MIRA
INFORM REPORT
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Report Date : |
17.10.2013 |
IDENTIFICATION DETAILS
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Name : |
BRAC BANK LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
2001 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Commercial
banking services, including personal, corporate, international trade, foreign
exchange, lease finance and capital market services |
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No. of Employees : |
7,403 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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) |
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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
BRAC Bank Limited
1 Gulshan Avenue, Gulshan-1
Dhaka, 1212
Bangladesh
Tel:
880-2-8859202
Fax:
880-2-9860395
Web: www.bracbank.com
Synthesis
Employees:
7,403
Company Type:
Public Parent
Corporate Family: 2
Companies
Traded: Dhaka
Stock Exchange: BRACBANK
Incorporation Date: 2001
Auditor: Hoda Vasi Chowdhury &
Co
Financials in: USD
(Millions)
Fiscal Year End: 31-Dec-2012
Reporting
Currency: Bangladesh Taka
Annual Sales: 143.6 1
Net Income: 8.6
Total Assets: 2,221.6 2
Market Value: 161.3
(26-Sep-2013)
Business
Description
BRAC Bank Limited
has distribution coverage across Bangladesh in small and medium size
enterprises (SME’s). During the fiscal year ended December 31, 2009 (fiscal
2009), the Bank opened 15 branches, 29 SME service centers , 104 automated
teller machines (ATM) and also entered into the equity market. As of December
31, 2009, the Bank had 59 SME service centers and 429 unit offices. As of
December 31, 2009, the Bank had 71 branches, 180 ATM booths, 30 cash deposit
machines, 951 point-of-sale (POS) terminals, 19 utility services bill payment
booths and also 1,900 remittance delivery points. Its products and services
include SME banking, retail banking, wholesale banking, probashi banking and
e-banking. SME banking includes loan products, such as Anonno Rin, Apurbo Rin,
Aroggo Rin, Digoon Rin, Prothoma Rin, Trade Plus and Business Equity Loan.
During fiscal 2009, the Bank acquired 51% interest in BRAC EPL Investments
Limited and 51% interest in BRAC EPL Stock Brokerage Limited. For the fiscal
year ended 31 December 2012, BRAC Bank Limited interest income increased 23% to
BDT17.53B. Net interest income after loan loss provision decreased 6% to
BDT3.87B. Net income applicable to common stockholders decreased 62% to
BDT672.1M. Net interest income after loan loss provision reflects decrease in
interest earning assets and increase in interest bearing liabilities.
Industry
Industry
Banking
ANZSIC 2006: 6221 - Banking
ISIC Rev 4: 6419 - Other monetary intermediation
NACE Rev 2: 6419 - Other monetary intermediation
NAICS 2012: 52211 - Commercial Banking
UK SIC 2007: 64191 - Banks
US SIC 1987: 6021 - National Commercial Banks
Key Executives
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Significant Developments
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* number of significant developments within the last 12 months
Stock Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = BDT 81.86564
2 - Balance Sheet
Item Exchange Rate: USD 1 = BDT 81.2
Corporate
Overview
Location
1 Gulshan Avenue,
Gulshan-1
Dhaka, 1212
Bangladesh
Tel: 880-2-8859202
Fax: 880-2-9860395
Web: www.bracbank.com
Quote Symbol -
Exchange
BRACBANK - Dhaka Stock Exchange
Sales BDT(mil): 11,756.9
Assets BDT(mil): 180,396.1
Employees: 7,403
Fiscal Year End: 31-Dec-2012
Industry: Commercial
Banks
Incorporation
Date: 2001
Company Type: Public Parent
Quoted Status: Quoted
CEO &
Managing Director: Mahbubur
Rahman
Industry Codes
ANZSIC 2006
Codes:
6221 - Banking
6230 - Non-Depository
Financing
ISIC Rev 4 Codes:
6419 - Other
monetary intermediation
6492 - Other
credit granting
NACE Rev 2 Codes:
6419 - Other
monetary intermediation
6492 - Other
credit granting
NAICS 2012 Codes:
52211 - Commercial
Banking
522120 - Savings
Institutions
522291 - Consumer
Lending
US SIC 1987:
6021 - National
Commercial Banks
6141 - Personal
Credit Institutions
6036 - Savings
Institutions, Not Federally Chartered
UK SIC 2007:
64191 - Banks
6492 - Other
credit granting
Business Description
BRAC Bank Limited
has distribution coverage across Bangladesh in small and medium size
enterprises (SME’s). During the fiscal year ended December 31, 2009 (fiscal
2009), the Bank opened 15 branches, 29 SME service centers , 104 automated teller
machines (ATM) and also entered into the equity market. As of December 31,
2009, the Bank had 59 SME service centers and 429 unit offices. As of December
31, 2009, the Bank had 71 branches, 180 ATM booths, 30 cash deposit machines,
951 point-of-sale (POS) terminals, 19 utility services bill payment booths and
also 1,900 remittance delivery points. Its products and services include SME
banking, retail banking, wholesale banking, probashi banking and e-banking. SME
banking includes loan products, such as Anonno Rin, Apurbo Rin, Aroggo Rin,
Digoon Rin, Prothoma Rin, Trade Plus and Business Equity Loan. During fiscal
2009, the Bank acquired 51% interest in BRAC EPL Investments Limited and 51%
interest in BRAC EPL Stock Brokerage Limited. For the fiscal year ended 31
December 2012, BRAC Bank Limited interest income increased 23% to BDT17.53B.
Net interest income after loan loss provision decreased 6% to BDT3.87B. Net
income applicable to common stockholders decreased 62% to BDT672.1M. Net
interest income after loan loss provision reflects decrease in interest earning
assets and increase in interest bearing liabilities.
More Business Descriptions
Commercial
banking services, including personal, corporate, international trade, foreign
exchange, lease finance and capital market services
Banking Services
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Corporate Family |
Corporate
Structure News: |
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BRAC
Bank Limited |
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BRAC Bank Limited |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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BRAC Bank Limited |
Parent |
Dhaka |
Bangladesh |
Banking |
143.6 |
7,403 |
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Brac Saajan Exchange Ltd |
Subsidiary |
Birmingham |
United Kingdom |
Banking |
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Executive report
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Board of
Directors |
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Chairman |
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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Executives |
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CEO & Managing Director |
Chief Executive Officer |
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Deputy Managing Director |
Managing Director |
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Deputy Managing Director |
Managing Director |
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Head-Operations |
Operations Executive |
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Chief Credit Officer |
Finance Executive |
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Head-Communications & Service Quality |
Corporate Communications Executive |
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CTO |
Engineering/Technical Executive |
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Chief Anti Money Laundering Compliance Officer, Secretary &
Head-Legal |
Legal Executive |
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Head-Corporate Banking |
Key Banking Contact |
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Head- Special Assets Management-SME & Retail Banking |
Other |
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Significant
Developments
Credit Rating
Agency of Bangladesh Limited Announces Rating AA3 To BRAC Bank Ltd Jul 16, 2013
BRAC Bank Ltd announced
that the Company has informed that Credit Rating Agency of Bangladesh Limited
(CRAB) has rated the Company as AA3 in the long term and ST-2 in the short term
based on audited financial statements of the Company up to December 31, 2012
and other relevant information.
BRAC Bank Ltd
Proposes Bonus Share May 14, 2013
BRAC Bank Ltd
announced that it has proposed bonus share at 15% for the year 2012.
BRAC Bank Ltd
Recommends Revised Rights Shares Apr 16, 2013
BRAC Bank Ltd
announced that the Board of Directors has recommended the revised rights shares
of the Company at 1R: 2 i.e. 1 rights share for every 2 existing shares held on
the record date at an issue price of BDT20.00 each (including a premium of
BDT10.00 per share) on paid up capital subject to the approval of General
Meeting and the Regulatory Authorities.
BRAC Bank Ltd
Recommends Stock Dividend Mar 27, 2013
BRAC Bank Ltd
announced that the Board of Directors has recommended stock dividend at 15% for
the year ended on December 31, 2012. Record date on April 7, 2013.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
81.86564 |
74.041708 |
69.60265 |
69.026932 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
S. F. Ahmed
& Co |
S. F. Ahmed
& Co |
S. F. Ahmed
& Co |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Interest & Fees on Loans |
214.1 |
192.9 |
158.4 |
137.7 |
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Interest Income, Bank |
214.1 |
192.9 |
158.4 |
137.7 |
|
Interest on Other Borrowings |
130.7 |
116.8 |
84.6 |
88.0 |
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Total Interest Expense |
130.7 |
116.8 |
84.6 |
88.0 |
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Net Interest Income |
83.4 |
76.1 |
73.9 |
49.7 |
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Loan Loss Provision |
36.1 |
20.8 |
26.3 |
22.3 |
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Net Interest Income after Loan Loss Provision |
47.3 |
55.4 |
47.6 |
27.5 |
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Other Revenue |
60.2 |
69.7 |
75.5 |
57.5 |
|
Non-Interest Income, Bank |
60.2 |
69.7 |
75.5 |
57.5 |
|
Labor & Related Expenses |
-34.4 |
-34.1 |
-30.4 |
-23.3 |
|
Depreciation Expense |
-14.0 |
-11.3 |
-8.7 |
-6.6 |
|
Other Expense |
-32.6 |
-36.2 |
-34.3 |
-22.9 |
|
Non-Interest Expense, Bank |
-80.9 |
-81.6 |
-73.4 |
-52.7 |
|
Income Before Tax |
26.6 |
43.4 |
49.8 |
32.3 |
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Total Income Tax |
18.0 |
18.9 |
20.0 |
12.4 |
|
Income After Tax |
8.5 |
24.5 |
29.8 |
19.9 |
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Minority Interest |
0.1 |
0.2 |
-2.9 |
-0.5 |
|
Net Income Before Extraord Items |
8.6 |
24.7 |
26.9 |
19.4 |
|
Net Income |
8.6 |
24.7 |
26.9 |
19.4 |
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|
|
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Preferred Dividends |
-0.4 |
-0.6 |
-0.7 |
-0.7 |
|
Total Adjustments to Net Income |
-0.4 |
-0.6 |
-0.7 |
-0.7 |
|
Income Available to Common Excl Extraord Items |
8.2 |
24.0 |
26.2 |
18.7 |
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|
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Income Available to Common Incl Extraord Items |
8.2 |
24.0 |
26.2 |
18.7 |
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Basic/Primary Weighted Average Shares |
443.3 |
443.3 |
443.3 |
443.3 |
|
Basic EPS Excl Extraord Items |
0.02 |
0.05 |
0.06 |
0.04 |
|
Basic/Primary EPS Incl Extraord Items |
0.02 |
0.05 |
0.06 |
0.04 |
|
Diluted Net Income |
8.2 |
24.0 |
26.2 |
18.7 |
|
Diluted Weighted Average Shares |
443.3 |
443.3 |
443.3 |
443.3 |
|
Diluted EPS Excl Extraord Items |
0.02 |
0.05 |
0.06 |
0.04 |
|
Diluted EPS Incl Extraord Items |
0.02 |
0.05 |
0.06 |
0.04 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
14.0 |
11.3 |
8.7 |
6.6 |
|
Normalized Income Before Tax |
26.6 |
43.4 |
49.8 |
32.3 |
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|
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Inc Tax Ex Impact of Sp Items |
18.0 |
18.9 |
20.0 |
12.4 |
|
Normalized Income After Tax |
8.5 |
24.5 |
29.8 |
19.9 |
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Normalized Inc. Avail to Com. |
8.2 |
24.0 |
26.2 |
18.7 |
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Basic Normalized EPS |
0.02 |
0.05 |
0.06 |
0.04 |
|
Diluted Normalized EPS |
0.02 |
0.05 |
0.06 |
0.04 |
|
Bank Total Revenue |
143.6 |
145.8 |
149.4 |
107.3 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate |
81.199997 |
81.83 |
70.475 |
69.26 |
|
Auditor |
Hoda Vasi Chowdhury
& Co |
S. F. Ahmed
& Co |
S. F. Ahmed
& Co |
S. F. Ahmed
& Co |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Cash & Due from Banks |
167.3 |
146.4 |
139.8 |
95.6 |
|
Interest-earning Deposits |
135.2 |
45.8 |
55.2 |
81.6 |
|
Other Short Term Investments |
313.6 |
185.2 |
186.2 |
168.7 |
|
Other Earning Assets, Total |
448.8 |
231.0 |
241.4 |
250.3 |
|
Net Loans |
1,405.0 |
1,191.2 |
1,228.4 |
926.2 |
|
Property/Plant/Equipment - Net |
35.2 |
31.8 |
26.3 |
24.1 |
|
Goodwill, Net |
17.6 |
17.2 |
4.4 |
4.5 |
|
Other Assets |
147.8 |
104.5 |
102.1 |
73.4 |
|
Other Assets, Total |
147.8 |
104.5 |
102.1 |
73.4 |
|
Total Assets |
2,221.6 |
1,722.1 |
1,742.5 |
1,374.0 |
|
|
|
|
|
|
|
Accounts Payable |
539.8 |
405.0 |
444.3 |
361.0 |
|
Other Deposits |
1,113.4 |
861.7 |
806.6 |
714.0 |
|
Total Deposits |
1,113.4 |
861.7 |
806.6 |
714.0 |
|
Other Bearing Liabilities |
140.8 |
88.6 |
104.3 |
35.4 |
|
Other Bearing Liabilities, Total |
140.8 |
88.6 |
104.3 |
35.4 |
|
Other Short Term Borrowings |
36.9 |
36.7 |
42.6 |
0.0 |
|
Total Short Term Borrowings |
36.9 |
36.7 |
42.6 |
0.0 |
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
36.9 |
36.7 |
42.6 |
0.0 |
|
|
|
|
|
|
|
Minority Interest |
5.5 |
3.9 |
9.9 |
6.8 |
|
Other Liabilities |
249.3 |
202.1 |
195.0 |
136.1 |
|
Other Liabilities, Total |
249.3 |
202.1 |
195.0 |
136.1 |
|
Total Liabilities |
2,085.8 |
1,598.0 |
1,602.7 |
1,253.3 |
|
|
|
|
|
|
|
Preferred Stock - Non Redeemable |
0.0 |
4.3 |
7.1 |
7.2 |
|
Preferred Stock - Non Redeemable, Net |
0.0 |
4.3 |
7.1 |
7.2 |
|
Common Stock |
47.5 |
39.3 |
38.0 |
29.7 |
|
Common Stock |
47.5 |
39.3 |
38.0 |
29.7 |
|
Additional Paid-In Capital |
21.4 |
19.0 |
22.0 |
22.4 |
|
Retained Earnings (Accumulated Deficit) |
66.6 |
60.9 |
72.3 |
61.3 |
|
Other Equity |
0.3 |
0.8 |
0.4 |
0.0 |
|
Other Equity, Total |
0.3 |
0.8 |
0.4 |
0.0 |
|
Total Equity |
135.8 |
124.2 |
139.8 |
120.7 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
2,221.6 |
1,722.1 |
1,742.5 |
1,374.0 |
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
443.3 |
443.3 |
443.3 |
443.3 |
|
Total Common Shares Outstanding |
443.3 |
443.3 |
443.3 |
443.3 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
81.86564 |
74.041708 |
69.60265 |
69.026932 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
S. F. Ahmed
& Co |
S. F. Ahmed
& Co |
S. F. Ahmed
& Co |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Other Non-Cash Items |
51.6 |
67.1 |
81.5 |
39.9 |
|
Non-Cash Items |
51.6 |
67.1 |
81.5 |
39.9 |
|
Other Assets |
-15.6 |
-23.0 |
-18.1 |
-12.0 |
|
Other Liabilities |
353.6 |
194.4 |
202.7 |
236.3 |
|
Loans, Gains/Losses |
-201.7 |
-159.3 |
-322.2 |
-166.2 |
|
Changes in Working Capital |
136.4 |
12.1 |
-137.5 |
58.0 |
|
Cash from Operating Activities |
188.0 |
79.2 |
-56.0 |
97.9 |
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-6.2 |
-18.4 |
-9.0 |
-8.0 |
|
Capital Expenditures |
-6.2 |
-18.4 |
-9.0 |
-8.0 |
|
Sale of Fixed Assets |
0.1 |
0.2 |
0.1 |
0.1 |
|
Sale/Maturity of Investment |
0.0 |
0.9 |
- |
- |
|
Investment, Net |
10.9 |
-13.3 |
-41.7 |
-0.9 |
|
Purchase of Investments |
-154.1 |
- |
-7.2 |
4.4 |
|
Other Investing Cash Flow |
11.3 |
-22.7 |
3.4 |
-13.3 |
|
Other Investing Cash Flow Items, Total |
-131.8 |
-34.9 |
-45.4 |
-9.7 |
|
Cash from Investing Activities |
-138.0 |
-53.3 |
-54.4 |
-17.8 |
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.2 |
2.2 |
0.0 |
- |
|
Financing Cash Flow Items |
0.2 |
2.2 |
0.0 |
- |
|
Cash Dividends Paid - Common |
0.0 |
-3.2 |
0.0 |
- |
|
Cash Dividends Paid - Preferred |
-0.4 |
-0.6 |
-0.7 |
-0.7 |
|
Total Cash Dividends Paid |
-0.4 |
-3.8 |
-0.7 |
-0.7 |
|
Sale/Issuance of
Common |
0.3 |
0.5 |
0.0 |
- |
|
Common Stock, Net |
0.3 |
0.5 |
0.0 |
- |
|
Repurchase/Retirement
of Preferred |
-4.3 |
-2.0 |
0.0 |
- |
|
Preferred Stock, Net |
-4.3 |
-2.0 |
0.0 |
- |
|
Issuance (Retirement) of Stock, Net |
-4.0 |
-1.5 |
0.0 |
- |
|
Short Term Debt, Net |
24.3 |
-7.4 |
7.9 |
0.0 |
|
Long Term Debt Issued |
41.0 |
20.7 |
69.4 |
0.0 |
|
Long Term Debt
Reduction |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt, Net |
30.1 |
17.2 |
105.6 |
2.5 |
|
Issuance (Retirement) of Debt, Net |
54.4 |
9.7 |
113.5 |
2.5 |
|
Cash from Financing Activities |
50.2 |
6.6 |
112.8 |
1.8 |
|
|
|
|
|
|
|
Net Change in Cash |
100.2 |
32.4 |
2.5 |
81.9 |
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
199.8 |
186.5 |
194.9 |
114.7 |
|
Net Cash - Ending Balance |
300.0 |
218.9 |
197.4 |
196.6 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
81.86564 |
74.041708 |
69.60265 |
69.026932 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
S. F. Ahmed
& Co |
S. F. Ahmed
& Co |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Interest Income |
214.1 |
192.9 |
158.4 |
137.7 |
|
Total Revenue |
214.1 |
192.9 |
158.4 |
137.7 |
|
|
|
|
|
|
|
Interest Paid on Deposits and Borrowig |
130.7 |
116.8 |
84.6 |
88.0 |
|
Lons and advances |
36.1 |
20.8 |
26.3 |
22.3 |
|
Total Operating Expense |
166.8 |
137.5 |
110.8 |
110.3 |
|
|
|
|
|
|
|
Investment Income |
18.8 |
22.2 |
32.5 |
23.5 |
|
Commission, Exchange & Brokerage |
36.2 |
42.6 |
39.8 |
32.8 |
|
Other Operating Income |
5.3 |
4.9 |
3.3 |
1.2 |
|
Salaries and Allowances |
-34.3 |
-34.0 |
-30.3 |
-23.2 |
|
Rent, Taxes, Insurance, Electricity Etc |
-8.8 |
-8.5 |
-8.0 |
-4.7 |
|
Legal Expenses |
-0.5 |
-0.3 |
-0.5 |
-0.3 |
|
Postage Stamps, Telecommunication |
-2.7 |
-2.8 |
-2.7 |
-2.5 |
|
Stationery, Printing Advertisement |
-2.9 |
-4.7 |
-4.7 |
-4.0 |
|
Chief Executive's Salary and Fees |
-0.1 |
-0.2 |
-0.1 |
-0.1 |
|
Director's Fees |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Auditors'fee |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation on and Repairs to Bank's |
-14.0 |
-11.3 |
-8.7 |
-6.6 |
|
Other exp |
-14.1 |
-13.6 |
-15.0 |
-10.8 |
|
Diminution in Value of investments |
-3.4 |
-6.0 |
-0.8 |
0.0 |
|
Off Balance Sheet Items |
0.0 |
-0.1 |
-2.4 |
-0.5 |
|
Total Non-Interest Revenue |
60.2 |
69.7 |
75.5 |
57.5 |
|
|
|
|
|
|
|
Total Non-Interest Expense |
-80.9 |
-81.6 |
-73.4 |
-52.7 |
|
|
|
|
|
|
|
Net Income Before Taxes |
26.6 |
43.4 |
49.8 |
32.3 |
|
|
|
|
|
|
|
Provision for Income Taxes |
18.0 |
18.9 |
20.0 |
12.4 |
|
Net Income After Taxes |
8.5 |
24.5 |
29.8 |
19.9 |
|
|
|
|
|
|
|
Minority Interests |
0.1 |
0.2 |
-2.9 |
-0.5 |
|
Net Income Before Extra. Items |
8.6 |
24.7 |
26.9 |
19.4 |
|
Net Income |
8.6 |
24.7 |
26.9 |
19.4 |
|
|
|
|
|
|
|
Preference Dividend |
-0.4 |
-0.6 |
-0.7 |
-0.7 |
|
Income Available to Com Excl ExtraOrd |
8.2 |
24.0 |
26.2 |
18.7 |
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
8.2 |
24.0 |
26.2 |
18.7 |
|
|
|
|
|
|
|
Basic Weighted Average Shares |
443.3 |
443.3 |
443.3 |
443.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.02 |
0.05 |
0.06 |
0.04 |
|
Basic EPS Including ExtraOrdinary Items |
0.02 |
0.05 |
0.06 |
0.04 |
|
Diluted Net Income |
8.2 |
24.0 |
26.2 |
18.7 |
|
Diluted Weighted Average Shares |
443.3 |
443.3 |
443.3 |
443.3 |
|
Diluted EPS Excluding ExtraOrd Items |
0.02 |
0.05 |
0.06 |
0.04 |
|
Diluted EPS Including ExtraOrd Items |
0.02 |
0.05 |
0.06 |
0.04 |
|
DPS-Fully Paid Ord. Shrs |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
26.6 |
43.4 |
49.8 |
32.3 |
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
18.0 |
18.9 |
20.0 |
12.4 |
|
Normalized Income After Taxes |
8.5 |
24.5 |
29.8 |
19.9 |
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
8.2 |
24.0 |
26.2 |
18.7 |
|
|
|
|
|
|
|
Basic Normalized EPS |
0.02 |
0.05 |
0.06 |
0.04 |
|
Diluted Normalized EPS |
0.02 |
0.05 |
0.06 |
0.04 |
|
Depreciation, Supplemental |
14.0 |
11.3 |
8.7 |
6.6 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate |
81.199997 |
81.83 |
70.475 |
69.26 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
S. F. Ahmed
& Co |
S. F. Ahmed
& Co |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Cash in hand |
58.5 |
44.6 |
50.8 |
23.6 |
|
Balance with Bangladesh Bandk and Its ag |
108.8 |
101.8 |
89.0 |
71.9 |
|
Balance with other Banks inside Banglade |
127.3 |
38.4 |
43.1 |
78.4 |
|
Balance with other Banks Outsid Banglade |
7.9 |
7.4 |
12.1 |
3.2 |
|
Money At call and Short Notice |
0.0 |
5.9 |
0.0 |
18.8 |
|
Investment Governments |
269.2 |
125.8 |
137.2 |
148.1 |
|
Investment Others |
44.4 |
53.6 |
49.1 |
1.8 |
|
Loans and Advances Lons, Cash credit |
1,397.6 |
1,186.4 |
1,225.0 |
925.3 |
|
Bills Purchased and discounted |
7.4 |
4.8 |
3.5 |
1.0 |
|
Fixed Assets Including Premises, furunit |
35.2 |
31.8 |
26.3 |
24.1 |
|
Other Assets |
147.8 |
104.5 |
102.1 |
73.4 |
|
Non Banking Assets |
0.0 |
0.0 |
0.0 |
0.0 |
|
Good will |
17.6 |
17.2 |
4.4 |
4.5 |
|
Total Assets |
2,221.6 |
1,722.1 |
1,742.5 |
1,374.0 |
|
|
|
|
|
|
|
Borrowing From other Banks Financial |
60.6 |
69.9 |
70.6 |
35.4 |
|
Borrwings From Central Bank |
55.7 |
18.7 |
25.9 |
0.0 |
|
Convrtible Subordinate Bonds |
36.9 |
36.7 |
42.6 |
0.0 |
|
Money at Call and Short Notice |
24.5 |
0.0 |
7.8 |
0.0 |
|
Current Account & Other Accounts |
519.0 |
395.6 |
429.8 |
354.5 |
|
Bills payable |
20.9 |
9.4 |
14.5 |
6.6 |
|
Savings Deposits |
223.3 |
225.1 |
299.3 |
187.3 |
|
Fixed Deposits |
886.7 |
632.6 |
503.6 |
520.3 |
|
Other Deposits |
3.4 |
4.0 |
3.7 |
6.4 |
|
Other Liabilities |
249.3 |
202.1 |
195.0 |
136.1 |
|
Minority Interest |
5.5 |
3.9 |
9.9 |
6.8 |
|
Total Liabilities |
2,085.8 |
1,598.0 |
1,602.7 |
1,253.3 |
|
|
|
|
|
|
|
Paid up Share Capital |
47.5 |
39.3 |
38.0 |
29.7 |
|
Preference Share Capital |
0.0 |
4.3 |
7.1 |
7.2 |
|
Share premium |
21.4 |
19.0 |
22.0 |
22.4 |
|
Statutory Reserve |
36.1 |
31.0 |
27.3 |
19.3 |
|
Revalution Resere |
6.9 |
2.0 |
17.3 |
22.8 |
|
Exchange Equalization Rserve |
- |
- |
0.0 |
0.0 |
|
Share Money Deposit |
0.3 |
0.8 |
0.4 |
0.0 |
|
Surplus in Profit and Loss account ret |
23.6 |
27.9 |
27.8 |
19.2 |
|
Total Equity |
135.8 |
124.2 |
139.8 |
120.7 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
2,221.6 |
1,722.1 |
1,742.5 |
1,374.0 |
|
|
|
|
|
|
|
S/O-Fully Paid Ord. Shrs |
443.3 |
443.3 |
443.3 |
443.3 |
|
Total Common Shares Outstanding |
443.3 |
443.3 |
443.3 |
443.3 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
81.86564 |
74.041708 |
69.60265 |
69.026932 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
S. F. Ahmed
& Co |
S. F. Ahmed
& Co |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Interest Receipts |
226.6 |
211.3 |
179.1 |
158.3 |
|
Interest Payments |
-133.8 |
-110.7 |
-81.9 |
-91.7 |
|
Dividends Receipts |
0.7 |
0.7 |
0.4 |
0.1 |
|
Fees & Commissions Receipts |
44.6 |
41.7 |
39.8 |
32.8 |
|
Cash Payments to Employees |
-36.2 |
-32.9 |
-29.1 |
-24.6 |
|
Cash Payments to Suppliers |
-10.3 |
-8.9 |
-8.2 |
-5.5 |
|
Income tax Paid |
-17.5 |
-21.1 |
-18.9 |
-16.9 |
|
Receipts from other Operating Activities |
3.3 |
7.3 |
15.6 |
1.5 |
|
Payment for Other Operating Activitie |
-25.9 |
-20.3 |
-15.3 |
-14.1 |
|
Loans and Advances |
-201.7 |
-159.3 |
-322.2 |
-166.2 |
|
Other Assets |
-15.6 |
-23.0 |
-18.1 |
-12.0 |
|
Deposits From Customers |
371.9 |
208.4 |
196.8 |
238.3 |
|
Other Liabilities |
-18.2 |
-14.0 |
5.9 |
-2.0 |
|
Cash from Operating Activities |
188.0 |
79.2 |
-56.0 |
97.9 |
|
|
|
|
|
|
|
Treasury Bonds |
11.3 |
-22.7 |
3.4 |
-13.3 |
|
Sale/investment in Shares |
10.9 |
-13.3 |
-41.7 |
-0.9 |
|
Investment in Bonds |
0.0 |
0.9 |
- |
- |
|
Treasury bills |
-15.6 |
- |
- |
- |
|
Bangladesh bank bills |
-85.1 |
- |
- |
- |
|
Encumbured securities |
-53.4 |
- |
- |
- |
|
Investment in Bonds |
- |
- |
-7.2 |
4.3 |
|
Investment in Zero Coupon Bands |
- |
- |
0.0 |
0.0 |
|
Investment in Prize Bond |
- |
- |
0.0 |
0.0 |
|
Investment in Prize Bond |
0.0 |
0.0 |
- |
- |
|
Acquisition of Fixed Assets |
-6.2 |
-18.4 |
-9.0 |
-8.0 |
|
Disposal of Fixed Assets |
0.1 |
0.2 |
0.1 |
0.1 |
|
Cash from Investing Activities |
-138.0 |
-53.3 |
-54.4 |
-17.8 |
|
|
|
|
|
|
|
Issue of Ordinary |
0.3 |
0.5 |
0.0 |
- |
|
Issue of Preference |
-4.3 |
-2.0 |
0.0 |
- |
|
Payment of dividend on Preference share |
-0.4 |
-0.6 |
-0.7 |
-0.7 |
|
Payment for lease Finance |
0.0 |
0.0 |
0.0 |
0.0 |
|
Borrowings From Other Banks |
-11.0 |
-3.5 |
36.3 |
2.5 |
|
Proceeds from issue of Subordinate Debts |
4.5 |
0.0 |
43.1 |
0.0 |
|
Money at call and Short notice |
24.3 |
-7.4 |
7.9 |
0.0 |
|
Barrowings from Bangladesh Bank |
36.6 |
20.7 |
26.3 |
0.0 |
|
Share Money Deposi |
-1.2 |
1.0 |
0.0 |
- |
|
Donor Grant Received |
1.5 |
1.2 |
0.0 |
- |
|
Cash Dividend |
0.0 |
-3.2 |
0.0 |
- |
|
Cash from Financing Activities |
50.2 |
6.6 |
112.8 |
1.8 |
|
|
|
|
|
|
|
Net Change in Cash |
100.2 |
32.4 |
2.5 |
81.9 |
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
199.8 |
186.5 |
194.9 |
114.7 |
|
Net Cash - Ending Balance |
300.0 |
218.9 |
197.4 |
196.6 |
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.61.69 |
|
UK Pound |
1 |
Rs.98.59 |
|
Euro |
1 |
Rs.83.67 |
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.