.02 |
0.02 |
0.13 |
0.13 |
0.13 |
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Diluted Normalized EPS |
0.02 |
0.02 |
0.13 |
0.13 |
0.13 |
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Bank Total Revenue |
56.0 |
37.8 |
24.9 |
18.8 |
13.1 |
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Current Tax - Domestic |
- |
- |
4.0 |
2.2 |
1.9 |
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Current Tax - Total |
- |
- |
4.0 |
2.2 |
1.9 |
|
Deferred Tax - Domestic |
- |
- |
0.2 |
0.0 |
-0.1 |
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Deferred Tax - Total |
- |
- |
0.2 |
0.0 |
-0.1 |
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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 |
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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 |
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Auditor |
Syful Shamsul
Alam & Co |
Syful Shamsul
Alam & Co |
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Auditor Opinion |
Unqualified |
Unqualified |
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Cash & Due from Banks |
117.4 |
87.1 |
135.5 |
97.9 |
90.6 |
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Interest-earning Deposits |
91.1 |
77.6 |
0.0 |
- |
- |
|
Other Short Term Investments |
658.8 |
520.5 |
383.8 |
289.5 |
236.4 |
|
Securities for Sale |
46.0 |
36.2 |
18.9 |
12.4 |
8.0 |
|
Total Investment Securities |
46.0 |
36.2 |
18.9 |
12.4 |
8.0 |
|
Other Earning Assets, Total |
795.9 |
634.2 |
402.7 |
301.9 |
244.4 |
|
Property/Plant/Equipment - Net |
26.1 |
13.0 |
9.4 |
6.4 |
1.9 |
|
Other Assets |
86.7 |
41.4 |
29.6 |
26.3 |
16.0 |
|
Other Assets, Total |
86.7 |
41.4 |
29.6 |
26.3 |
16.0 |
|
Total Assets |
1,026.0 |
775.7 |
577.3 |
432.6 |
352.9 |
|
|
|
|
|
|
|
|
Interest Bearing Deposits |
615.0 |
457.1 |
282.9 |
293.3 |
231.0 |
|
Other Deposits |
230.7 |
209.3 |
163.7 |
50.6 |
40.0 |
|
Total Deposits |
845.7 |
666.5 |
446.6 |
344.0 |
271.0 |
|
Other Bearing Liabilities |
11.7 |
9.4 |
9.5 |
5.7 |
11.5 |
|
Other Bearing Liabilities, Total |
11.7 |
9.4 |
9.5 |
5.7 |
11.5 |
|
Other Short Term Borrowings |
- |
- |
41.9 |
34.8 |
30.6 |
|
Total Short Term Borrowings |
- |
- |
41.9 |
34.8 |
30.6 |
|
Total Long Term Debt |
0.0 |
0.0 |
- |
- |
- |
|
Total Debt |
0.0 |
0.0 |
41.9 |
34.8 |
30.6 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
-0.1 |
-0.1 |
0.4 |
0.2 |
0.0 |
|
Deferred Income Tax |
-0.1 |
-0.1 |
0.4 |
0.2 |
0.0 |
|
Minority Interest |
0.0 |
0.0 |
- |
- |
- |
|
Other Liabilities |
54.3 |
40.4 |
27.6 |
20.8 |
15.8 |
|
Other Liabilities, Total |
54.3 |
40.4 |
27.6 |
20.8 |
15.8 |
|
Total Liabilities |
911.7 |
716.1 |
525.9 |
405.5 |
329.0 |
|
|
|
|
|
|
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|
Common Stock |
78.1 |
42.4 |
38.9 |
19.0 |
16.1 |
|
Common Stock |
78.1 |
42.4 |
38.9 |
19.0 |
16.1 |
|
Retained Earnings (Accumulated Deficit) |
22.3 |
17.1 |
12.5 |
8.1 |
7.8 |
|
Unrealized Gain (Loss) |
13.9 |
0.0 |
- |
- |
- |
|
Total Equity |
114.4 |
59.5 |
51.3 |
27.1 |
23.9 |
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|
|
|
|
|
|
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Total Liabilities & Shareholders’ Equity |
1,026.0 |
775.7 |
577.3 |
432.6 |
352.9 |
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|
|
|
|
|
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Shares Outstanding - Common Stock Primary
Issue |
639.4 |
597.6 |
538.3 |
262.0 |
223.9 |
|
Total Common Shares Outstanding |
639.4 |
597.6 |
538.3 |
262.0 |
223.9 |
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 |
|
Other Assets |
-48.0 |
-8.0 |
-1.3 |
-8.3 |
-3.1 |
|
Other Liabilities |
297.5 |
182.0 |
106.6 |
65.2 |
55.8 |
|
Other Operating Cash Flow |
-304.9 |
-191.7 |
-124.8 |
-78.2 |
-36.0 |
|
Changes in Working Capital |
-55.4 |
-17.6 |
-19.5 |
-21.2 |
16.7 |
|
Cash from Operating Activities |
16.4 |
23.8 |
16.3 |
11.2 |
41.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-2.1 |
-4.5 |
-3.4 |
-4.8 |
-0.2 |
|
Capital Expenditures |
-2.1 |
-4.5 |
-3.4 |
-4.8 |
-0.2 |
|
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 |
-0.2 |
|
|
|
|
|
|
|
|
Sale/Issuance of
Common |
53.6 |
7.2 |
18.1 |
0.0 |
7.8 |
|
Common Stock, Net |
53.6 |
7.2 |
18.1 |
0.0 |
7.8 |
|
Issuance (Retirement) of Stock, Net |
53.6 |
7.2 |
18.1 |
0.0 |
7.8 |
|
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 |
7.8 |
|
|
|
|
|
|
|
|
Net Change in Cash |
73.7 |
31.9 |
38.3 |
6.4 |
48.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
156.7 |
134.9 |
97.7 |
91.9 |
42.9 |
|
Net Cash - Ending Balance |
230.4 |
166.7 |
136.0 |
98.4 |
91.5 |
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 |
600.0 |
463.1 |
46.9 |
23.5 |
17.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.02 |
0.02 |
0.13 |
0.13 |
0.13 |
|
Basic EPS Including ExtraOrdinary Items |
0.02 |
0.02 |
0.13 |
0.13 |
0.13 |
|
Diluted Net Income |
13.9 |
9.2 |
6.3 |
2.9 |
2.2 |
|
Diluted Weighted Average Shares |
600.0 |
463.1 |
46.9 |
23.5 |
17.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.02 |
0.02 |
0.13 |
0.13 |
0.13 |
|
Diluted EPS Including ExtraOrd Items |
0.02 |
0.02 |
0.13 |
0.13 |
0.13 |
|
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 |
0.13 |
0.13 |
0.13 |
|
Diluted Normalized EPS |
0.02 |
0.02 |
0.13 |
0.13 |
0.13 |
|
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 |
639.4 |
597.6 |
538.3 |
262.0 |
223.9 |
|
Total Common Shares Outstanding |
639.4 |
597.6 |
538.3 |
262.0 |
223.9 |
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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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.56.24 |
|
UK Pound |
1 |
Rs.84.54 |
|
Euro |
1 |
Rs.72.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.